41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 191
STRATEGIC REPORT
GOVERNANCE
FINANCIAL STATEMENTS
189
OTHER INFORMATION
2.2a) EPRA earnings
2022
Share of joint ventures
Unite
£m
USAF
£m
LSAV
£m
Group on
EPRA basis
Total
£m
Rental income
241.7
48.8
49.2
339.7
Property operating expenses
(72.0)
(15.9)
(10.8)
(98.7)
Net operating income
169.7
32.9
38.4
241.0
–
17.4
Management fees
Overheads
Interest on lease liabilities
21.4
(4.0)
(26.4)
(0.7)
(8.1)
(0.6)
–
–
(27.7)
(8.1)
Net financing costs
(33.4)
(7.7)
(13.8)
(54.9)
Operations segment result
123.2
20.5
24.0
167.7
–
–
Property segment result
Unallocated to segments
EPRA earnings
Abortive costs
Adjusted earnings
(1.2)
(4.3)
117.7
(0.2)
20.3
(0.1)
23.9
(1.2)
(4.6)
161.9
1.5
–
–
1.5
119.2
20.3
23.9
163.4
Included in the above is rental income of £18.1 million and property operating expenses of (£9.7 million) relating to
sale and leaseback properties. Included in the above is rental income of £0.7 million and property operating expenses
of (£0.2 million), relating to a build-to-rent property. The unallocated to segments balance includes abortive costs
of (£1.5 million), the fair value of share-based payments of (£1.6 million), contributions to the Unite Foundation of
(£0.6 million), deferred tax charge of (£0.2 million) and current tax charge of (£0.7 million). Depreciation and amortisation
totalling (£7.8 million) is included within overheads.
2021
Share of joint ventures
Rental income
Property operating expenses
Net operating income
Management fees
Overheads
Interest on lease liabilities
Net financing costs
Operations segment result
Unite
£m
USAF
£m
LSAV
£m
Group on
EPRA basis
Total
£m
209.0
37.6
36.1
282.7
(67.7)
(13.0)
(10.2)
(90.9)
141.3
24.6
25.9
191.8
19.1
(3.2)
–
15.9
(30.7)
(0.3)
(0.5)
(31.5)
(8.5)
–
–
(8.5)
(38.5)
(6.7)
(9.6)
(54.8)
82.7
14.4
15.8
112.9
Property segment result
(2.2)
Unallocated to segments
83.9
(0.2)
(42.4)
41.3
(26.6)
152.0
EPRA earnings
–
–
(2.2)
164.4
14.2
LSAV performance fee
(84.1)
–
42.2
(41.9)
Adjusted earnings
80.3
14.2
15.6
110.1
Included in the above is rental income of £16.3 million and property operating expenses of (£8.3 million) relating to sale
and leaseback properties. The unallocated to segments balance includes the fair value of share-based payments of
(£2.4 million), contributions to the Unite Foundation of (£1.0 million), LSAV performance fee of £41.9 million, deferred tax
credit of £0.8 million and current tax credit of £2.0 million. Depreciation and amortisation totalling (£7.8 million) is included
within overheads.
