41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 193
STRATEGIC REPORT
GOVERNANCE
FINANCIAL STATEMENTS
OTHER INFORMATION
2.3 Net assets
2.3a) EPRA NTA
EPRA NTA makes adjustments to IFRS measures by removing the fair value of financial instruments and the carrying value
of intangibles. The reconciliation between IFRS NAV and EPRA NTA is available in note 2.3c.
The Group’s Property business undertakes the acquisition and development of properties. The way in which the Property
segment adds value to the business is set out in the Property review on pages 35–39.
2022
Share of JVs
Unite
£m
USAF
£m
LSAV
£m
Group on
EPRA basis
£m
Investment property (owned)
3,623.4
813.0
960.4
5,396.8
Investment property (leased)
90.3
–
–
90.3
Investment property (under development)
202.7
–
–
202.7
Total property portfolio
3,916.4
813.0
960.4
5,689.8
Debt on properties
(1,247.8)
(239.8)
(385.2)
(1,872.8)
Lease liabilities
Cash
Net debt
Other assets and (liabilities)
Intangibles per IFRS balance sheet
(90.4)
38.0
–
–
35.6
65.6
(90.4)
139.2
(1,300.2)
(204.2)
(319.6)
(1,824.0)
(78.3)
(33.6)
(20.4)
(132.3)
–
–
2,519.6
575.2
620.4
3,715.2
Loan to value*
32%
25%
33%
31%
Loan to value post IFRS 16
33%
25%
33%
32%
EPRA NTA
*
(18.3)
(18.3)
LTV calculated excluding investment properties (leased) and the corresponding lease liabilities. LTV is an APM – see section 8.
2021
Share of JVs
Investment property (owned)*
Investment property (leased)
Investment property (under development)
Unite
£m
USAF
£m
LSAV
£m
Group on
EPRA basis
£m
3,323.3
632.0
909.5
4,864.8
97.7
–
–
97.7
324.1
–
–
324.1
Total property portfolio
3,745.1
632.0
909.5
5,286.6
Debt on properties
(1,139.7)
(201.0)
(336.6)
(1,677.3)
Lease liabilities
(93.8)
–
–
(93.8)
Cash
109.4
23.4
22.7
155.5
Net debt
(1,124.1)
(177.6)
(313.9)
(1,615.6)
Other assets and (liabilities)
(90.5)
(23.2)
(9.0)
(122.8)
Intangibles per IFRS balance sheet
(16.1)
–
–
(16.1)
EPRA NTA
2,514.4
431.2
586.6
3,532.2
Loan to value**
28%
28%
35%
29%
Loan to value post IFRS 16
30%
28%
35%
31%
*
Investment property (owned) includes assets classified as held for sale in the IFRS balance sheet.
** LTV calculated excluding investment properties (leased) and the corresponding lease liabilities. LTV is an APM – see section 8.
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