41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 197
STRATEGIC REPORT
GOVERNANCE
FINANCIAL STATEMENTS
OTHER INFORMATION
2.3d) NTA, NRV and NDV per share
Basic NAV is based on the net assets attributable to the equity shareholders of Unite Group PLC and the number of shares
in issue at the end of the year. The Board uses EPRA NTA to monitor the performance of the Property segment on a dayto-day basis.
Note
2022
£m
2021
£m
2022
pps
2021
pps
3,792.1
3,527.8
945p
880p
Net assets
Basic
EPRA NTA
2.3a
3,715.2
3,532.2
928p
885p
EPRA NTA (diluted)
2.3a
3,718.3
3,536.1
927p
882p
EPRA NRV
2.3c
4,034.2
3,825.9
1,008p
959p
4,037.3
3,829.7
1,006p
955p
EPRA NRV (diluted)
EPRA NDV
2.3c
EPRA NDV (diluted)
Number of shares (thousands)
Basic
Outstanding share options
Diluted
3,964.9
3,499.7
991p
877p
3,968.0
3,503.6
989p
874p
2022
2021
400,292
399,140
895
1,687
401,187
400,827
2.4 Revenue and costs
Accounting policies
The Group recognises revenue from the following major sources:
•
Rental income
•
Management and performance fees
•
Acquisition fees
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a
customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers
control of its service to a customer.
Rental income
Rental income comprises direct-lets to students and leases to universities and commercial tenants. This revenue is
recognised in the income statement over the length of the tenancy period as the Group provides the services to its
customers. Included in the rental contract is the use of broadband facilities and room cleaning services. The Group
does not offer these services as stand-alone products. Under IFRS 15 the Group does not consider these services to be
individually material and has, consequently, bundled these obligations as a single contract. The transaction prices for
rental income are explicitly stated in each contract. A contract liability can result from payments received in advance,
until the date at which control is transferred to the customer and at that point the revenue begins to be recognised
over the tenancy period. Lease incentives are sometimes recognised on commercial units; these are recognised as an
integral part of the total rental income and spread over the term of the lease.
Rental income is derived from contracts which are less than 12 months in length and the Group accordingly recognises
this income in the Income Statement on a straight line basis in accordance with IFRS 16.
Management and performance fees
The Group acts as asset and property manager for USAF and LSAV and receives management fees in relation to these
services. Revenue from these fees is recognised on a straight line basis over time as the joint ventures simultaneously
receive and consume benefits as the Group performs its management obligations which are determined by the
services provided over the course of each academic year, and this reflects the profile of activities being performed.
Detailed calculations in order to determine the transaction prices for these revenue streams are held within the joint
venture agreements.
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