41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 247
STRATEGIC REPORT
GOVERNANCE
FINANCIAL STATEMENTS
OTHER INFORMATION
GLOSSARY
Adjusted earnings
An alternative performance measure based on EPRA earnings, adjusted to remove the impact of
abortive acquisition costs and the LSAV performance fee which was settled in 2021. The items have
been excluded from adjusted earnings to improve the comparability of results year-on-year.
Adjusted earnings
per share/EPS
The earnings per share based on adjusted earnings and weighted average number of shares
in issue (basic).
Adjusted EPS yield
Adjusted EPS as a percentage of opening EPRA NTA (diluted).
Adjusted net debt
Net debt per the balance sheet, adjusted to remove IFRS 16 lease liabilities and the unamortised
fair value of debt recognised on the acquisition of Liberty Living.
Basis points (BPS)
A basis point is a term used to describe a small percentage, usually in the context of change,
and equates to 0.01%.
Diluted earnings/EPS
Where earnings values per share are used “basic” measures divide the earnings by the weighted average
number of issued shares in issue throughout the period, whilst the diluted measure also takes into
account the effect of share options which have been granted and which are expected to be converted
into shares in the future.
Diluted NTA/NAV
Where NTA/NAV per share is used, ”basic” measures divide the NTA/NAV by the number of shares issued
at the reporting date, whilst the diluted measure also takes into account the effect of share options
which have been granted and which are expected to be converted into shares in the future (both for
the additional number of shares that will be issued and the value of additional consideration that will
be received in issuing them).
Direct-let
Properties where short-hold tenancy agreements are made directly between Unite and the student.
EBITDA
The Group’s adjusted EBIT, adding back depreciation and amortisation.
EPRA
The European Public Real Estate Association, who produce best practice recommendations
for financial reporting.
EPRA cost ratio
The ratio of property operating expenses, overheads and management fees, against rental income,
calculated on an EPRA basis.
EPRA earnings
EPRA earnings exclude movements relating to changes in values of investment properties, profits/losses
from the disposal of properties, swap/debt break costs, interest rate swaps and the related tax effects.
EPRA earnings per
share/EPS
The earnings per share based on EPRA earnings and weighted average number of shares in issue (basic).
EPRA like-for-like
rental growth
The growth in rental income measured by reference to the part of the portfolio of the Group that
has been consistently in operation, and not under development nor subject to disposal, and which
accordingly enables more meaningful comparison in underlying rental income levels.
EPRA net tangible
assets (NTA)
EPRA NTA includes all property at market value but excludes the mark to market of financial
instruments, deferred tax and intangible assets. EPRA NTA provides a consistent measure of NAV
on a going concern basis.
EPRA net tangible
assets per share
The diluted NTA per share figure based on EPRA NTA.
EPRA net
reinstatement
value (NRV)
EPRA NRV includes all property at market value but excludes the mark to market of financial
instruments, deferred tax and real estate transfer tax. EPRA NRV assumes that entities never sell assets
and represents the value required to rebuild the entity.
EPRA net disposal
value (NDV)
EPRA NDV includes all property at market value, excludes the mark to market of financial instruments
but includes the fair value of fixed interest rate debt and the carrying value of intangible assets. EPRA
NDV represents the shareholders’ value in a disposal scenario.
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