41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 248
246
THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
GLOSSARY continued
EPRA net initial yield
(NIY)
Annualised NOI generated by the Group’s rental properties expressed as a percentage of their fair value,
taking into account notional acquisition costs.
EPRA topped up
net initial yield (NIY)
EPRA Net Initial Yield adjusted to include the effect of the expiration of rent free periods (or other
unexpired lease incentives such as discounted rent periods or step rents).
EPRA vacancy rate
The ratio of the estimated market rental value of vacant spaces against the estimated market rental
value of the entire property portfolio (including vacant spaces).
ESG
Environmental, Social and Governance.
Full occupancy
Fully occupancy is defined as occupancy in excess of 97%.
GRESB
GRESB is a benchmark of the Environmental, Social and Governance (ESG) performance of real assets.
Gross asset
value (GAV)
The fair value of rental properties, leased properties and development properties.
The Group
Wholly owned balances plus Unite’s interests relating to USAF and LSAV.
Group debt
Wholly owned borrowings plus Unite’s share of borrowings attributable to USAF and LSAV.
HMO
Houses in multiple occupation, where buildings or flats are shared by multiple tenants who rent their
own rooms and the property’s communal spaces on an individual basis.
IFRS NAV per share
IFRS equity attributable to the owners of the parent company from the consolidated balance sheet
divided by the total number of shares of the Parent Company in issue at the reporting date.
Interest cover ratio
(ICR)
Calculated as EBIT divided by the sum of net financing costs and IFRS 16 lease liability interest costs.
Lease
Properties which are leased to universities for a number of years.
Like-for-like metrics
Like-for-like is the change in metric, on a gross basis, calculated using properties owned throughout
the current and previous period.
Loan to value (LTV)
Net debt as a proportion of the value of the rental properties, excluding balances in respect of leased
properties under IFRS 16. Prepared on a see-through basis. In the opinion of the Directors, this measure
enables an appraisal of the indebtedness of the business, which closely aligns with key covenants in
the Group’s agreements.
Loan to value post
IFRS 16
Net debt as a proportion of the value of the rental properties, including balances in respect of leased
properties under IFRS 16. Prepared on a see-through basis.
LTV (EPRA)
Net debt as a proportion of the value of the rental properties including balances in respect of leased
properties and all other assets and liabilities.
LSAV
The London Student Accommodation Joint Venture (LSAV) is a joint venture between Unite and GIC,
in which both hold a 50% stake. LSAV has a maturity date of September 2032.
Major regional
Properties located in Aberdeen, Birmingham, Cardiff, Durham, Glasgow, Leeds, Leicester, Liverpool,
Newcastle, Nottingham, Sheffield and Southampton.
Net asset value (NAV)
The total of all assets less the value of all liabilities at each reporting date.
Net debt (EPRA)
Borrowings net of cash. IFRS 16 lease liabilities are excluded from net debt on an EPRA basis. In the
opinion of the Directors, net debt is a useful measure to monitor the overall cash position of the Group.
Net debt per
balance sheet
Borrowings, IFRS 16 lease liabilities and the mark to market of interest rate swaps, net of cash.
