41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 249
STRATEGIC REPORT
GOVERNANCE
FINANCIAL STATEMENTS
OTHER INFORMATION
Net debt to EBITDA
Net debt as a proportion of EBITDA.
Net financing costs
(EPRA)
Interest payable on borrowings less interest capitalised into developments and finance income.
Net operating income
(NOI)
The Group’s rental income less property operating expenses.
NOI margin
The Group’s NOI expressed as a percentage of rental income.
Nomination
agreements
Agreements at properties where Universities have entered into a contract to reserve rooms for their
students, usually guaranteeing occupancy. The Universities usually either nominate students to live
in the building and Unite enters into short-hold tenancies with the students or the University enters into
a contract with Unite and makes payment directly to Unite.
Provincial
Properties located in Bournemouth, Coventry, Loughborough, Medway, Portsmouth and Swindon.
Prime regional
Properties located in Bristol, Bath, Edinburgh, Manchester and Oxford.
Property operating
expenses
Operating costs directly related to rental properties, therefore excluding central overheads.
Rental growth
Calculated as the year-on-year change in the average annual price for sold beds. In the opinion of
the Directors, this measure enables a more meaningful comparison in rental income as it excludes
the impact of changes in occupancy.
Rental income
Income generated by the Group from rental properties.
Rental properties
Investment properties (owned and leased) whose construction has been completed and are used
by the Operations segment to generate NOI.
Rental properties
(leased)/Sale and
leaseback
Properties that have been sold to a third party investor then leased back to the Group.
Unite is also responsible for the management of these assets on behalf of the owner.
Resident ambassadors
Student representatives who engage with students living in the property to create a community
and sense of belonging.
See-through
(also Unite share)
Wholly owned balances plus Unite’s share of balances relating to USAF and LSAV.
TCFD
The Taskforce on Climate-related Financial Disclosures develops voluntary, consistent climate-related
financial risk disclosures for use by companies in providing information to investors, lenders, insurers
and other stakeholders.
Total accounting
return
Growth in diluted EPRA NTA per share plus dividends paid, expressed as a percentage of diluted EPRA
NTA per share at the beginning of the period. In the opinion of the Directors, this measure enables an
appraisal of the return generated by the business for shareholders during the year.
Total shareholder
return
The growth in value of a shareholding over a specified period, assuming dividends are reinvested
to purchase additional shares.
USAF/the fund
The Unite UK Student Accommodation Fund (USAF) is Europe’s largest fund focused purely on incomeproducing student accommodation investment assets.
The fund is an open-ended infinite life vehicle with unique access to Unite’s development pipeline.
Unite acts as fund manager for the fund, as well as owning a significant minority stake.
WAULT
Weighted average unexpired lease term to expiry.
Wholly owned
Balances relating to properties that are 100% owned by The Unite Group PLC or its 100% subsidiaries.
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