9th Aug 2007 07:00
Unite Group PLC09 August 2007 Date: 9 August 2007 UNITE Releases Quarterly Securitisation Report UNITE Finance One plc, the wholly owned subsidiary of The UNITE Group plcestablished for the purposes of the Group's securitisation in April 2002, hastoday issued its standard quarterly report to bondholders. The report contains trading information relating to the Group's securitisedportfolio of student and key worker accommodation, comprising 9,636 beds, themajority of which were completed prior to 31 December 2001 and representingapproximately 28% of the Group's total operational portfolio. The securitised portfolio continues to perform in line with expectations: • Net revenues remain robust with the debt service coverage ratio for the year to July 2007 increasing compared to the previous twelve months at 124% versus 122% and the interest cover ratio improving to 142% from 138%. • Average occupancy stood at 95% for the twelve months to July 2007 versus 93.4% for the twelve months to April 2007. The full text of the Quarterly Securitisation Report is appended to thisannouncement. ENDS Enquiries: UNITETony Harris, Chief Financial Officer 0117 302 7000 Financial DynamicsStephanie Highett/ Dido Laurimore 020 7831 3113 Further information on UNITE is available at www.unite-group.co.uk Obligor Quarterly Report Loan Determination Date: 25 July 2007Date of Report: 9 August 2007 Opening Amortisation Closing Balance Balance £ £ £ Initial Class A Advance 137,938,074 643,110 137,294,964Initial Class B Advance 65,000,000 Nil 65,000,000Initial Class C Advance 63,000,000 Nil 63,000,000 Scheduled Paid £ £ Interest in respect of the Initial Class A Advance 2,043,693 2,043,693Principal in respect of the Initial Class A Advance 643,110 643,110Interest in respect of the Initial Class B Advance 1,076,530 1,076,530Principal in respect of the Initial Class B Advance Nil NilInterest in respect of the Initial Class C Advance 1,346,436 1,346,436Principal in respect of the Initial Class C Advance Nil Nil 5,109,769 5,109,769 £Unscheduled Prepayment of the Initial Class A Advance NilUnscheduled Prepayment of the Initial Class B Advance NilUnscheduled Prepayment of the Initial Class C Advance Nil 4 Quarters This quarter to LDD £ £Net Rental Income 31,876,831 5,708,401Gross Rental Income 32,059,087 5,708,401Permitted Operating Costs 4,542,673 1,091,084Capital Expenditure 525,465 135,822Available Funds 9,283,073Debt Service 27,342,310 6,750,775Adjusted Debt Service 27,342,310 6,750,775Alternative Debt Service 20,560,132 5,109,769Anticipated Debt Service 6,796,129Spot Coverage Ratio 80%Coverage Ratio 124%Relevant Shortfall NilAnticipated Gross Rent 36,317,612Debt Service Excess 6,120,101POC Overspend 182,256 NilPOC Underspend Nil NilRequired Retention Amount NilScheduled Permitted Operating Costs Allowance 1,078,978Scheduled Property Management Fee 194,697 77,936Capital Expenditure Reserving 1,850,928 462,732Average Portfolio Occupancy 89%Average Portfolio Occupancy - excluding vacation periods 95%Credit Reserve Level 12,000,000Periodic Fee NilRefinancing LTV 60.6% Details of any Structural Alterations: None Property/Property, Property/Cash or Cash/Property/ Substitutions: None Property or Cash Collateral Withdrawals: None Coverage Ratio Calculation Coverage Spot Ratio Coverage Ratio Gross Rental Income 32,059,087 5,708,401Permitted Operating Costs (4,542,673) (1,091,084)Scheduled Property Management Fee (194,697) (77,936)Capex Reserving (1,850,928) (462,732) 25,470,789 4,076,650 Alternative Debt Service 20,560,132 5,109,769 124% 80% This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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