10th May 2007 07:01
Unite Group PLC10 May 2007 10 May 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 April 2007 increasing compared to the previous twelve months at 125% versus 122% and the interest cover ratio improving to 143% from 137%. • Average occupancy stood at 93.4% for the twelve months to April 2007 versus 92.6% for the twelve months to January 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: 24 April 2007Date of Report: 10 May 2007 Opening Amortisation Closing Balance Balance £ £ £Initial Class A Advance 138,591,00 653,586 137,938,074Initial 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 2,053,296 2,053,296Principal in respect of the Initial Class A Advance 653,586 653,586Interest 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 5,129,848 5,129,848 £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 31,935,426 8,642,498Gross Rental Income 32,429,758 8,642,498Permitted Operating Costs 4,817,958 1,101,188Capital Expenditure 446,358 37,642Available Funds 9,706,624Debt Service 27,397,966 6,724,258Adjusted Debt Service 27,397,966 6,724,258Alternative Debt Service 20,529,577 5,129,848Anticipated Debt Service 6,741,549Spot Coverage Ratio 137%Coverage Ratio 125%Relevant Shortfall NilAnticipated Gross Rent 6,771,688Debt Service Excess 5,755,481POC Overspend 494,332 NilPOC Underspend Nil NilRequired Retention Amount NilScheduled Permitted Operating Costs Allowance 1,101,188Scheduled Property Management Fee 153,273 39,328Capital Expenditure Reserving 1,841,932 462,732Average Portfolio Occupancy 87%Average Portfolio Occupancy - excluding 93% vacation periodsCredit Reserve Level 12,000,000Periodic Fee NilRefinancing LTV 68.2% Details of any Structural Alterations: None Property/Property, Property/Cash None or Cash/Property/ Substitutions: Property or Cash Collateral Withdrawals: None Coverage Ratio Calculation Coverage Spot Ratio Coverage Ratio Gross Rental Income 32,429,758 8,642,498Permitted Operating Costs (4,817,958) (1,101,188)Scheduled Property Management Fee (153,273) (39,328)Capex Reserving (1,841,932) (462,732) 25,616,595 7,039,250 Alternative Debt Service 20,529,577 5,129,848 125% 137% This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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