12th May 2006 10:38
Unite Group PLC12 May 2006 Date: 12th May 2006On behalf of: UNITE Finance One plcFor immediate release 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 9,961 bedscompleted prior to 31 December 2001. 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 2006 in line with the previous twelve months at 122% versus 123% and the interest cover ratio improving to 137% from 133%. • Average tenancy lengths and rents continue to increase and contribute positively to rental growth. This has offset a slight decline in average occupancy across the portfolio, which stood at 92.9% for the twelve months to April 2006 versus 95.7% achieved in the twelve months to April 2005. This trend will continue for the remainder of the academic year 2005/06. The full text of the Quarterly Securitisation Report is appended to thisannouncement. ENDS Enquiries: UNITEMark Allan, Chief Financial Officer 0117 302 7112 Redleaf CommunicationsEmma Kane / Janakie Mallawa-Arachi / Andrew Dunn 020 7955 1410 Further information on UNITE is available at www.unite-group.co.uk Obligor Quarterly Report Loan Determination Date: 24 April 2006Date of Report: 12th May 2006 Opening Balance Amortisation Closing Balance £ £ £ Initial Class A Advance 141,088,440 583,746 140,504,694Initial 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 2,090,253 2,090,253Principal in respect of the Initial Class A Advance 583,746 583,746Interest 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 5,096,965 5,096,965 £ 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 to LDD This quarter Net Rental Income 31,079,501 8,956,329Gross Rental Income 30,405,642 8,956,329Permitted Operating Costs 3,543,309 1,036,990Capital Expenditure 843,524 22,477Available Funds 7,927,391Debt Service 26,553,707 6,642,646Adjusted Debt Service 26,553,707 6,642,646Alternative Debt Service 20,294,449 5,096,965Anticipated Debt Service 6,619,950Spot Coverage Ratio 146%Coverage Ratio 122%Relevant Shortfall NilAnticipated Gross Rent 5,277,617Debt Service Excess 4,054,213POC Overspend Nil NilPOC Underspend 673,859 NilRequired Retention Amount 1,343,333Scheduled Permitted Operating Costs Allowance 1,054,292Scheduled Property Management Fee 262,154 37,653Capital Expenditure Reserving 1,805,972 453,736Average Portfolio Occupancy 88%Average Portfolio Occupancy - excluding 93%vacation periodsCredit Reserve Level 12,000,000Periodic Fee NilRefinancing LTV 68.90% Details of any Structural Alterations: None Property/Property, Property/Cash or Cash/ NoneProperty Substitutions: Property or Cash Collateral Withdrawals: None Coverage Ratio Calculation Coverage Ratio Spot Coverage Ratio Gross Rental Income 30,405,642 8,956,329Permitted Operating Costs (3,543,309) (1,036,990)Scheduled Property Management Fee (262,154) (37,653)Capex Reserving (1,805,972) (453,736) 24,794,207 7,427,949 Alternative Debt Service 20,294,449 5,096,965 122% 146% This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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