11th Nov 2005 07:29
Unite Group PLC11 November 2005 Date: 11 November 2005On behalf of: The UNITE Group plcEmbargoed until: 0700hrs Academic Year Update and 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. In conjunction withthe release of this report, The UNITE Group is also taking the opportunity toprovide an update on reservations and revenue performance across its totalportfolio as it enters the 2005/06 academic year. Total portfolio Reservations and rental performance for the total portfolio is as follows: • Entering the 2005/06 academic year, occupancy stood at 94.0% of available rooms, compared to 94.8% for the 2004/05 year. • On a like for like basis and taking into account the above occupancy rate, contracted gross rents increased by 7.2% year on year at those properties that were open for the full 2004/05 academic year, (2004/05: 6.8%). Securitised portfolio The securitised portfolio continues to perform in line with expectations: • Term time occupancy averaged 94.8% for the twelve months to October 2005, broadly in line with the 95.6% achieved in the twelve months to October 2004. • It has again achieved steady income growth, with gross rents contracted for the 2005/06 academic year 2.8% higher than those for 2004/05, compared to a 4.7% increase last year and after reflecting the above occupancy rates. • The debt service coverage ratio for the year to October 2005 stood at 122% versus 123% for the previous twelve months. • The interest coverage ratio for the year to October 2005 increased to 135% from 130% for the previous twelve months. The full text of the Quarterly Securitisation Report is appended to thisannouncement. ENDS Enquiries: UNITEMark Allan, Group Finance Director 020 7902 5060 Redleaf CommunicationsEmma Kane/Wendy Timmons 020 7955 1410 / 07876 338 339 Further information on UNITE is available at www.unite-group.co.uk Note: The Quarterly Securitisation Report contains trading information relating to theGroup's securitised portfolio of student and key worker accommodation,comprising 9,961 beds completed prior to 31 December 2001 and representing 32%of its total completed portfolio as at 31 October 2005. Obligor Quarterly Report Loan Determination Date: 25 October 2005 Date of Report: 11 November 2005 Opening Balance Amortisation Closing Balance £ £ £ Initial Class A Advance 142,230,033 566,577 141,663,456Initial 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 2,107,131 2,107,131Principal in respect of the Initial Class A Advance 566,577 566,577Interest 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 5,096,674 5,096,674 £ 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 quarterNet Rental Income 31,025,725 9,751,824Gross Rental Income 30,312,986 9,393,915Permitted Operating Costs 3,486,312 692,145Capital Expenditure 883,280 709,808Available Funds 8,758,422Debt Service 26,569,309 6,637,665Adjusted Debt Service 26,569,309 6,637,665Alternative Debt Service 20,108,500 5,096,674Anticipated Debt Service 6,629,971Spot Coverage Ratio 161%Coverage Ratio 122%Relevant Shortfall NilAnticipated Gross Rent 21,742,454Debt Service Excess 4,958,551POC Overspend Nil NilPOC Underspend 712,739 357,909Required Retention Amount NilScheduled Permitted Operating Costs Allowance 1,049,763Scheduled Property Management Fee 485,341 37,492Capital Expenditure Reserving 1,788,025 453,736Average Portfolio Occupancy 90%Average Portfolio Occupancy - excluding vacation periods 95%Credit Reserve Level 12,000,000Periodic Fee NilRefinancing LTV 70.4% Details of any Structural Alterations: None Property/Property, Property/Cash or Cash/Property NoneSubstitutions: Property or Cash Collateral Withdrawals: None Coverage Ratio Calculation Coverage Ratio Spot Coverage Ratio Gross Rental Income 30,312,986 9,393,915Permitted Operating Costs (3,486,312) (692,145)Scheduled Property Management Fee (485,341) (37,492)Capex Reserving (1,788,025) (453,736) 24,553,308 8,210,542 Alternative Debt Service 20,108,500 5,096,674 122% 161% This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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