13th Feb 2006 09:00
Unite Group PLC13 February 2006 Date: 13 February 2006 On behalf of: UNITE Finance One plc Embargoed until: 0900hrs 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: - Term time occupancy averaged 93.8% for the twelve months to January 2006, versus 95.6% achieved in the twelve months to January 2005. - The debt service coverage ratio for the year to January 2006 stood at 122% versus 123% for the previous twelve months. - The interest coverage ratio for the year to January 2006 increased to 136% from 132% for the previous twelve months. The full text of the Quarterly Securitisation Report is appended to thisannouncement. ENDS Enquiries: UNITE Mark Allan, Chief Financial Officer 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 Obligor Quarterly Report Loan Determination Date: 24 January 2006Date of Report: 10 February 2006 Opening Balance Amortisation Closing Balance £ £ £ Initial Class A Advance 141,663,456 575,016 141,088,440Initial 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 2,098,692 2,098,692Principal in respect of the Initial Class A Advance 575,016 575,016Interest 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 30,990,317 6,601,429Gross Rental Income 30,011,560 6,601,429Permitted Operating Costs 3,169,202 1,050,054Capital Expenditure 821,047 NilAvailable Funds 8,460,365Debt Service 26,564,360 6,624,435Adjusted Debt Service 26,564,360 6,624,435Alternative Debt Service 20,201,329 5,096,674Anticipated Debt Service 6,637,701Spot Coverage Ratio 99%Coverage Ratio 122%Relevant Shortfall NilAnticipated Gross Rent 13,787,583Debt Service Excess 3,558,158POC Overspend Nil NilPOC Underspend 978,758 NilRequired Retention Amount NilScheduled Permitted Operating Costs Allowance 1,036,990Scheduled Property Management Fee 375,087 37,035Capital Expenditure Reserving 1,796,999 453,736Average Portfolio Occupancy 88%Average Portfolio Occupancy - excluding vacation periods 94%Credit Reserve Level 12,000,000Periodic Fee NilRefinancing LTV 70.2% 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 Ratio Spot Coverage Ratio Gross Rental Income 30,011,560 6,601,429Permitted Operating Costs (3,169,202) (1,050,054)Scheduled Property Management Fee (375,087) (37,035)Capex Reserving (1,796,999) (453,736) 24,670,272 5,060,604 Alternative Debt Service 20,201,329 5,096,674 122% 99% This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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