8th Feb 2007 07:01
Unite Group PLC08 February 2007 Date: 8 February 2007 On behalf of: UNITE Finance One plc For 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 9,636 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 January 2007 increasing compared to the previous twelve months at 127% versus 122% and the interest cover ratio improving to 144% from 136%. • Average occupancy stood at 92.6% for the twelve months to January 2007 versus 91.2% for the twelve months to October 2006. • As disclosed in our previous quarterly securitisation report, as part of an ongoing programme of portfolio rationalisation and redevelopment, UNITE effected a substitution of properties on 1st December 2006. Four properties were substituted in replacing the income of five properties removed. o The market value of the properties coming into the portfolio is approximately £19m more than those being removed. o The number of beds has reduced by 325. o The financial performance of the portfolio will not be adversely affected by this substitution. 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 January 2007Date of Report: 8 February 2007 Opening Amortisation Closing Balance Balance £ £ £ Initial Class A Advance 139,255,722 664,062 138,591,660Initial 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 2,063,190 2,063,190AdvancePrincipal in respect of the Initial Class 664,062 664,062A AdvanceInterest in respect of the Initial Class B 1,076,530 1,076,530AdvancePrincipal in respect of the Initial Class Nil NilB AdvanceInterest in respect of the Initial Class C 1,346,436 1,346,436AdvancePrincipal in respect of the Initial Class Nil NilC Advance 5,150,218 5,150,218 £ Unscheduled Prepayment of the Initial NilClass A AdvanceUnscheduled Prepayment of the Initial NilClass B AdvanceUnscheduled Prepayment of the Initial NilClass C Advance 4 Quarters This quarter to LDD £ £Net Rental Income 32,394,583 7,476,424Gross Rental Income 32,743,589 7,476,424Permitted Operating Costs 4,753,760 1,082,324Capital Expenditure 431,193 23,070Available Funds 10,003,140Debt Service 27,320,556 6,806,431Adjusted Debt Service 27,320,556 6,806,431Alternative Debt Service 20,496,694 5,150,218Anticipated Debt Service 6,757,407Spot Coverage Ratio 114%Coverage Ratio 127%Relevant Shortfall NilAnticipated Gross Rent 13,758,461Debt Service Excess 4,728,656POC Overspend 494,332 NilPOC Underspend Nil NilRequired Retention Amount NilScheduled Permitted Operating Costs 1,082,324AllowanceScheduled Property Management Fee 151,598 38,654Capital Expenditure Reserving 1,832,936 462,732Average Portfolio Occupancy 87%Average Portfolio Occupancy - excluding 93%vacation periodsCredit Reserve Level 12,000,000Periodic Fee NilRefinancing LTV 68.4% Details of any Structural Alterations: None Property/Property, Property/Cash or Cash/ Substituted John Bell House, LondonProperty Out Churchill and Rosehill,Substitutions: Salford Snow Island, Huddersfield Colston Street, Bristol Fellsdyke Court, Newcastle Substituted Marketgate, Bristol In Mealmarket, Aberdeen Alexandra House, Plymouth Sherbourne House, CoventryProperty or Cash Collateral Withdrawals: None Coverage Ratio Calculation Coverage Spot Ratio Coverage Ratio Gross Rental Income 33,418,982 8,476,424Permitted Operating Costs (4,753,760) (1,082,324)Scheduled Property Management Fee (151,598) (38,654)Capex Reserving (1,832,936) (462,732) 26,680,688 5,892,714 Alternative Debt Service 20,496,694 5,150,218 127% 114% This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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