10th Aug 2006 09:25
Unite Group PLC10 August 2006 Date: 10th August 2006On behalf of: UNITE Finance One plc 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 July 2006 in line with the previous twelve months at 122% versus 123% and the interest cover ratio improving to 138% from 135%. • 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 92.1% for the twelve months to July 2006 versus 95.6% achieved in the twelve months to July 2005. The full text of the Quarterly Securitisation Report is appended to thisannouncement. ENDS Enquiries: UNITEThe UNITE Group plcMark Allan, Chief Financial OfficerTel: 0117 302 7004 Financial DynamicsStephanie Highett / Dido LaurimoreTel: 020 7831 3113 Further information on UNITE is available at www.unite-group.co.uk Obligor Quarterly Report Loan Determination Date: 25 July 2006Date of Report: 10 August 2006 Opening Amortisation Closing Balance Balance £ £ £ Initial Class A Advance 140,504,694 574,725 139,929,969Initial 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 2,073,084 2,073,084Principal in respect of the Initial Class A Advance 574,725 574,725Interest 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 5,070,775 5,070,775 £ 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 LDDNet Rental Income 31,069,289 5,766,996Gross Rental Income 31,023,456 6,079,073Permitted Operating Costs 4,145,558 1,366,369Capital Expenditure 789,000 56,715Available Funds 8,805,172Debt Service 24,470,249 6,927,3922Adjusted Debt Service 24,470,249 6,927,3922Alternative Debt Service 20,361,088 5,070,775Anticipated Debt Service 6,728,139Spot Coverage Ratio 83%Coverage Ratio 122%Relevant Shortfall NilAnticipated Gross Rent 32,142,042Debt Service Excess 5,024,414POC Overspend Nil 312,076POC Underspend 45,833 NilRequired Retention Amount NilScheduled Permitted Operating Costs Allowance 1,076,313Scheduled Property Management Fee 148,658 38,440Capital Expenditure Reserving 1,814,945 462,732Average Portfolio Occupancy 90%Average Portfolio Occupancy - excluding vacation periods 92%Credit Reserve Level 12,000,000Periodic Fee NilRefinancing LTV 68.7% 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 Spot Ratio Coverage Ratio Gross Rental Income 31,023,456 6,079,073Permitted Operating Costs (4,145,558) (1,366,369)Scheduled Property Management Fee (148,658) (38,440)Capex Reserving (1,814,945) (462,732) 24,914,295 4,211,532 Alternative Debt Service 20,361,088 5,070,775 122% 83% This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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