11th Feb 2005 07:00
Unite Group PLC11 February 2005 Date: 11 February 2005 On behalf of: UNITE Finance One plc Embargoed until: 0700hrs 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 and representing 38% of its total completedportfolio. The full text of the report is appended to this announcement. UNITE reported coverage ratio and occupancy levels as follows: • The debt service coverage ratio for the 12 months to January 2005 was 123% (January 2004: 126%) against a covenant of 120%. The interest cover ratio for the period was 132% (January 2004: 131%); • Term-time occupancy remains strong across the securitised portfolio and averaged 96% for the 12 months to January 2005 (January 2004: 97%). Enquiries: UNITEMark Allan, Group Finance Director (020) 7902 5060 Redleaf CommunicationsEmma Kane (020) 7955 1410/ 07876 338 339 Obligor Quarterly Report Loan Determination Date: 25 January 2005 Date of Report: 4 February 2005 Opening Balance Amortisation Closing Balance £ £ £ Initial Class A Advance 143,610,537 453,378 143,157,159Initial 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 2,127,501 2,127,501Principal in respect of the Initial Class A Advance 453,378 453,378Interest 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 5,003,845 5,003,845 £ Unscheduled Prepayment of the Initial Class A NilAdvanceUnscheduled Prepayment of the Initial Class B NilAdvanceUnscheduled Prepayment of the Initial Class C NilAdvance 4 Quarters to LDD This quarterNet Rental Income 30,583,840 6,551,606Gross Rental Income 29,804,478 6,895,567Permitted Operating 3,353,356 1,367,164CostsCapital Expenditure 700,092 62,233Available Funds 10,298,619Debt Service 26,047,450 6,629,384Adjusted Debt Service 26,047,450 6,629,384Alternative Debt Service 19,581,208 5,003,845Anticipated Debt Service 6,648,608Spot Coverage Ratio 99%Coverage Ratio 123%Relevant Shortfall NilAnticipated Gross Rent 14,267,027Debt Service Excess 5,015,962POC Overspend Nil 343,961POC Underspend 779,362 NilRequired Retention NilAmountScheduled Permitted Operating Costs Allowance 1,033,179Scheduled Property Management Fee 587,737 147,597Capital Expenditure Reserving 1,761,612 444,763Average Portfolio Occupancy 90.0%Average Portfolio Occupancy - excluding vacation 95.6%periodsCredit Reserve Level 12,000,000Periodic Fee NilRefinancing LTV 72.7% Details of any Structural Alterations: None Property/Property, Property/Cash or Cash/Property Substitutions: None Property or Cash Collateral Withdrawals: None Coverage RatioCalculation Coverage Ratio Spot Coverage Ratio Gross Rental Income 29,804,478 6,895,567Permitted Operating (3,353,356) (1,367,164)CostsScheduled Property Management Fee (587,737) (147,597)Capex Reserving (1,761,612) (444,763) 24,101,773 4,936,042 Alternative Debt Service 19,581,208 5,003,845 123% 99% This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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