13th May 2005 07:00
Unite Group PLC13 May 2005 Date: 13 May 2005 On behalf of: UNITE Finance One plc Embargoed until: 0700hrs UNITE Releases Quarterly Report in respect of its 2002 Securitisation Portfolio UNITE Finance One plc, the wholly owned subsidiary of The UNITE Group plcestablished for the purposes of the Group's first securitisation in April 2002,has today 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 April 2005 was 123% (April 2004: 123%) against a covenant of 120%. The interest cover ratio for the period rose to 133% compared to 128% for the same period last year; • Term-time occupancy across the securitised portfolio averaged 96% for the 12 months to January 2005 (April 2004: 97%). Enquiries: UNITE Mark Allan, Group Finance Director (020) 7902 5060 Redleaf Communications Emma Kane 07876 338 339 Wendy Timmons (020) 7955 1410 Obligor Quarterly Report Loan Determination Date: 25 April 2005 Date of Report: 13 May 2005 Opening Balance Amortisation Closing Balance £ £ £ Initial Class A Advance 143,157,159 460,071 142,697,088Initial 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 2,120,808 2,120,808Principal in respect of the initial Class A Advance 460,071 460,071Interest 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 Advance NilUnscheduled Prepayment of the Initial Class B Advance NilUnscheduled Prepayment of the Initial Class C Advance Nil 4 Quarters to This quarter LDD £ £Net Rental Income 30,887,967 8,932,542Gross Rental income 30,412,960 8,562,246Permitted Operating Costs 3,741,412 662,883Capital Expenditure 683,510 0Available Funds 10,189,018Debt Service 26,296,718 6,653,299Adjusted Debt Service 26,296,718 6,653,299Alternative Debt Service 19,798,585 5,003,845Anticipated Debt Service 6,650,163Spot Coverage Ratio 146%Coverage Ratio 123%Relevant Shortfall NilAnticipated Gross Rent 5,704,781Debt Service Excess 444,777POC Overspend Nil NilPOC Underspend 475,007 370,296Required Retention Amount 945,382Scheduled Permitted Operating Costs Allowance 1,054,105Scheduled Property Management Fee 590,633 150,586Capital Expenditure Reserving 1,770,332 444,763Average Portfolio Occupancy 88.0%Average Portfolio Occupancy - excluding vacation periods 95.7%Credit Reserve Level 12,000,000Periodic Fee NilRefinancing LTV 70.4% Details of any Structural Alterations: None Property/Property, Property/Cash or Cash/Property Substitutions None Property or Cash Collateral Withdrawals: None Coverage Ratio Calculation Spot Coverage Coverage Ratio Ratio Gross Rental Income 30,412,960 9,491,864Permitted Operating Costs (3,741,412) (1,027,774)Scheduled Property Management Fee (590,633) (148,178)Capex Debt Service (1,770,332) (436,043) 24,310,583 7,304,014 Alternative Debt Service 19,798,585 5,003,845 123% 146% This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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