2023 | 2022 | ||
Note | £m | £m | |
Rental income | 2.4 | ||
Other income | 2.4 | ||
Total revenue | |||
Cost of sales | ( | ( | |
Expected credit losses | ( | ( | |
Operating expenses | ( | ( | |
Results from operating activities before (losses)/gains on property | |||
Profit/(loss) on disposal of property | ( | ||
Net valuation (losses)/gains on property (owned and under development) | 3.1 | ( | |
Net valuation losses on property (leased) | 3.1 | ( | ( |
Profit before net financing (costs)/gains and share of joint venture profit | |||
Loan interest and similar charges | 4.3 | ( | ( |
Interest on lease liability | 4.3 | ( | ( |
Mark to market changes on interest rate swaps | 4.3 | ( | |
Finance (costs)/gains | ( | ||
Finance income | 4.3 | ||
Net financing (costs)/gains | ( | ||
Share of joint venture profit | 3.4b | ||
Profit before tax | |||
Current tax | 2.5a | ( | ( |
Deferred tax | 2.5a | ||
Profit for the year | |||
Profit for the year attributable to Owners of the Parent Company | |||
Non-controlling interest | |||
Earnings per share | |||
Basic | 2.2c | ||
Diluted | 2.2c |
2023 | 2022 | ||
Note | £m | £m | |
Profit for the year | |||
Share of joint venture mark to market movements on hedging instruments | 3.4b | ( | |
Other comprehensive income for the year | ( | ||
Total comprehensive income for the year | |||
Attributable to Owners of the Parent Company | |||
Non-controlling interest | |||
2023 | 2022 | ||
Note | £m | £m | |
Assets | |||
Investment property (owned) | 3.1 | ||
Investment property (leased) | 3.1 | ||
Investment property (under development) | 3.1 | ||
Investment in joint ventures | 3.4b | ||
Other non-current assets | 3.3b | ||
Interest rate swaps | 4.2 | ||
Right-of-use assets | 3.3a | ||
Deferred tax asset | 2.5d | ||
Total non-current assets | |||
Assets classified as held for sale | 3.1 | ||
Inventories | 3.2 | ||
Trade and other receivables | 5.2 | ||
Cash and cash equivalents | 5.1 | ||
Total current assets | |||
Total assets | |||
Liabilities | |||
Current borrowings | 4.1 | ( | |
Lease liabilities | 4.6a | ( | ( |
Trade and other payables | 5.4 | ( | ( |
Current tax asset/(liability) | ( | ||
Provisions | 5.5 | ( | ( |
Total current liabilities | ( | ( | |
Borrowings | 4.1 | ( | ( |
Lease liabilities | 4.6a | ( | ( |
Total non-current liabilities | ( | ( | |
Total liabilities | ( | ( | |
Net assets | |||
Equity | |||
Issued share capital | 4.8 | ||
Share premium | 4.8 | ||
Merger reserve | |||
Retained earnings | |||
Hedging reserve | |||
Equity attributable to the owners of the Parent Company | |||
Non-controlling interest | |||
Total equity |
Issued | Attributable | Non- | |||||||
share | Share | Merger | Retained | Hedging | to owners of | controlling | |||
capital | premium | reserve | earnings | reserve | the Parent | interest | Total | ||
£m | £m | £m | £m | £m | £m | £m | £m | ||
At 1 January 2023 | |||||||||
Profit for the year | |||||||||
Other comprehensive income for the year: | |||||||||
Share of joint venture mark | 3.4b | ( | ( | ( | |||||
tomarket movements on hedging instruments | |||||||||
Total comprehensive income for the year | ( | ||||||||
Shares issued | 4.8 | ||||||||
Deferred tax on share- based payments | |||||||||
Fair value of share-based | |||||||||
payments | |||||||||
Own shares acquired | ( | ( | ( | ||||||
Unwind of realised swap | ( | ( | ( | ||||||
gain | |||||||||
Dividends paid to owners | 4.9 | ( | ( | ( | |||||
ofthe Parent Company | |||||||||
Dividends to non-controlling | ( | ( | |||||||
interest | |||||||||
At 31 December 2023 |
Issued | Attributable | Non- | |||||||
share | Share | Merger | Retained | Hedging | to owners of | controlling | |||
capital | premium | reserve | earnings | reserve | the Parent | interest | Total | ||
Note | £m | £m | £m | £m | £m | £m | £m | £m | |
At 1 January 2022 | |||||||||
Profit for the year | |||||||||
Other comprehensive income for the year: | |||||||||
Share of joint venture mark | 3.4b | ||||||||
tomarket movements on hedging instruments | |||||||||
Total comprehensive income for the year | |||||||||
Shares issued | 4.8 | ||||||||
Deferred tax on share- based payments | |||||||||
Fair value of share-based | |||||||||
payments | |||||||||
Own shares acquired | ( | ( | ( | ||||||
Unwind of realised | ( | ( | ( | ||||||
swapgain | |||||||||
Dividends paid to owners | 4.9 | ( | ( | ( | |||||
ofthe Parent Company | |||||||||
Dividends to non-controlling | ( | ( | |||||||
interest | |||||||||
At 31 December 2022 |
Group | |||
2023 | 2022 | ||
Note | £m | £m | |
Net cash flows from operating activities | 5.1 | ||
Investing activities | |||
Investment in joint ventures | ( | ||
Capital expenditure on properties | ( | ( | |
Acquisition of intangible assets | ( | ( | |
Acquisition of plant and equipment | ( | ( | |
Proceeds from sale of investment property | |||
Interest received | |||
Dividends received | |||
Net cash flows from investing activities | ( | ( | |
Financing activities | |||
Proceeds from the issue of share capital | |||
Payments to acquire own shares | ( | ( | |
Interest paid in respect of financing activities | ( | ( | |
Proceeds from non-current borrowings | |||
Repayment of borrowings | ( | ||
Dividends paid to the owners of the Parent Company | ( | ( | |
Withholding tax paid on distributions | ( | ( | |
Dividends paid to non-controlling interest | ( | ( | |
Net cash flows from financing activities | ( | ( | |
Net decrease in cash and cash equivalents | ( | ( | |
Cash and cash equivalents at start of year | |||
Cash and cash equivalents at end of year |
2023 | 2022 | 2023 | 2022 | ||
Note | £m | £m | pps | pps | |
Profit * | 2.2b | 102.5 | 350.5 | 24.7p | 87.7p |
Net assets * | 2.3d | 4,067.0 | 3 ,787.5 | 931p | 944p |
2023 | 2022 | 2023 | 2022 | ||
Note | £m | £m | pps | pps | |
EPRA earnings | 2.2c | 176.1 | 157.3 | 42.4p | 39.4p |
Adjusted earnings | 2.2c | 184.3 | 163.4 | 44.3p | 40.9p |
EPRA NTA | 2.3d | 4,014.7 | 3,716.7 | 920p | 927p |
Share of joint ventures | Group on | |||
Unite | EPRA basis | |||
Students | USAF | LSAV | Total | |
£m | £m | £m | £m | |
Rental income | 259.2 | 57.5 | 52.8 | 369.5 |
Property operating expenses | (79.8) | (20.0) | (13.2) | (113.0) |
Net operating income | 179.4 | 37. 5 | 39.6 | 256.5 |
Management fees | 21.4 | (4.5) | – | 16.9 |
Overheads | (32.2) | (0.4) | (0.5) | (33.1) |
Interest on lease liabilities | (7.7) | – | – | (7.7) |
Net financing costs | (22.9) | (9.4) | (15.1) | (47.4) |
Operations segment result | 138.0 | 23.2 | 24.0 | 185.2 |
Property segment result | (2.7) | – | – | (2.7) |
Unallocated to segments | (6.0) | (0.2) | (0.2) | (6.4) |
EPRA earnings | 129.3 | 23.0 | 23.8 | 176.1 |
Software as a service costs | 8.2 | – | – | 8.2 |
Adjusted earnings | 137.5 | 23.0 | 23.8 | 184.3 |
Share of joint ventures | Group on | |||
Unite | EPRA basis | |||
Students | USAF | LSAV | Total | |
£m | £m | £m | £m | |
Rental income | 241.7 | 48.8 | 49.2 | 339.7 |
Property operating expenses | (72.0) | (15.9) | (10.8) | (98.7) |
Net operating income | 169.7 | 32.9 | 38.4 | 241.0 |
Management fees | 21.4 | (4.0) | – | 17.4 |
Overheads | (32.5) | (0.7) | (0.6) | (33.8) |
Interest on lease liabilities | (8.1) | – | – | (8.1) |
Net financing costs | (33.4) | ( 7.7) | (13.8) | (54.9) |
Operations segment result | 117.1 | 20.5 | 24.0 | 161.6 |
Property segment result | (1.2) | – | – | (1.2) |
Unallocated to segments | (2.8) | (0.2) | (0.1) | (3.1) |
EPRA earnings | 113.1 | 20.3 | 23.9 | 157. 3 |
Abortive costs | 1.5 | – | – | 1.5 |
Software as a service costs previously capitalised | 4.6 | – | – | 4.6 |
Adjusted earnings | 119.2 | 20.3 | 23.9 | 163.4 |
2023 | 2022 | ||
Note | £m | £m | |
Profit attributable to owners of the Company | 102.5 | 350.5 | |
Net valuation losses/(gains) on investment property (owned) | 3.1 | 37.2 | (112.7) |
Property disposals (owned) | (11.8) | 15.6 | |
Net valuation losses on investment property (leased) | 3.1 | 10.4 | 9.3 |
Amortisation of fair value of debt recognised on acquisition | (4.3) | (4.3) | |
Share of joint venture losses/(gains) on investment property | 3.4b | 21.9 | (32.3) |
Share of joint venture property disposals | 3.4b | 3.5 | 0.9 |
Mark to market changes on interest rate swaps | 4.3 | 17.2 | (70.7) |
Current tax relating to property disposals | (0.1) | (0.2) | |
Deferred tax | 2.5d | (0.2) | 0.7 |
Non-controlling interest share of reconciling items * | (0.2) | 0.5 | |
EPRA earnings | 2.2a | 176.1 | 157. 3 |
Software as a service costs | 3.2 | 8.2 | 4.6 |
Abortive costs | – | 1.5 | |
Adjusted earnings | 2.2a | 184.3 | 163.4 |
2023 | 2022 | 2023 | 2022 | ||
Note | £m | £m | pps | pps | |
Earnings | |||||
Basic | 102.5 | 350.5 | 24.7p | 87.7p | |
Diluted | 102.5 | 350.5 | 24.6p | 87.6p | |
EPRA | 2.2b | 176.1 | 157.3 | 42.4p | 39.4p |
Diluted EPRA | 42.2p | 39.3p | |||
Adjusted | 2.2b | 184.3 | 163.4 | 44.3p | 40.9p |
Diluted adjusted | 44.2p | 40.8p |
2023 | 2022 | |
Weighted average number of shares (thousands) | ||
Basic | 415,733 | 399,581 |
Dilutive potential ordinary shares (share options) | 1,165 | 584 |
Diluted | 416,898 | 400,165 |
Share of JVs | |||||
Unite | See- | ||||
Students | USAF | LSAV | through | ||
£m | £m | £m | £m | ||
Investment property (owned) * | 3,727.8 | 827.8 | 954.7 | 5,510.3 | |
Investment property (leased) | 84.7 | – | – | 84.7 | |
Investment property (under development) | 174.7 | – | – | 174.7 | |
Total property portfolio | 3,987.2 | 827.8 | 954.7 | 5,769.7 | |
Debt | (1,067.6) | (243.5) | (337.0) | (1,64 | 8.1) |
Lease liabilities | (83.8) | – | – | (83.8) | |
Cash | 37.5 | 18.2 | 21.5 | 77.2 | |
Net debt | (1,113.9) | (225.3) | (315.5) | (1,654.7) | |
Other assets and (liabilities) | (48.3) | (22.3) | (29.7) | (100.3) | |
EPRA NTA | 2,825.0 | 580.2 | 609.5 | 4,014.7 | |
Loan to value | 26% | 27% | 33% | 28% | |
Loan to value post IFRS 16 | 28% | 27% | 33% | 29% |
Share of JVs | ||||
Unite | See- | |||
Students | USAF | LSAV | through | |
£m | £m | £m | £m | |
Investment property (owned) | 3,623.4 | 813.0 | 960.4 | 5,396.8 |
Investment property (leased) | 90.3 | – | – | 90.3 |
Investment property (under development) | 202.7 | – | – | 202.7 |
Total property portfolio | 3,916.4 | 813.0 | 960.4 | 5,689.8 |
Debt | (1, 247.8) | (239.8) | (385.2) | (1,872.8) |
Lease liabilities | (90.4) | – | – | (90.4) |
Cash | 38.0 | 35.6 | 65.6 | 139.2 |
Net debt | (1,300.2) | (204.2) | (319.6) | (1,824.0) |
Other assets and (liabilities) | (95.1) | (33.6) | (20.4) | (149.1) |
EPRA NTA | 2 ,521.1 | 575.2 | 620.4 | 3,716.7 |
Loan to value | 32% | 25% | 33% | 31% |
Loan to value post IFRS 16 | 33% | 25% | 33% | 32% |
Share of JVs | |||||
Unite | See- | ||||
Students | USAF | LSAV | through | ||
Note | £m | £m | £m | £m | |
Operations | |||||
Operations segment result | 2.2a | 137.8 | 23.3 | 24.1 | 185.2 |
Add back amortisation of intangibles | 3.3b | 5.2 | – | – | 5.2 |
Total Operations | 143.0 | 23.3 | 24.1 | 190.4 | |
Property | |||||
Rental growth | 185.2 | 41.8 | 56.1 | 286.7 | |
Yield movement | (215.9) | (34.4) | (85.7) | (339.6) | |
Disposal gains/(losses) | 11.8 | (3.7) | 0.3 | 8.4 | |
Investment property (losses)/gains (owned) * | (18.9) | 3.7 | (29.3) | (44.5) | |
Investment property losses (leased) | 3.1 | (10.4) | – | – | (10.4) |
Investment property losses (under development) | 3.1 | (6.6) | – | – | (6.6) |
Pre-contract/other development costs | 2.2a | (2.8) | – | – | (2.8) |
Total Property | (38.7) | 3.7 | (29.3) | (64.3) | |
Unallocated | |||||
Shares issued | 294.9 | – | – | 294.9 | |
Investment in joint ventures | 27.3 | (21.8) | (5.5) | – | |
Dividends paid | (117. 3) | – | – | (117.3) | |
Acquisition of intangibles | (1.6) | – | – | (1.6) | |
Share-based payment charge | (3.4) | – | – | (3.4) | |
Other | (0.4) | (0.2) | (0.2) | (0.8) | |
Total Unallocated | 199.6 | (22.0) | (5.7) | 172.0 | |
Total EPRA NTA movement in the year | 303.9 | 5.0 | (10.9) | 298.0 | |
Total EPRA NTA brought forward | 2,521.1 | 575.2 | 620.4 | 3,716.7 | |
Total EPRA NTA carried forward | 2,825.0 | 580.2 | 609.5 | 4,014.7 |
Section 2: Results for the year continued | |||||
2.3 Net assets continued | |||||
2.3b) Movement in EPRA NTA during the year continued | |||||
2022 | Share of JVs | ||||
Unite | See- | ||||
Students | USAF | LSAV | through | ||
Note | £m | £m | £m | £m | |
Operations | |||||
Operations segment result | 2.2a | 117.1 | 20.5 | 24.0 | 161.6 |
Add back amortisation of intangibles | 3.3b | 5.9 | – | – | 5.9 |
Total Operations | 123.0 | 20.5 | 24.0 | 167. 5 | |
Property | |||||
Rental growth | 117.1 | 0.5 | 32.6 | 150.2 | |
Yield movement | (11.0) | 2.2 | (3.0) | (11.8) | |
Disposal losses | (15.6) | (0.9) | – | (16.5) | |
Investment property gains (owned) | 90.5 | 1.8 | 29.6 | 121.9 | |
Investment property losses (leased) | 3.1 | (9.3) | – | – | (9.3) |
Investment property gains (under development) | 3.1 | 6.6 | – | – | 6.6 |
Pre-contract/other development costs | 2.2a | (1.2) | – | – | (1.2) |
Total Property | 86.6 | 1.8 | 29.6 | 118.0 | |
Unallocated | |||||
Shares issued | 1.1 | – | – | 1.1 | |
Investment in joint ventures | (102.4) | 122.0 | (19.6) | – | |
Dividends paid | (96.4) | – | – | (96.4) | |
Acquisition of intangibles | 3.3b | (1.9) | – | – | (1.9) |
Abortive costs | (1.5) | – | – | (1.5) | |
Other | (1.8) | (0.3) | (0.2) | (2.3) | |
Total Unallocated | (202.9) | 121.7 | (19.8) | (101.0) | |
Total EPRA NTA movement in the year | 6.7 | 144.0 | 33.8 | 184.5 | |
Total EPRA NTA brought forward | 2,514.4 | 431.2 | 586.6 | 3,532.2 | |
Total EPRA NTA carried forward | 2,521.1 | 575.2 | 620.4 | 3,716.7 |
NTA | NRV | NDV | |
£m | £m | £m | |
Net assets reported under IFRS | 4,067.0 | 4,067.0 | 4,067.0 |
Mark to market interest rate swaps | (58.1) | (58.1) | – |
Unamortised swap gain | (1.2) | (1.2) | (1.2) |
Mark to market of fixed rate debt | – | – | 35.0 |
Unamortised fair value of debt recognised on acquisition | 15.2 | 15.2 | 15.2 |
Current tax | 0.7 | 0.7 | – |
Deferred tax | 0.4 | 0.4 | – |
Intangibles per IFRS balance sheet | (9.3) | – | – |
Real estate transfer tax | – | 306.7 | – |
EPRA reporting measure | 4,014.7 | 4,330.7 | 4,116.0 |
2022 |
NTA | NRV | NDV | |
£m | £m | £m | |
Net assets reported under IFRS | 3,787.5 | 3,787.5 | 3,787.5 |
Mark to market interest rate swaps | ( 77.4) | ( 77.4) | – |
Unamortised swap gain | (1.4) | (1.4) | (1.4) |
Mark to market of fixed rate debt | – | – | 154.7 |
Unamortised fair value of debt recognised on acquisition | 19.5 | 19.5 | 19.5 |
Current tax | 0.7 | 0.7 | – |
Intangibles per IFRS balance sheet | (12.2) | – | – |
Real estate transfer tax | – | 300.7 | – |
EPRA reporting measure | 3,716.7 | 4,029.6 | 3,960.3 |
2023 | 2022 | 2023 | 2022 | ||
Note | £m | £m | pps | pps | |
Net assets | 4,067.0 | 3,787.5 | 931 | 944 | |
EPRA NTA | 2.3a | 4,014.7 | 3,716.7 | 921 | 928 |
EPRA NTA (diluted) | 2.3a | 4,018.6 | 3,719.7 | 920 | 927 |
EPRA NRV | 2.3c | 4,330.7 | 4,029.6 | 994 | 1,004 |
EPRA NRV (diluted) | 4,334.6 | 4,032.6 | 992 | 1,005 | |
EPRA NDV | 2.3c | 4,116.0 | 3,960.3 | 944 | 987 |
EPRA NDV (diluted) | 4,119.9 | 3,963.3 | 943 | 988 |
Number of shares (thousands) | 2023 | 2022 |
Basic | 435,855 | 400,292 |
Outstanding share options | 1,165 | 895 |
Diluted | 437,019 | 401,187 |
2023 | 2022 | |||
Note | £m | £m | ||
Rental income * | Operations segment | 2.2a | 259.2 | 241.7 |
Management fees | Operations segment | 17.1 | 17.8 | |
276.3 | 259.5 | |||
Impact of non-controlling interest on management fees | (0.2) | (0.2) | ||
Total revenue | 276.1 | 259.3 |
2023 | 2022 | |
£m | £m | |
Corporation tax on residual business income arising in UK companies | 1.0 | 0.5 |
Income tax on UK rental income arising in non-UK companies | 0.4 | 0.4 |
Adjustments in respect of prior periods | (0.2) | (0.2) |
Current tax charge | 1.2 | 0.7 |
Origination and reversal of temporary differences | (2.3) | (1.0) |
Effect of change in tax rate | – | – |
Adjustments in respect of prior periods | – | 0.4 |
Deferred tax (credit) | (2.3) | (0.6) |
Total tax (credit)/charge in income statement | (1.1) | 0.1 |
2023 | 2022 | |
£m | £m | |
Profit before tax | 102.5 | 351.9 |
Income tax using the UK corporation tax rate of 25% (2022: 19%) | 24.1 | 67.0 |
Property rental business profits exempt from tax in the REIT Group | (45.7) | (28.4) |
Property revaluations not subject to tax | 16.2 | (25.8) |
Mark to market changes in interest rate swaps not subject to tax | 3.0 | (13.4) |
Effect of indexation on investments | – | 0.1 |
Effect of other permanent differences | 1.3 | 0.5 |
Effect of tax deduction transferred to equity on share schemes | 0.2 | 0.3 |
Rate difference on deferred tax | – | (0.4) |
Prior year adjustments | (0.2) | 0.2 |
Total tax (credit)/charge in income statement | (1.1) | 0.1 |
At 31 | Charged/ | Charged/ | At 31 | ||
December | (credited) | (credited) | December | ||
2022 | in income | in equity 2023 | |||
£m | £m | £m | £m | ||
Investments | 0.4 | – | 0.4 | ||
Property, plant and machinery and provisions | (2.8) | (2.1) | (4.9) | ||
Share schemes | (1.2) | (0.4) | 0.5 | (1.1) | |
Tax value of carried forward losses recognised | – | 0.2 | (0.2) | – | |
Net tax assets | (3.6) | (2.3) * | 0.3 | (5.6) |
2.5d) Tax – balance sheet | |||||
2022 | |||||
At 31 | Charged/ | Charged/ | At 31 | ||
December | (credited) | (credited) | December | ||
2021 | in income | in equity 2022 | |||
£m | £m | £m | £m | ||
Investments | – | 0.4 | – | 0.4 | |
Property, plant and machinery and provisions | (1.2) | (1.6) | – | (2.8) | |
Share schemes | (1.8) | 0.3 | 0.3 | (1.2) | |
Tax value of carried forward losses recognised | – | 0.3 | (0.3) | – | |
Net tax assets | (3.0) | (0.6) * | – | (3.6) |
2023 | 2022 | |
£m | £m | |
Fees payable to the Group’s auditors for the audit of the Company and consolidated financial statements | 0.5 | 0.5 |
Fees payable to the Group’s auditors for other services to the Group: | ||
– Audit of the financial statements of subsidiaries | 0.1 | 0.1 |
Total audit fees payable to the Group’s auditors | 0.6 | 0.6 |
Audit-related assurance services | 0.1 | 0.1 |
Other services | – | – |
Total non-audit fees | 0.1 | 0.1 |
Investment | ||||
Investment | Investment | property | ||
property | property | (under | ||
(owned) | (leased) | development) | Total | |
£m | £m | £m | £m | |
At 1 January 2023 | 3,623.4 | 90.3 | 202.7 | 3,916.4 |
Additions | – | – | – | – |
Cost capitalised | 66.5 | 4.8 | 58.9 | 130.2 |
Interest capitalised | – | – | 8.4 | 8.4 |
Transfer from investment property under development | 88.7 | – | (88.7) | – |
Transfer from work in progress | – | – | – | – |
Transfer to assets held for sale | (33.5) | – | – | (33.5) |
Disposals | – | – | – | – |
Valuation gains | 121.1 | – | 32.4 | 153.5 |
Valuation losses | (151.7) | (10.4) | (39.0) | (201.1) |
Net valuation (losses) | (30.6) | (10.4) | (6.6) | (47.6) |
Committed fire safety and external facade works | (20.2) | – | – | (20.2) |
Carrying and market value at 31 December 2023 | 3,694.3 | 84.7 | 174.7 | 3,953.7 |
Investment | ||||
Investment | Investment | property | ||
property | property | (under | ||
(owned) | (leased) | development) | Total | |
£m | £m | £m | £m | |
At 1 January 2022 | 3,095.1 | 97.7 | 324.1 | 3,516.9 |
Additions | 71.1 | – | – | 71.1 |
Cost capitalised | 38.6 | 1.9 | 187.7 | 228.2 |
Interest capitalised | 0.5 | – | 5.9 | 6.4 |
Transfer from work in progress | 326.5 | – | (326.5) | – |
Transfer to assets classified as held for sale | – | – | 4.9 | 4.9 |
Disposals | (14.5) | – | – | (14.5) |
Valuation gains | 168.6 | – | 19.4 | 188.0 |
Valuation losses | (62.5) | (9.3) | (12.8) | (84.6) |
Net valuation gains/(losses) | 106.1 | (9.3) | 6.6 | 103.4 |
Carrying and market value at 31 December 2022 | 3,623.4 | 90.3 | 202.7 | 3,916.4 |
2023 | 2022 | |
Class of asset | £m | £m |
London – rental properties | 1,154.9 | 1,212.8 |
Prime regional – rental properties | 1,156.0 | 1,105.6 |
Major regional – rental properties | 1,246.0 | 1,130.0 |
Provincial – rental properties | 104.0 | 103.9 |
London – development properties | 86.2 | 91.9 |
Prime regional – development properties | 57.0 | 32.4 |
Major regional – development properties | 22.0 | 64.1 |
London build-to-rent – rental properties | 66.9 | 71.1 |
Prime regional build-to-rent – development properties | 9.5 | 14.3 |
Investment property (owned) | 3,902.5 | 3,826.1 |
Investment property (leased) | 84.7 | 90.3 |
Market value (including assets classified as held for sale) | 3,987.2 | 3,916.4 |
Investment property (classified as held for sale) | (33.5) | – |
Market value | 3,953.7 | 3,916.4 |
2023 | 2022 | |
£m | £m | |
Opening fair value | 3,916.4 | 3,516.9 |
Gains and (losses) recognised in income statement | (47.5) | 103.4 |
Transfer to current assets classified as held for sale | (33.5) | – |
Capital expenditure | 138.5 | 310.6 |
Committed fire safety and external facade works | (20.2) | – |
Disposals | – | (14.5) |
Closing fair value | 3,953.7 | 3,916.4 |
Investment property (classified as held for sale) | 33.5 | – |
Closing fair value (including assets classified as held for sale) | 3,987.2 | 3,916.4 |
Fair | |||||
value | Valuation | Weighted | |||
£m | technique | Unobservable inputs | Range | average | |
London – | 1,154.9 | RICS Red Book | Net rental income (£ per week) | £206–£424 | £324 |
rental properties | Estimated future rent increase (% p.a.) | 2%–4% | 3% | ||
Net initial yield/Discount rate (%) | 4.0%–4.7% | 4.3% | |||
Prime regional – | 1,156.0 | RICS Red Book | Net rental income (£ per week) | £152–£270 | £189 |
rental properties | Estimated future rent increase (% p.a.) | 2%–5% | 3% | ||
Net initial yield/Discount rate (%) | 4.3%–6.7% | 4.9% | |||
Major regional – | 1,246.0 | RICS Red Book | Net rental income (£ per week) | £84–£189 | £135 |
rental properties | Estimated future rent increase (% p.a.) | 2%–5% | 3% | ||
Net initial yield/Discount rate (%) | 4.9%–7.2% | 5.7% | |||
Provincial – | 104.0 | RICS Red Book | Net rental income (£ per week) | £103–£162 | £136 |
rental properties | Estimated future rent increase (% p.a.) | 2%–3% | 3% | ||
Net initial yield/Discount rate (%) | 7.0%–21.7% | 8.9% | |||
Prime regional – | 57.0 | RICS Red Book | Estimated cost to complete (£m) | £50.0m–£52.0m | £51.4m |
development properties | Net rental income (£ per week) | £234–£246 | £242 | ||
Estimated future rent increase (% p.a.) | 3% | 3% | |||
Net initial yield/Discount rate (%) | 4.4%–5.2% | 4.7% | |||
Major regional – | 22.0 | RICS Red Book | Estimated cost to complete (£m) | £19.4m–£124.1m | £97.6m |
development properties | Net rental income (£ per week) | £214 | £214 | ||
Estimated future rent increase (% p.a.) | 3% | 3% | |||
Net initial yield/Discount rate (%) | 5.2% | 5.2% | |||
3,826.1 | |||||
Investment property – | 66.9 | RICS Red Book | Net rental income (£ per week) | £412 | £412 |
build-to-rent | Estimated future rent increase (% p.a.) | 3% | 3% | ||
Net initial yield/Discount rate (%) | 4.1% | 4.1% | |||
Development property – | 9.5 | RICS Red Book | Estimated cost to complete (£m) | £12.6m | £12.6m |
build-to-rent | Net rental income (£ per week) | £278 | £278 | ||
Estimated future rent increase (% p.a.) | 3% | 3% | |||
Net initial yield/Discount rate (%) | 4.4% | 4.4% | |||
3,902.5 | |||||
Investment property – | 84.7 | Discounted | Net rental income (£ per week) | £106–£207 | £168 |
leased | cash flows | Estimated future rent increase (% p.a.) | 1.8%–2.7% | 2.3% | |
Discount rate (%) | 6.3% | 6.3% | |||
Fair value at 31 December 2023 | 3,987.2 |
Quantitative information about fair value measurements using unobservable inputs (Level 3) continued | |||||
2022 | |||||
Fair value | Valuation | Weighted | |||
£m | technique | Unobservable inputs | Range | average | |
London – | 1,212.8 | RICS Red Book | Net rental income (£ per week) | £208–£392 | £308 |
rental properties | Estimated future rent increase (% p.a.) | 2.0%–4.0% | 3.0% | ||
Net initial yield/Discount rate (%) | 3.7%–4.5% | 3.9% | |||
Prime regional – | 1,105.6 | RICS Red Book | Net rental income (£ per week) | £148–£243 | £163 |
rental properties | Estimated future rent increase (% p.a.) | 2.0%–5.0% | 3.0% | ||
Net initial yield/Discount rate (%) | 4.1%–6.2% | 4.7% | |||
Major regional – | 1,130.0 | RICS Red Book | Net rental income (£ per week) | £99–£178 | £128 |
rental properties | Estimated future rent increase (% p.a.) | 2.0%–3.0% | 3.0% | ||
Net initial yield/Discount rate (%) | 4.5%–7.0% | 5.7% | |||
Provincial – | 103.9 | RICS Red Book | Net rental income (£ per week) | £107–£156 | £123 |
rental properties | Estimated future rent increase (% p.a.) | 2.0%–3.0% | 3.0% | ||
Net initial yield/Discount rate (%) | 6.8%–21.5% | 8.6% | |||
London – | 91.9 | RICS Red Book | Estimated cost to complete (£m) | £111.4m–£177.1m | £150.2m |
development properties | Net rental income (£ per week) | £183–£366 | £248 | ||
Estimated future rent increase (% p.a.) | 3.0% | 3.0% | |||
Net initial yield/Discount rate (%) | 3.7% | 3.7% | |||
Prime regional – | 32.4 | RICS Red Book | Estimated cost to complete (£m) | £17.5m–£58.3m | £44.7m |
development properties | Net rental income (£ per week) | £171–£235 | £184 | ||
Estimated future rent increase (% p.a.) | 2.5%–3.0% | 3.0% | |||
Net initial yield/Discount rate (%) | 4.3%–5.0% | 4.5% | |||
Major regional – | 64.1 | RICS Red Book | Estimated cost to complete (£m) | £18.2m–£28.4m | £21.1m |
development properties | Net rental income (£ per week) | £185–£287 | £198 | ||
Estimated future rent increase (% p.a.) | 3.0% | 3.0% | |||
Net initial yield/Discount rate (%) | 4.9%–5.0% | 4.9% | |||
3,740.7 | |||||
Investment property – | 71.1 | RICS Red Book | Net rental income (£ per week) | £359 | £359 |
build-to-rent | Estimated future rent increase (% p.a.) | 3.0% | 3.0% | ||
Net initial yield/Discount rate (%) | 3.9% | 3.9% | |||
Development property – | 14.3 | RICS Red Book | Estimated cost to complete (£m) | £12.8m–£20.4m | £15.6m |
build-to-rent | Net rental income (£ per week) | £170–£614 | £312 | ||
Estimated future rent increase (% p.a.) | 3.0% | 3.0% | |||
Net initial yield/Discount rate (%) | 3.9%–4.3% | 4.03% | |||
3,826.1 | |||||
Investment property – | 90.3 | Discounted | Net rental income (£ per week) | £99–£191 | £154 |
leased | cash flows | Estimated future rent increase (% p.a.) | 1%–3% | 2% | |
Discount rate (%) | 6.3% | 6.3% | |||
Fair value at 31 December 2022 | 3,916.4 |
+5% | -5% | |||||
Fair value at | change in | change in | +25 bps | -25 bps | ||
31 December | estimated net | estimated net | change in net | change in net | ||
2023 | rental income | rental income | initial yield | initial yield | ||
Class of assets | £m | £m | £m | £m | £m | |
Rental properties | ||||||
London | 1,154.9 | 1,234.0 | 1,116. 3 | 1,110.6 | 1, 247.6 | |
Prime regional | 1,156.0 | 1,213.6 | 1,098.8 | 1,099.7 | 1,218.9 | |
Major regional | 1,246.0 | 1,270.9 | 1,147.4 | 1,157.1 | 1,26 | 6.1 |
Provincial | 104.0 | 110.8 | 100.2 | 102.5 | 108.7 | |
Development properties | ||||||
London | 86.2 | 91.4 | 80.9 | 79.9 | 92.4 | |
Prime regional | 57.0 | 59.7 | 54.3 | 54.2 | 6 0.1 | |
Major regional | 22.0 | 23.0 | 20.9 | 21.0 | 23.1 | |
Build-to-rent | ||||||
London | 66.9 | 70.2 | 63.7 | 63.5 | 70.8 | |
Prime regional | 9.5 | 10.0 | 9.0 | 9.0 | 10.1 | |
Market value | 3,902.5 | 4,083.6 | 3,691.4 | 3,697. 5 | 4,097.8 |
2023 | 2022 | |
£m | £m | |
Interests in land | 25.3 | 11.4 |
Other stocks | 0.9 | 1.4 |
Inventories | 26.2 | 12.8 |
2023 | 2022 | |||||
Buildings | Other | Total | Buildings | Other | Total | |
£m | £m | £m | £m | £m | £m | |
Cost | ||||||
At 1 January | 5.0 | 1.3 | 6.3 | 5.8 | 1.3 | 7.1 |
Additions | – | – | – | – | 0.4 | 0.4 |
Disposals | – | (0.5) | (0.5) | (0.8) | (0.4) | (1.2) |
At 31 December | 5.0 | 0.8 | 5.8 | 5.0 | 1.3 | 6.3 |
Amortisation | ||||||
At 1 January | (2.9) | (0.7) | (3.6) | (2.9) | (0.6) | (3.5) |
Amortisation charge for the year | (0.8) | (0.2) | (1.0) | (0.8) | (0.5) | (1.3) |
Disposals | – | 0.5 | 0.5 | 0.8 | 0.4 | 1.2 |
At 31 December | (3.7) | (0.4) | (4.1) | (2.9) | (0.7) | (3.6) |
Carrying value at 1 January | 2.1 | 0.6 | 2.7 | 2.9 | 0.7 | 3.6 |
Carrying value at 31 December | 1.3 | 0.4 | 1.7 | 2.1 | 0.6 | 2.7 |
2023 | 2022 | |||||
Property, | Property, | |||||
plant and | Intangible | plant and | Intangible | |||
equipment | assets | Total | equipment | assets | Total | |
£m | £m | £m | £m | £m | £m | |
Cost | ||||||
At 1 January | 13.6 | 67.0 | 80.6 | 12.6 | 65.1 | 77.7 |
Additions | 0.9 | 1.6 | 2.6 | 1.0 | 8.0 | 9.0 |
Software as a service costs previously | – | – | – | – | (6.1) | (6.1) |
capitalised | ||||||
At 31 December | 14.5 | 68.6 | 83.1 | 13.6 | 67.0 | 80.6 |
Depreciation and amortisation | ||||||
At 1 January | (10.4) | (54.8) | (65.2) | (9.8) | (48.9) | (58.7) |
Depreciation/amortisation charge | (0.7) | (4.5) | (5.2) | (0.6) | (5.9) | (6.5) |
for the year | ||||||
At 31 December | (11.1) | (59.3) | (70.4) | (10.4) | (54.8) | (65.2) |
Carrying value at 1 January | 3.2 | 12.2 | 15.4 | 2.8 | 16.2 | 19.0 |
Carrying amount at 31 December | 3.4 | 9.3 | 12.7 | 3.2 | 12.2 | 15.4 |
Group’s share of | |||||
assets/results | Legal entity in which | ||||
Joint venture | 2023 | (2022) | Objective | Partner | Group has interest |
The UNITE UK Student | 29.5% * | Operate student | Consortium of investors | UNITE UK Student | |
Accommodation Fund | (29.5%) * | accommodation | Accommodation Fund, a Jersey | ||
(USAF) | throughout the UK | Unit Trust | |||
London Student | 50% | Operate student | GIC Real Estate Pte, Ltd | LSAV Unit Trust, a Jersey Unit | |
Accommodation | (50%) | accommodation | Real estate investment | Trust and LSAV (Holdings) Ltd, | |
Venture (LSAV) | in London and | vehicle of the Government | incorporated in Jersey | ||
Birmingham | of Singapore |
USAF | LSAV | Total | |||||
£m | £m | £m | |||||
Gross | MI | Share | Gross | Share | Gross | Share | |
Investment property * | 2,940.8 | 38.7 | 827.8 | 1,909.4 | 954.7 | 4,850.2 | 1,821.2 |
Cash | 64.7 | 0.9 | 18.2 | 43.0 | 21.5 | 107.7 | 40.6 |
Debt | (865.0) | (11.4) | (243.5) | (674.0) | (337.0) | (1,539.0) | (591.9) |
Swap assets/(liabilities) | 1.4 | – | 0.4 | 3.6 | 1.8 | 5.0 | 2.2 |
Other current assets | 12.4 | 0.2 | 3.5 | (2.8) | (1.4) | 9.6 | 2.3 |
Other current liabilities | (92 .1) | (1.2) | (25.8) | (56.6) | (28.4) | (148.7) | (55.4) |
Net assets | 2,062.2 | 27. 2 | 580.6 | 1,222.6 | 611.2 | 3,284.8 | 1,219.0 |
Non-controlling interest | – | (27.2) | – | – | – | – | (27.2) |
Swap (liabilities)/assets | (1.4) | – | (0.4) | (3.6) | (1.7) | (5.0) | (2.1) |
EPRA NTA | 2,060.8 | – | 580.2 | 1,219.0 | 609.5 | 3,279.8 | 1,189.7 |
Profit for the year | 104.9 | 1.2 | 31.2 | (10.8) | (5.4) | 94.1 | 27.0 |
3.4a) Net assets and results of the joint ventures continued | |||||||
2023 | 2022 | ||
£m | £m | ||
Recognised in the income statement: | |||
Operations segment result | 47.4 | 44.5 | |
Non-controlling interest share of Operations segment result | 1.3 | 1.3 | |
Management fee adjustment related to trading with joint venture | 4.5 | 4.0 | |
Net valuation (losses)/ gains on investment property | (21.9) | 32.3 | |
Property disposals * | (3.5) | (0.9) | |
Ineffective swap | (0.4) | (0.4) | |
Other | (0.4) | (0.4) | |
27.0 | 80.4 | ||
Recognised in equity: | |||
Movement in effective hedges (loss)/gain | (2 .1) | 4.7 | |
Other adjustments to the carrying value: | |||
Profit adjustment related to trading with joint venture | (4.5) | (4.0) | |
Additional capital invested in USAF | – | 140.9 | |
USAF distributions received | (22.6) | (19.8) | |
LSAV distributions received | (5.4) | (19.7) | |
(Decrease)/increase in carrying value | (7.6) | 182.5 | |
Carrying value at 1 January | 1,226.6 | 1,04 | 4.1 |
Carrying value at 31 December | 1,219.0 | 1,226.6 |
2023 | 2022 | |
£m | £m | |
USAF | 16.6 | 16.6 |
LSAV | 4.8 | 4.8 |
Asset and property management fees | 21.4 | 21.4 |
Total fees | 21.4 | 21.4 |
Investment in subsidiaries | ||
2023 | 2022 | |
£m | £m | |
At 1 January | 2, 397.0 | 2,143.5 |
Revaluation | 53.8 | 253.5 |
At 31 December | 2,450.8 | 2, 397.0 |
Group – Carrying value | Company – Carrying value | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Current | ||||
In one year or less | 299.4 | – | – | – |
Non-current | ||||
In more than one year but not more than two years | – | 298.7 | – | – |
In more than two years but not more than five years | 320.7 | 228.0 | 45.7 | 228.0 |
In more than five years | 447.6 | 721.1 | 423.0 | 421.6 |
1,067.6 | 1, 247.8 | 468.7 | 649.6 | |
Unamortised fair value of debt recognised on acquisition | 14.0 | 18.1 | – | – |
Total borrowings | 1,081.6 | 1,265.9 | 468.7 | 649.6 |
2023 | 2022 | |||
Carrying | Carrying | |||
value | Fair value | value | Fair value | |
Group | £m | £m | £m | £m |
Level 1 IFRS fair value hierarchy | 875.0 | 852.3 | 875.0 | 759.3 |
Other loans and unamortised arrangement fees | 192.6 | 180.3 | 372.8 | 333.8 |
Total borrowings | 1,067.6 | 1,032.6 | 1,247.8 | 1,0 93.1 |
2023 | 2022 | |||
Carrying | Carrying | |||
value | Fair value | value | Fair value | |
Company | £m | £m | £m | £m |
Level 1 IFRS fair value hierarchy | 275.0 | 268.4 | 275.0 | 344.5 |
Other loans and unamortised arrangement fees | 193.7 | 180.3 | 374.6 | 333.8 |
Total borrowings | 468.7 | 448.7 | 649.6 | 678.3 |
At 1 | At 31 | ||||
January | Financing | Fair value | Other | December | |
Group | 2023 | cash flows | adjustments | changes | 2023 |
Borrowings | 1,265.9 | (182.5) | (4.3) | 2.5 | 1,081.6 |
Lease liabilities | 92.3 | (8.5) | – | – | 83.8 |
Interest rate swaps | (73.2) | – | 17.2 | – | (56.0) |
Total liabilities from financing activities | 1,285.0 | (191.0) | 12.9 | 2.5 | 1,109.4 |
Company | |||||
Borrowings | 649.6 | (182.5) | 0.8 | 0.8 | 468.7 |
Interest rate swaps | (73.2) | – | 17.2 | – | (56.0) |
Total liabilities from financing activities | 576.4 | (182.5) | 18.0 | 0.8 | 412.7 |
At 1 | At 31 | ||||
January | Financing | Fair value | Other | December | |
Group | 2022 | cash flows | adjustments | changes | 2022 |
Borrowings | 1,162.0 | 107.0 | (4.3) | 1.2 | 1,265.9 |
Lease liabilities | 96.8 | (4.8) | – | 0.3 | 92.3 |
Interest rate swaps | (2.5) | – | (70.7) | – | (73.2) |
Total liabilities from financing activities | 1,256.3 | 102.2 | (75.0) | 1.5 | 1,285.0 |
Company | |||||
Borrowings | 542.2 | 107.0 | 0.4 | – | 649.6 |
Interest rate swaps | (2.5) | – | (70.7) | – | (73.2) |
Total liabilities from financing activities | 539.7 | 107.0 | (70.3) | – | 576.4 |
2023 | 2022 | |
£m | £m | |
Current | – | – |
Non-current | (56.0) | (73.2) |
Fair value of interest rate swaps | (56.0) | (73.2) |
2023 | 2022 | |
Recognised in the income statement: | £m | £m |
Interest income | (1.3) | (0.2) |
Finance income | (1.3) | (0.2) |
Gross interest expense on loans | 32.5 | 39.5 |
Amortisation of fair value of debt recognised on acquisition | (4.3) | (4.3) |
Interest capitalised | (8.4) | (5.9) |
Loan interest and similar charges | 19.8 | 29.3 |
Interest on lease liabilities | 7.7 | 8.1 |
Mark to market loss/(gain) on interest rate swaps | 17.2 | (70.7) |
Finance costs/(gains) | 44.7 | (33.3) |
Net financing costs/(gains) | 43.4 | (33.5) |
2023 | 2022 | ||
Note | £m | £m | |
Cash and cash equivalents | 5.1 | 37.5 | 38.0 |
Current borrowings | 4.1 | (299.4) | – |
Non-current borrowings | 4.1 | (782.2) | (1,265.9) |
Lease liabilities | 4.6a | (83.8) | (92.3) |
Interest rate swaps | 4.3 | 56.0 | 73.2 |
Net debt per balance sheet | (1,071.9) | (1,247.0) | |
Lease liabilities | 4.6a | 83.8 | 92.3 |
Unamortised fair value of debt recognised on acquisition | 2.3c | 15.2 | 19.5 |
Adjusted net debt | (972.9) | (1,135.2) | |
Reported net asset value | 2.3c | 4,067.0 | 3 ,787.5 |
EPRA NTA | 2.3c | 4,014.7 | 3,716.7 |
Gearing | |||
Basic (net debt/reported net asset value) | 26% | 33% | |
Adjusted gearing (adjusted net debt/EPRA NTA) | 24% | 31% | |
Loan to value | 2.3a | 28% | 31% |
Weighted | ||||||||
average | ||||||||
effective | ||||||||
interest | Less than | 1–3 | 3 months | 1–5 | 5+ | Carrying | ||
rate | 1 month | months | – 1 year | years | years | Total | amount | |
% | £m | £m | £m | £m | £m | £m | £m | |
Variable interest rate | 7.0% | 0.3 | 0.6 | 2.6 | 57.9 | – | 61.5 | 46.5 |
instruments | ||||||||
Fixed interest rate instruments | 3.1% | 1.1 | 2.2 | 28.8 | 399.4 | 766.2 | 1,197.7 | 1,036.9 |
Lease liabilities | 4.2% | 1.1 | 2.3 | 10.2 | 54.5 | 66.8 | 134.9 | 83.8 |
Trade and other payables | N/A | – | 134.0 | – | – | – | 134.0 | 134.3 |
Total | 2.5 | 139.1 | 41.6 | 511.8 | 833.0 | 2,361.1 | 1,302.2 |
Weighted | ||||||||
average | ||||||||
effective | ||||||||
interest | Less than | 1–3 | 3 months | 1–5 | 5+ | Carrying | ||
rate | 1 month | months | – 1 year | years | years | Total | amount | |
% | £m | £m | £m | £m | £m | £m | £m | |
Variable interest rate | 5.0 | 1.0 | 1.9 | 8.7 | 258.2 | – | 269.9 | 228.0 |
instruments | ||||||||
Fixed interest rate instruments | 3.1 | 1.1 | 2.2 | 28.8 | 399.4 | 766.2 | 1,197.7 | 1,037.9 |
Lease liabilities | 4.2 | 0.5 | 0.9 | 4.2 | 28.3 | 58.8 | 92.7 | 92.3 |
Trade and other payables | N/A | – | 118. 2 | – | – | – | 118.2 | 118.2 |
Total | 2.6 | 123.2 | 41.7 | 685.9 | 825.0 | 1,678.5 | 1,476.4 |
2023 | 2022 | |
£m | £m | |
Unsecured bank overdraft facility, reviewed annually and payable at call: | ||
– amount used | – | – |
– amount unused | 10.0 | 10.0 |
10.0 | 10.0 | |
Unsecured committed bank loan facilities which may be extended by mutual agreement: | ||
– amount used | 50.0 | 232.0 |
– amount unused | 550.0 | 368.0 |
600.0 | 600.0 |
2023 | 2022 | |||
Covenant | Actual | Covenant | Actual | |
Gearing | <1.50 | 0.27 | <1.50 | 0.34 |
Unencumbered assets ratio | >1.70 | 3.71 | >1.70 | 3.12 |
Secured gearing | <0.25 | 0.0 | <0.25 | 0.0 |
Development assets ratio | <30% | 3% | <30% | 4% |
Joint venture ratio | <55% | 23% | <55% | 24% |
Interest cover | >2.00 | 8.23 | >2.00 | 6.71 |
2023 | 2022 | |||
Weighted | Weighted | Weighted | Weighted | |
covenant | actual | covenant | actual | |
Net gearing | <60% | 28% | <60% | 34% |
Secured gearing | <25% | 0% | <25% | 0% |
Unsecured gearing | >1.67 | 3.54 | >1.67 | 2.89 |
Interest cover | >1.75 | 4.66 | >1.75 | 3.50 |
Undiscounted cash flows | Carrying value | |||
2023 | 2022 | 2023 | 2022 | |
Lease liabilities | £m | £m | £m | £m |
Analysed as: | ||||
Non-current | 121.3 | 129.0 | 78.4 | 87. 5 |
Current | 13.6 | 10.5 | 5.4 | 4.8 |
Total lease liability | 134.9 | 139.5 | 83.8 | 92.3 |
Lease liability maturity analysis | ||||
Year 1 | 13.6 | 10.5 | 5.4 | 4.8 |
Year 2 | 13.5 | 10.9 | 7.4 | 6.7 |
Year 3 | 13.7 | 11.8 | 7.9 | 6.7 |
Year 4 | 13.5 | 12.4 | 8.8 | 7.4 |
Year 5 | 13.8 | 13.3 | 8.8 | 7.9 |
Onwards | 66.8 | 80.6 | 45.5 | 58.8 |
Total | 134.9 | 139.5 | 83.8 | 92.3 |
2023 | 2022 | |
£m | £m | |
Year 1 | 236.8 | 218.7 |
Year 2 | 129.5 | 112.8 |
Year 3 | 83.8 | 73.8 |
Year 4 | 71.9 | 66.8 |
Year 5 | 60.4 | 58.5 |
Onwards | 273.6 | 311.0 |
Total | 856.0 | 841.6 |
2023 | 2022 | ||||||
Ordinary | Share | Ordinary | Share | ||||
Called up, allotted and fully paid | No. of | shares | premium | No. of | shares | premium | |
ordinary shares of £0.25p each | shares | £m | £m | shares | £m | £m | |
At 1 January | 400,317,225 | 100.1 | 2 ,162.0 | 399,139,636 | 99.8 | 2,161.2 | |
Shares issued (capital raise) | 33,149,172 | 8.6 | 286.3 | – | – | – | |
Shares issued (scrip dividend) | 2,232,001 | 0.6 | (0.6) | 865,069 | 0.2 | (0.2) | |
Shares issued (options exercised) | 156,14 | 4 | 0.1 | (0.1) | 312,520 | 0.1 | 1.0 |
At 31 December | 435,854,542 | 109.4 | 2 ,447.6 | 400,317,225 | 100.1 | 2,162.0 |
Group | |||
2023 | 2022 | ||
Note | £m | £m | |
Profit for the year | 103.6 | 351.8 | |
Adjustments for: | |||
Depreciation and amortisation | 6.3 | 7.8 | |
Fair value of share-based payments | 6.1 | 3.4 | 1.6 |
Change in value of investment property (owned and underdevelopment) | 3.1 | 37.2 | (112.7 ) |
Change in value of investment property (leased) | 3.1 | 10.4 | 9.3 |
Net finance costs | 4.3 | 18.5 | 29.1 |
Interest payments for leased assets | 4.3 | 7.7 | 8.1 |
Mark to market changes in interest rate swaps | 4.3 | 17.2 | (70.7) |
(Gain)/loss on disposal of investment property (owned) | (11.8) | 15.6 | |
Share of joint venture profit | 3.4b | (27.0) | (80.4) |
Trading with joint venture adjustment | 4.5 | 4.0 | |
Tax (credit)/charge | 2.5a | (1.1) | 1.6 |
Cash flows from operating activities before changes in working capital | 168.9 | 163.6 | |
(Increase)/decrease in trade and other receivables | (24.8) | 3.6 | |
Increase in inventories | (13.5) | (1.0) | |
Increase/(decrease) in trade and other payables | 24.4 | (10.7) | |
Cash flows from operating activities | 155.0 | 155.5 | |
Tax paid | (1.8) | (1.4) | |
Net cash flows from operating activities | 153.2 | 15 4.1 |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Note | £m | £m | £m | £m | |
Trade receivables | 34.8 | 31.8 | – | – | |
Amounts due from joint ventures | 49.4 | 46.9 | – | – | |
Prepayments and accrued income | 14.8 | 20.6 | – | – | |
Other receivables | 33.8 | 5.9 | – | 0.1 | |
Trade and other receivables (current) | 132.8 | 105.2 | – | 0.1 | |
Loans to Group undertakings (non-current) | 5.6 | – | – | 2,130.0 | 2,076.9 |
Trade and other receivables (non-current) | – | – | 2,130.0 | 2,076.9 |
Ageing by academic year | ||||
Total | 2023/24 | 2022/23 | Prior years | |
£m | £m | £m | £m | |
Rental debtors | ||||
Commercial tenants (past due) | 1.8 | 0.6 | 0.5 | 0.7 |
Individual tenants (past due) | 51.4 | 39.5 | 3.7 | 8.2 |
Expected credit loss carried | (18.4) | (5.3) | (4.2) | (8.9) |
Trade receivables | 34.8 | 34.8 | – | – |
2022 | Ageing by academic year |
2023 | 2022 | |
£m | £m | |
At 1 January | 15.6 | 14.9 |
Expected credit loss charged to the income statement in the year | 3.0 | 1.7 |
Receivables written off during the year (utilisation of expected credit loss) | (0.2) | (1.0) |
At 31 December | 18.4 | 15.6 |
2023 | 2022 | ||
Note | £m | £m | |
Cash | 5.1 | 37.5 | 38.0 |
Trade receivables | 5.2 | 34.8 | 31.8 |
Amounts due from joint ventures | 5.2 | 49.4 | 46.9 |
121.7 | 116.7 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Trade payables | 42.3 | 33.2 | – | – |
Retentions on construction contracts for properties | 6.3 | 5.4 | – | – |
Amounts due to Group undertakings | – | – | 66.7 | 70.3 |
Other payables and accrued expenses | 85.4 | 84.9 | 9.1 | 9.5 |
Deferred income | 73.8 | 68.0 | – | – |
Trade and other payables | 207.8 | 191.5 | 75.8 | 79.8 |
Gross | Unite Group Share | |||||||
£m | £m | |||||||
Wholly- | Wholly- | |||||||
owned | USAF | LSAV | Total | owned | USAF | LSAV | Total | |
At 31 December 2021 | 33.5 | 56.3 | 2.2 | 92.0 | 33.5 | 12.3 | 1.1 | 46.9 |
Additions | 1.9 | 40.1 | 29.8 | 71.8 | 1.9 | 11.4 | 14.9 | 28.2 |
Utilisation | (5.9) | (40.8) | (3.8) | (50.5) | (5.9) | (11.5) | (1.9) | (19.4) |
Changes to ownership % | – | – | – | – | – | 3.5 | – | 3.5 |
At 31 December 2022 | 29.5 | 55.6 | 28.2 | 113.3 | 29.5 | 15.6 | 14.1 | 59.2 |
Releases | (3.6) | (3.3) | – | (6.9) | (3.6) | (0.9) | – | (4.5) |
Additions | 21.3 | 51.5 | 22.2 | 95.0 | 21.3 | 14.5 | 11.1 | 46.9 |
Utilisation | (21.8) | (49.7) | (6.9) | (78.4) | (21.8) | (14.0) | (3.5) | (39.3) |
Transferred to valuations | (20.2) | (48.2) | (12.3) | (80.7) | (20.2) | (13.6) | (6.2) | (40.0) |
At 31 December 2023 | 5.2 | 5.9 | 31.2 | 42.3 | 5.2 | 1.6 | 15.5 | 22.3 |
2023 | 2022 | |
£m | £m | |
Unite Holdings Limited | 126.6 | 131.1 |
LDC (Holdings) Limited | 1,112.0 | 1,072.3 |
Liberty Living Group plc | 891.4 | 873.5 |
Amounts due from Group undertakings | 2,130.0 | 2,076.9 |
Unite Integrated Solutions plc | 62.0 | 70.3 |
Amounts due to Group undertakings | 62.0 | 70.3 |
Number of employees | ||
2023 | 2022 | |
Managerial and administrative | 580 | 569 |
Site operatives | 1,241 | 1,206 |
1,821 | 1,775 |
2023 | 2022 | |
£m | £m | |
Wages and salaries | 72.1 | 64.2 |
Social security costs | 6.8 | 6.5 |
Pension costs | 3.3 | 2.7 |
Fair value of share-based payments | 3.4 | 1.6 |
85.6 | 75.0 |
2023 | 2022 | |
£m | £m | |
Short-term employee benefits | 2.4 | 2.0 |
Post-employment benefits | 0.1 | 0.1 |
Share-based payment benefits | 1.2 | – |
3.7 | 2.1 |
Weighted | Weighted | |||
average | Number | average | Number | |
exercise | of options | exercise | of options | |
price | (thousands) | price | (thousands) | |
2023 | 2023 | 2022 | 2022 | |
Outstanding at 1 January | £0.19 | 2,083 | £0.57 | 2,372 |
Forfeited during the year | £2.01 | (765) | £3.09 | (538) |
Exercised during the year | £4.91 | (176) | £2.52 | (428) |
Granted during the year | £2.95 | 800 | £2.65 | 677 |
Outstanding at 31 December | £0.18 | 1,942 | £0.19 | 2,083 |
Exercisable at 31 December | £5.80 | 78 | £8.42 | 63 |
2023 | 2022 | ||
Note | £m | £m | |
EBIT | |||
Net operating income | 2.2a | 256.5 | 241.0 |
Management fees | 2.2a | 16.9 | 17.4 |
Overheads | 2.2a | (22.1) | (27.7) |
251.3 | 230.7 | ||
EBIT margin % | |||
Rental income | 2.2a | 369.5 | 339.7 |
EBIT | 8 | 251.3 | 230.7 |
68.0% | 67.9% | ||
EBITDA | |||
Net operating income | 2.2a | 256.5 | 241.0 |
Management fees | 2.2a | 16.9 | 17.4 |
Overheads | 2.2a | (22.1) | (27.7) |
Depreciation and amortisation | 6.3 | 7. 8 | |
257.6 | 238.5 | ||
Net debt | |||
Cash | 2.3a | 77.2 | 139.2 |
Debt | 2.3a | (1,6 48.1) | (1,872.8) |
(1,570.9) | (1,733.6) | ||
EBITDA: Net debt | |||
EBITDA | 8 | 257.6 | 238.5 |
Net debt | 8 | (1,570.9) | (1,733.6) |
Ratio | 6.1 | 7.5 | |
Interest cover (Unite Group share) | |||
EBIT | 8 | 251.3 | 230.7 |
Net financing costs | 2.2a | (47.4) | (54.9) |
Interest on lease liabilities | 2.2a | (7.7) | (8.1) |
Total interest | (55.1) | (63.0) | |
Ratio | 4.6 | 3.7 |
2023 | 2022 | ||
Note | £m | £m | |
IFRS profit before tax | 102.5 | 351.8 | |
Net valuation (gains)/losses on investment property (owned) | 2.2b | 59.1 | (145.0) |
Property disposals (owned) | 2.2b | (8.3) | 16.5 |
Net valuation losses on investment property (leased) | 2.2b | 10.4 | 9.3 |
Amortisation of fair value of debt recognised on acquisition | 2.2b | (4.3) | (4.3) |
Changes in valuation of interest rate swaps | 2.2b | 17.2 | (70.7) |
Non-controlling interest, tax and other items | (0.4) | (1.9) | |
EPRA earnings | 176.1 | 155.8 | |
Software as a service costs | 8.2 | 6.1 | |
Abortive costs | – | 1.5 | |
Adjusted earnings | 184.3 | 163.4 |
2023 | 2022 | |
Adjusted earnings (A) | 44.3 | 40.9p |
EPRA NTA at 1 January (B) | 927p | 882p |
Adjusted EPS yield (A/B) | 4.8% | 4.6% |
Note | 2023 | 2022 | |
Opening EPRA NTA (A) | 2.3d | 927p | 882p |
Closing EPRA NTA | 2.3d | 920p | 927p |
Movement | (7p) | 45p | |
H1 dividend paid | 4.9 | 21.7p | 15.6p |
H2 dividend paid | 4.9 | 11.8p | 11.0p |
Total movement in NTA (B) | 25.9p | 71.6p | |
Total accounting return (B/A) | 2.9% | 8.1% |
2023 | 2022 | 2023 | 2022 | ||
Note | £m | £m | |||
EPRA earnings | 176.1 | 155.8 | 42.4p | 39.4p | |
Adjusted earnings * | 184.3 | 163.4 | 44.3p | 40.9p | |
EPRA NTA (diluted) | 4,014.7 | 3,716.7 | 920p | 927p | |
EPRA NRV (diluted) | 4,330.7 | 4,029.6 | 992p | 1005p | |
EPRA NDV (diluted) | 4,116.0 | 3,960.3 | 943p | 988p | |
EPRA net initial yield | 4.8% | 4.6% | |||
EPRA topped up net initial yield | 4.8% | 4.6% | |||
EPRA like-for-like gross rental income | 2.6% | 23.0% | |||
EPRA vacancy rate | 0.3% | 0.8% | |||
EPRA cost ratio (including vacancy costs) | 35.2% | 33.4% | |||
EPRA cost ratio (excluding vacancy costs) | 34.9% | 32.3% |
Like-for-like | Development | Other | Total EPRA | |
£m | properties | property | properties* | Earnings |
2023 | ||||
Rental income | 319.0 | 18.7 | 31.8 | 369.5 |
Property operating expenses | (100.0) | (3.9) | (9.1) | (113.0) |
Net rental income | 219.0 | 14.8 | 22.7 | 256.5 |
2022 | ||||
Rental income | 298.2 | 5.2 | 36.3 | 339.7 |
Property operating expenses | (86.3) | (1.0) | (11.4) | (98.7) |
Net rental income | 211.9 | 4.2 | 24.9 | 241.0 |
Like-for-like net rental income (£m) | 7.1 | |||
Like-for-like net rental income (%) | 3.4% | |||
Like-for-like gross rental income (£m) | 20.8 | |||
Like-for-like gross rental income (%) | 7.0% | |||
* Other properties includes acquisitions, disposals, major refurbishments and changes in ownership. |
2023 | 2022 | |
£m | £m | |
Estimated rental value of vacant space | 0.9 | 2.0 |
Estimated rental value of the whole portfolio | 283.9 | 262.9 |
EPRA vacancy rate | 0.3% | 0.8% |
2023 | 2022 | |
Annualised net operating income (£m) | 278.3 | 256.9 |
Property market value (£m) | 5,510.4 | 5,325.6 |
Notional acquisition costs (£m) | 288.6 | 285.7 |
5,799.0 | 5,611. 3 | |
EPRA net initial yield (%) * | 4.8% | 4.6% |
Difference in projected versus historical GOI | 0.2% | 0.1% |
Unite Group net initial yield (%) | 5.0% | 4.7% |
2023 | 2022 | |
£m | £m | |
Property operating expenses | 79.8 | 72.0 |
Overheads * | 21.2 | 26.4 |
Development/pre-contract costs | 2.7 | 1.2 |
Unallocated expenses * | 8.8 | 2.8 |
112.5 | 102.4 | |
Share of JV property operating expenses | 33.2 | 26.7 |
Share of JV overheads | 0.9 | 1.3 |
Share of JV unallocated expenses | 0.4 | 0.3 |
147.0 | 130.7 | |
Less: Joint venture management fees | (16.9) | (17.4) |
Total costs (A) | 130.1 | 113.3 |
Group vacant property costs | (0.8) | (2.5) |
Share of JV vacant property costs | (0.3) | (0.9) |
Total costs excluding vacant property costs (B) | 129.0 | 109.9 |
Rental income | 259.2 | 241.7 |
Share of JV rental income | 110.3 | 98.0 |
Total gross rental income (C) | 369.5 | 339.7 |
Total EPRA cost ratio (including vacant property costs) (A)/(C) | 35.2% | 33.4% |
Total EPRA cost ratio (excluding vacant property costs) (B)/(C) | 34.9% | 32.4% |
NOTES TO THE FINANCIAL STATEMENTS continued | |||
NOI yield | Yield movement (bps) | |||
% | H1 | H2 | FY | |
Wholly-owned | 5.1 | 14 | 17 | 31 |
USAF | 5.3 | 10 | 11 | 21 |
LSAV | 4.5 | 14 | 25 | 39 |
Rental properties (Unite Group share) | 5.0 | 13 | 18 | 31 |
2023 | 2022 | |||||
Wholly- | Share of | Group | Wholly- | Share of | Group | |
owned | JVs | share | owned | JVs | share | |
London | 4.3 | 20.5 | 24.8 | 3.3 | 10.5 | 13.8 |
Prime regional | 19.3 | 4.8 | 24.1 | 31.6 | 7.3 | 38.9 |
Major regional | 24.6 | 3.0 | 27.6 | 16.5 | 11.2 | 27.7 |
Provincial | 5.2 | 1.3 | 6.5 | 8.1 | 1.0 | 9.1 |
Total rental properties | 53.4 | 29.6 | 83.0 | 59.5 | 30.0 | 89.5 |
Increase in beds | – | – | – | 2.1 | 2.0 | 4.1 |
Acquisitions | 2 .1 | – | 2 .1 | 1.3 | – | 1.3 |
Developments | 58.8 | – | 58.8 | 193.0 | – | 193.0 |
Capitalised interest | 8.4 | – | 8.4 | 6.3 | – | 6.3 |
Total property-related capex | 122.7 | 29.6 | 152.3 | 262.2 | 32.0 | 294.2 |
2023 | 2022 | ||
£m | £m | ||
Investment property (owned) | 5,510.4 | 5,396.8 | |
Investment property (under development) | 174.7 | 202.7 | |
Intangibles | 9.3 | 18.3 | |
Total property value and other eligible assets | 5,694.4 | 5,617.8 | |
Cash at bank and in hand | 77.2 | 139.2 | |
Borrowings | (1,64 | 8.1) | (1,872.8) |
Net other payables | (100.3) | (150.6) | |
EPRA net debt | (1,671.2) | (1,884.2) | |
EPRA loan to value | 29.3% | 33.5% |
Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL | ||
Filbert Village GP Limited (06016554) | (20.2%) | LDC (Gt Suffolk St) GP1 Limited (07274156) |
Filbert Village Student Accommodation Limited Partnership (28.1%) | LDC (Gt Suffolk St) GP2 Limited (07274000) | |
LDC (180 Stratford) Limited (14254727) | LDC (Gt Suffolk St) Holdings Limited (07353946) | |
LDC (AIB Warehouse) Limited (04872419) | LDC (Gt Suffolk St) Limited Partnership | |
LDC (Alscot Road) Limited (06176428) | LDC (Gt Suffolk St) Management GP1 Limited (07354719) | |
LDC (Brunel House) Limited (09760628) | LDC (Gt Suffolk St) Management GP2 Limited (07354728) | |
LDC (Camden Court Leasehold) Limited (05140620) | LDC (Gt Suffolk St) Management Limited Partnership | |
LDC (Camden Court) Limited (05082671) | LDC (Hampton Street) Limited (06415998) | |
LDC (Capital Cities Nominee No.1) Limited (05347228) (50.%) | LDC (Hillhead) Limited (06176554) | |
LDC (Capital Cities Nominee No.2) Limited (05359457) (50.%) | LDC (Holdings) Limited (02625007) * | |
LDC (Capital Cities Nominee No.3) Limited (08792780) (50.%) | LDC (Imperial Wharf) Limited (04541678) | |
LDC (Capital Cities Nominee No.4) Limited (08792688) (50.%) | LDC (International House) Limited (10131352) | |
LDC (Capital Cities) Limited (05347220) (50.%) | LDC (Kelham Island) Limited (05152229) | |
LDC (Causewayend) Limited (08895966) | LDC (Leasehold A) Limited (04066933) | |
LDC (Chantry Court Leasehold) Limited (05140258) | LDC (Leasehold B) Limited (05978242) | |
LDC (Chaucer House) Limited (09898020) | LDC (Loughborough) Limited (04207522) | |
LDC (Constitution Street) Limited (09210998) | LDC (Magnet Court Leasehold) Limited (05140255) | |
LDC (Construction Two) Limited (04847268) | LDC (Millennium View) Limited (09890375) | |
LDC (Euro Loan) Limited (06623603) | LDC (MTF Portfolio) Limited (05530557) | |
LDC (Ferry Lane 2) GP1 Limited (07359448) (50.%) | LDC (Nairn Street) GP1 Limited (07580262) (20.2%) | |
LDC (Ferry Lane 2) GP2 Limited (07359481) (50.%) | LDC (Nairn Street) GP2 Limited (07580257) (20.2%) | |
LDC (Ferry Lane 2) GP3 Limited (07503842) | LDC (Nairn Street) GP3 Limited (07808933) | |
LDC (Ferry Lane 2) GP4 Limited (07503913) | LDC (Nairn Street) GP4 Limited (07808919) | |
LDC (Ferry Lane 2) Holdings Limited (07504099) (50.%) | LDC (Nairn Street) Holdings Limited (07579402) | |
LDC (Ferry Lane 2) Limited Partnership (50.0%) | LDC (Nairn Street) Limited Partnership (28.1%) | |
LDC (Ferry Lane 2) Management Limited Partnership (50.0%) | LDC (Nairn Street) Management Limited Partnership (28.1%) | |
LDC (Finance) Limited (09760806) | LDC (New Wakefield Street) Limited (10436455) | |
LDC (Greetham Street) Limited (08895825) | LDC (Newgate) Limited (08895869) * |
Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL | |
LDC (Old Hospital) Limited (09702143) | Liberty Living (LQ Newcastle) Limited (04302869) |
LDC (Oxford Road Bournemouth) Limited (04407309) | Liberty Living (LQ2 Newcastle) Limited (07298853) ** |
LDC (Portfolio 100) Limited (07989369) | Liberty Living Finance PLC (10979349) ** |
LDC (Portfolio 20) Limited (08803996) | Liberty Living Group Limited (BR020813) * / ** |
LDC (Portfolio Five) Limited (06079581) | Liberty Living Investments 1 Limited Partnership ** |
LDC (Portfolio Four) Limited (04985603) | Liberty Living Investments 2 Limited Partnership ** |
LDC (Portfolio One) Limited (03005262) | Liberty Living Investments 3 Limited Partnership ** |
LDC (Portfolio) Limited (08419375) | Liberty Living Investments GP1 Limited (09375866) ** |
LDC (Project 110) Limited (05083580) | Liberty Living Investments GP2 Limited (09375868) ** |
LDC (Project 111) Limited (05791650) | Liberty Living Investments GP3 Limited (10518849) ** |
LDC (Radmarsh Road) Limited (05435290) | Liberty Living Investments II Holdco 2 Limited (09574059) ** |
LDC (Skelhorne) Limited (09898132) | Liberty Living Investments II Holdco Limited (08929431) ** |
LDC (Smithfield) Limited (03373096) | Liberty Living Investments II Limited (09680931) ** |
LDC (St Leonards) Limited (08895830) | Liberty Living Investments Limited (09375870) ** |
LDC (St Pancras Way) GP1 Limited (07359501) | Liberty Living Investments Nominee 1 Limited (09375846) ** |
LDC (St Pancras Way) GP2 Limited (07359428) | Liberty Living Investments Nominee 2 Limited (09375849) ** |
LDC (St Pancras Way) GP3 Limited (07503268) | Liberty Living Investments Nominee 3 Limited (10519085) ** |
LDC (St Pancras Way) GP4 Limited (07503251) | Liberty Living Limited (04055891) ** |
LDC (St Pancras Way) Holdings Limited (07360734) | Liberty Living SpareCo Limited (04616115) |
LDC (St Pancras Way) Limited Partnership | Liberty Living UK Limited (06064187) ** |
LDC (St Pancras Way) Management Limited Partnership | Liberty Park (Bedford) Limited |
LDC (St Vincent's) Limited (10218310) | Liberty Park (Bristol) Limited (07615601) |
LDC (Stratford) GP1 Limited (07547911) (50.%) | Liberty Park (US Bristol) Limited (07615619) ** |
LDC (Stratford) GP2 Limited (07547994) (50.%) | Liberty Plaza (London) Limited (07745097) |
LDC (Stratford) Limited Partnership (50.%) | Liberty Plaza (Newcastle) Limited |
LDC (Swindon NHS) Limited (04207502) | Liberty Point (Coventry) Limited (04992358) ** |
LDC (Tara House) Limited (09214177) | Liberty Point (Manchester) Limited (04828083) |
LDC (Thurso Street) GP1 Limited (07199022) | Liberty Point Southampton (Block A) Limited (10314954) ** |
LDC (Thurso Street) GP2 Limited (07198979) | Liberty Prospect Point (Liverpool) Limited (04637570) |
LDC (Thurso Street) GP3 Limited (07434001) | Liberty Quay (Newcastle) Limited (05234174) ** |
LDC (Thurso Street) GP4 Limited (07434133) | Liberty Quay 2 (Newcastle) Limited (07376627) |
LDC (Thurso Street) Limited Partnership | Liberty Severn Point (Cardiff) Limited (04313995) |
LDC (Thurso Street) Management Limited Partnership | Liberty Village (Edinburgh) Limited (10323566) |
LDC (Ventura) Limited (04444628) | LL Midco 2 Limited (08998308) |
LDC (Vernon Square) Limited (06444132) | LSAV (Angel Lane) GP1 Limited (08593689) (50.%) ** |
LDC (William Morris II) Limited (05999281) | LSAV (Angel Lane) GP2 Limited (08593692) (50.%) ** |
LDC Capital Cities Two (GP) Limited (08790742) (50.%) | LSAV (Angel Lane) GP3 Limited (08646359) |
Liberty Atlantic Point (Liverpool) Limited (03885187) | LSAV (Angel Lane) GP4 Limited (08646929) ** |
Liberty Heights (Manchester) Limited (07399622) | LSAV (Angel Lane) Limited Partnership (50.%) ** |
Liberty Living (HE) Holdings Ltd – Company Only (10977869) | LSAV (Angel Lane) Management Limited Partnership (50.%) ** |
Liberty Living (LH Manchester) Limited (07120141) | LSAV (Arch View) GP1 Limited (13210709) (50.%) ** |
Liberty Living (Liberty AP) Limited (03633307) | LSAV (Arch View) GP3 Limited (13210526) ** |
Liberty Living (Liberty PP) Limited (03991475) | LSAV (Arch View) LP (50.%) |
Liberty Living (LP Bristol) Limited (07242607) | LSAV (Arch View) Management LP (50.%) ** |
Liberty Living (LP Coventry) Limited (04330729) | LSAV (Arch View) Nominee 1 Limited (13210518) (50.%) |
Liberty Living (LP Manchester) Limited (04314013) | LSAV (Arch View) Nominee 3 Limited (13210553) * |
Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL | |||||
LSAV (Aston Student Village) GP1 Limited (10498478) (50.%) | Unite (Capital Cities) Jersey Ltd | ||||
LSAV (Aston Student Village) GP2 Limited (10498481) (50.%) | Unite Accommodation Management 16 Limited (07061314) | ||||
LSAV (Aston Student Village) GP3 Limited (10498217) | Unite Accommodation Management 18 Limited (08328484) | ||||
LSAV (Aston Student Village) GP4 Limited (10498484) | Unite Accommodation Management 19 Limited (08790504) | (50.%) | |||
LSAV (Aston Student Village) Limited Partnership (50.%) | Unite Accommodation Management 2 Limited (05193166) | ||||
LSAV (Aston Student Village) Management Limited Partnership | Unite Accommodation Management 20 Limited (08790642) | (50.%) | |||
(50.%) | |||||
LSAV (Drapery Plaza) GP1 Limited (13209904) (50.%) | Unite Accommodation Management 6 Limited (05077346) | ||||
LSAV (Drapery Plaza) GP3 Limited (13210206) | Unite Accommodation Management 9 Limited (06190863) | ||||
LSAV (Drapery Plaza) LP (50.%) | Unite Accommodation Management Limited (06190905) | ||||
LSAV (Drapery Plaza) Management LP (50.%) | Unite Accommodation Management One Hundred Limited (07989080) | ||||
LSAV (Drapery Plaza) Nominee 1 Limited (13209909) (50.%) | Unite Capital Cities 3 GP1 Limited (13913884) | (50.%) | |||
LSAV (Drapery Plaza) Nominee 3 Limited (13209979) | UNITE CAPITAL CITIES 3 LIMITED PARTNERSHIP (50.%) | ||||
LSAV (GP) Limited (50.%) | Unite Capital Cities 3 Management Limited (13913891) | (50.%) | |||
LSAV (Holdings) Limited (50.%) | (50.%) | Unite Capital Cities 3 Nominee 1 Limited (13913890) | |||
LSAV (Jersey Manager) Limited | UNITE Capital Cities Holdings Limited (08801242) | (50.%) | |||
LSAV (No.1) GP1 Limited (13184531) (50.%) | Unite Capital Cities Limited Partnership (50.%) | ||||
LSAV (No.1) GP3 Limited (13184662) | Unite Capital Cities Two Limited Partnership (50.%) | ||||
LSAV (No.1) LP (50.%) | UNITE Construction (Angel Lane) Limited (08792704) ** | ||||
LSAV (No.1) Management LP (50.%) | UNITE Construction (Stapleton) Limited (09023406) | ||||
LSAV (No.1) Nominee 1 Limited (13184589) (50.%) | UNITE Construction (Wembley) Limited (09023474) | ||||
LSAV (No.1) Nominee 3 Limited (13184656) | Unite Finance Limited (04353305) * / | ||||
LSAV (Property Holdings) LP (50.%) | Unite Finance One (Accommodation Services) Limited (04332937) | ||||
LSAV (Stapleton) GP1 Limited (08593695) (50.%) | Unite Finance One (Holdings) Limited (04316207) | ||||
LSAV (Stapleton) GP2 Limited (08593699) (50.%) | Unite Finance One (Property) Limited (04303331) | ||||
LSAV (Stapleton) GP3 Limited (08646819) | Unite FM Limited (06807562) | ||||
LSAV (Stapleton) GP4 Limited (08647019) | UNITE For Success Limited (05157263) | ||||
LSAV (Stapleton) Limited Partnership (50.%) | Unite Holdings Limited (03148468) * / | ||||
LSAV (Stapleton) Management Limited Partnership (50.%) | UNITE Homes Limited (05140262) ** | ||||
LSAV (Stratford) GP3 Limited (08751654) | Unite Integrated Solutions plc (02402714) | ||||
LSAV (Stratford) GP4 Limited (08751629) | Unite Modular Solutions Limited (05140259) | ||||
LSAV (Stratford) Management Limited Partnership (50.%) | Unite Rent Collection Limited (05982935) | ||||
LSAV (Trustee) Limited (50.%) | UNITE Student Living Limited (06204135) | ||||
LSAV (Wembley) GP1 Limited (08635735) (50.%) | Unite Students Accommodation (Beijing) Business Service | ||||
Company Limited ** | |||||
LSAV (Wembley) GP2 Limited (08636051) (50.%) | USAF Finance II Limited (08526474) | (20.2%) | |||
LSAV (Wembley) GP3 Limited (08725127) | USAF GP No 1 Limited (05897875) | (20.2%) | |||
LSAV (Wembley) GP4 Limited (08725235) | USAF GP No 10 Limited (06714734) | (20.2%) | |||
LSAV (Wembley) Limited Partnership (50.%) | USAF GP No 11 Limited (07075210) | (20.2%) | |||
LSAV (Wembley) Management Limited Partnership (50.%) | USAF GP No 11 Management Limited (07351883) | ||||
LSAV FACILITY 1 HOLDINGS LIMITED (13913388) | (50.%) | USAF GP No 12 Limited (07368735) | (20.2%) | ||
LSAV FACILITY 1 MANAGEMENT HOLDINGS LIMITED (13913371) | USAF GP No 14 Limited (09089977) | (20.2%) | |||
LSAV Management Holdings Limited (13305327) | USAF GP No 15 Limited (09585201) | (20.2%) | |||
LSAV Rent Collection Limited (08496230) | USAF GP No 18 Limited (10219336) | (20.2%) | |||
Stardesert Limited (04437102) | USAF GP No 6 Limited (05897755) | (20.2%) | |||
The UNITE Foundation | USAF GP No 8 Limited (06381914) | (20.2%) |
Registered office and principal place of business: South Quay House, Temple Back, Bristol, United Kingdom, BS1 6FL | |||||
USAF GP No.15A Limited (12644211) | (28.1%) | USAF No.12 Limited Partnership (28.1%) | |||
USAF GP No.16A Limited (12644210) | (28.1%) | USAF No.14 Limited Partnership (28.1%) | |||
USAF GP No.16B Limited (14707370) | (28.1%) | USAF No.15 Limited Partnership (28.1%) | |||
USAF GP No.17A Limited (12644208) | (28.1%) | USAF No.15A Limited Partnership (28.1%) | |||
USAF GP No.17B Limited (14707101) | (28.1%) | USAF No.16A Limited Partnership (28.1%) | |||
USAF GP No.19 Limited (14707096) | (20.2%) | USAF No.16B Limited Partnership (28.1%) | |||
USAF Holdings K Limited (14700139) | (20.2%) | USAF No.16B Nominee 1 Limited (14707400) | (20.2%) | ||
USAF Holdings B Limited (06324325) | (20.2%) | USAF No.16B Nominee 2 Limited (14707390) | (20.2%) | ||
USAF Holdings C Limited (06381882) | (20.2%) | USAF No.17A Limited Partnership (28.1%) | |||
USAF Holdings H Limited (09089805) | (20.2%) | USAF No.17B Limited Partnership (28.1%) | |||
USAF Holdings I Limited (09581882) | (20.2%) | USAF No.17B Nominee 1 Limited (14707108) | (20.2%) | ||
USAF Holdings J Limited (10215997) | (20.2%) | USAF No.17B Nominee 2 Limited (14707114) | (20.2%) | ||
USAF Holdings Limited (05870107) | (20.2%) | USAF No.18 Limited Partnership (28.1%) | |||
USAF Jersey Investments Ltd | USAF No.19 Limited Partnership (28.1%) | ||||
USAF Jersey Manager Ltd | USAF No.6 Limited Partnership (28.1%) | ||||
USAF LP Limited (05860874) | USAF No.8 Limited Partnership (28.1%) | ||||
USAF Management 10 Limited (06714695) | USAF Nominee No.1 Limited (05855598) | (20.2%) | |||
USAF Management 11 Limited (07082782) | USAF Nominee No.10 Limited (06714690) | (20.2%) | |||
USAF Management 12 Limited (07365681) | USAF Nominee No.10A Limited (06714615) | (20.2%) | |||
USAF Management 14 Limited (09232206) | USAF Nominee No.11 Limited (07075251) | (20.2%) | |||
USAF Management 16 Ltd (07735741) | (28.1%) | USAF Nominee No.11A Limited (07075213) | (20.2%) | ||
USAF Management 17 Ltd (05591986) | (28.1%) | USAF Nominee No.12 Limited (07368733) | (20.2%) | ||
USAF Management 18 Limited (10219775) | USAF Nominee No.12A Limited (07368755) | (20.2%) | |||
USAF Management 6 Limited (06225945) | USAF Nominee No.14 Limited (09231609) | (20.2%) | |||
USAF Management 8 Limited (06387597) | USAF Nominee No.14A Limited (09231604) | (20.2%) | |||
USAF Management GP No.14 Limited (09130985) | USAF Nominee No.15 Limited (12644205) | (20.2%) | |||
USAF Management GP No.15 Limited (09749946) | USAF Nominee No.15A Limited (12644204) | (20.2%) | |||
USAF Management GP No.16 Limited (09750068) | USAF Nominee No.16 Limited (12644201) | (20.2%) | |||
USAF Management GP No.17 Limited (09750061) | USAF Nominee No.16A Limited (12644197) | (20.2%) | |||
USAF Management GP No.18 Limited (12410758) | USAF Nominee No.17 Limited (12644192) | (20.2%) | |||
USAF Management Limited (05862721) | USAF Nominee No.17A Limited (12644187) | (20.2%) | |||
USAF Management No. 14 Limited Partnership (28.1%) | USAF Nominee No.18 Limited (10218595) | (20.2%) | |||
USAF Management No. 15 Limited Partnership (28.1%) | USAF Nominee No.18A Limited (10219339) | (20.2%) | |||
USAF Management No. 16 Limited Partnership (28.1%) | USAF Nominee No.19 Limited (14706129) | (20.2%) | |||
USAF Management No. 17 Limited Partnership (28.1%) | USAF Nominee No.19A Limited (14706126) | (20.2%) | |||
USAF Management No. 18 Limited Partnership (28.1%) | USAF Nominee No.1A Limited (05835512) | (20.2%) | |||
USAF Management No.19 Limited (14707093) | (28.1%) | USAF Nominee No.6 Limited (05855599) | (20.2%) | ||
USAF No.1 Limited Partnership (28.1%) | USAF Nominee No.6A Limited (05885802) | (20.2%) | |||
USAF No.10 Limited Partnership (28.1%) | USAF Nominee No.8 Limited (06381861) | (20.2%) | |||
USAF No.11 Limited Partnership (28.1%) | USAF Nominee No.8A Limited (06381869) | (20.2%) | |||
USAF No.11 Management Limited Partnership (28.1%) | USAF RCC Limited (05983554) | (20.2%) |
Registered office and principal place of business: 13 Castle Street, St Helier, Jersey, JE4 5UT | |
LDC (Gt Suffolk St) Unit Trust | LSAV (Aston Student Village) Unit Trust (50.0%) |
LDC (St Pancras Way) Unit Trust | LSAV (Holdings) Limited (50.0%) |
LDC (Thurso Street) Unit Trust | LSAV (Trustee) Limited (50.0%) |
LSAV (Jersey Manager) Limited | LSAV Unit Trust (50.0%) |
Unite (Capital Cities) Jersey Limited | Unite Capital Cities Unit Trust (50.0%) |
USAF Jersey Investments Limited | USAF Portfolio 18 Unit Trust (28.1%) |
USAF Jersey Manager Limited | LDC (Nairn Street) Unit Trust (28.1%) |
LDC (Ferry Lane 2) Unit Trust (50.0%) | Unite UK Student Accommodation Fund (20.2%) |
LDC (Stratford) Unit Trust (50.0%) | LSAV (Arch View) Unit Trust (50.0%) |
LSAV (Drapery Plaza) Unit Trust (50.0%) |
Registered office and principal place of business: Third Floor, La Plaiderie Chambers, St Peter Port, Guernsey, GY1 1WG | |
USAF Feeder Guernsey Limited (45.5%) | USAF Portfolio 16 Unit Trust (28.1%) |
USAF Portfolio 15 Unit Trust (28.1%) | USAF Portfolio 17 Unit Trust (28.1%) |
Registered office and principal place of business: Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN | |
LSAV (GP) Limited (SC431844) (50.0%) | LSAV (Property Holdings) Limited Partnership (50.0%) |
Registered office and principal place of business: Trident Chambers, Wickhams Cay, P.O. Box 146, Road Town, Tortola, | |
British Virgin Islands | |
Liberty Park (Bedford) Limited | Liberty Plaza (Newcastle) Limited |