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Unite Group PLC Annual Report and Accounts 2017 OUR PURPOSE Creating a Home for Success for Our Students Is What Drives Us

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The Unite Group PLC Annual report and accounts 2017 HOME FOR SUCCESS The Unite Group PLC Annual report and accounts 2017 OUR PURPOSE Creating a Home for Success for our students is what drives us. Creating the best home for all students, helping them grow and succeed at University and beyond. We deliver this through having quality people, quality service and quality properties, and behaving in line with our values. Quality homes We use our unique insight and experience to deliver quality, secure homes where students can develop academically and socially. Going to University is an exciting time, but the big changes moving to University brings can be stressful. We design our homes and services to ensure the transition from home to University is as smooth as possible. Our research shows that students that feel well integrated into their new environment are better equipped to manage the changes University brings and get the most from it. For all students… We understand not everyone is the same and University experience is unique. We create an environment where everyone can be at home and make the choices that are right for them. Social integration is a key focus of our property and service design. We offer a variety of accommodation at different price points and with different payment options enabling students to choose the right accommodation for them. We also support the Unite Foundation, which provides accommodation scholarships to young people who have been in care or are estranged from their families. Helping them grow and succeed… University is where young people build the foundation of the future they want. We believe we have an important role in helping them achieve this. The interpersonal and self-management skills honed at University provide a critical bridge to adulthood. We believe employability is important and work to provide our students with the tools for a successful future. We aim to create a safe and secure environment that is both caring and supportive, but allows our students to develop their independence. At University and beyond… We believe that where a student lives has a material impact on their academic and social experience of University, and ultimately, their lives. Through our people, our service and our properties, we are constantly looking for new and better ways to support students to become well- equipped adults, ready for life after University. We regularly measure how well we are meeting student needs through customer surveys and focus groups. OUR VALUES Work together See it through Be better Have fun Do what’s right Read more about Our values p08 and 09 SUCCESS HOME FOR HOME Strategic Report Strategic report OUR BUSINESS AT A GLANCE 1 Financial highlights 2 Market drivers 4 Business model and strategy 6 Understanding our stakeholders BUILDING QUALITY 8 Quality people 10 Quality partnerships NATIONWIDE 12 Chairman’s Statement 14 Chief Executive’s Statement 20 Strategy at a glance 22 Key performance indicators 24 Risk management 28 Principal risks and uncertainties 32 Operations review 36 Property review 42 Financial review 10 46 Responsible business review Our investment strategy Glasgow Corporate governance Having the right properties, in the right locations, aligned 52 Chairman’s Introduction with the best Universities ensures we deliver for our to Governance students and our shareholders. 56 Board of Directors 58 Board Statements Read more about 59 Shareholder relations investment strategy on p04 60 Leadership 65 Effectiveness 66 Effectiveness: Nomination Committee Report Hu ddersfield 67 Accountability 68 Accountability: Audit Committee Report Our top ten cities 7 72 Accountability: Health & Safety Committee Report Full-time Liv erpool Completed student 75 Annual Statement of the Chair Lo ughborough of the Remuneration Committee beds numbers Market 2017 rank City (17/18) (16/17) share 79 Directors’ Remuneration Policy Bir mingham 86 Annual Report on Remuneration 1. London 9,541 293,620 3.20% 96 Directors’ Report 2. Birmingham 4,846 59,920 8.10% 99 Statement of Directors’ 3. Sheffield 4,168 51,080 8.20% Responsibilities in respect of the 4. Bristol 3,479 43,050 8.10% Annual Report and the Financial 5. Leeds 3,458 53,885 6.40% Statements 6. Liverpool 3,015 48,545 6.20% 7. Manchester 2,336 65,880 3.50% Financial statements 8. Portsmouth 2,222 19,665 11.30% 100 Independent Auditors’ Report to the 9. Leicester 1,687 34,365 4.90% Members of the Unite Group PLC only 107 Introduction and table of contents 10 Glasgow 1,633 57,890 2.80% 108 Consolidated income statement Total 36,385 727,900 4.90% 108 Consolidated statement of Exeter comprehensive income Proportion of Unite portfolio 73% Plymouth 109 Consolidated balance sheet 110 Company balance sheet 111 Consolidated statement of changes in shareholder’s equity 112 Statements of cash flows 113 Notes to the financial statements New openings Our property pipeline 155 Financial record 2017 2018 Other information 156 Notice of Annual General Meeting 160 Glossary 162 Company information 2,152 3,074 new beds new beds Salisbury Court, Edinburgh (Wholly owned) Newgate Court, Newcastle (Wholly owned) 581 beds 575 beds Millennium View, Coventry (Wholly owned) Brunel House, Bristol (Wholly owned) 391 beds 246 beds St Luke’s View, Liverpool (Wholly owned) Chaucer House, Portsmouth (Wholly owned) 776 beds 484 beds Beech House, Oxford (USAF) St Vincent’s, Sheffield (Wholly owned) 167 beds 598 beds The Old Printworks, Edinburgh (Wholly owned) International House, Birmingham (Wholly owned) 237 beds 586 beds Old Hospital, Durham (USAF) 363 beds Houghall College, Durham (USAF) 222 beds 85% of our portfolio is aligned to high and mid-ranking Universities Aberdeen Edinburgh What makes us different Our values and culture Our quality properties and unique It’s not just about what we do, it’s how Newcastle University relationships, supported by we do it. Our values and culture make highly-trained people, utilising a tailor- Unite a great place to work. Durham made service platform set us apart from the competition. Read more about values and culture on p08 and p09 Read more about 5 Leeds what makes us different on p06 Hu ddersfield 6 Manchester Environmental, social 7 3 Sheffield impact and governance Liv erpool Nottingham Being a responsible business is central to Lo ughborough everything we do at Unite. 9 Leicester Bir mingham 2 Read more on Coventry environment, social impact and governance on p46 Oxford Bristol Reading 1 4 London Bath 8 Portsmouth Bournemouth 2019 2020 2021 2,390 2,973 1,000 new beds new beds new beds Skelhorne, Liverpool (Wholly owned) Constitution Street, Aberdeen Middlesex Street, London (Wholly owned) 1,085 beds (Wholly owned) 1,000 beds Cowley, Oxford (Wholly owned) 600 beds 887 beds Tower North, Leeds (Wholly owned) Battery Park (USAF) 1,019 beds 418 beds New Wakefield Street, Manchester (Wholly owned) 603 beds Old BRI, Bristol (Wholly owned) 751 beds Read more in our property review on p36 Strategic report Corporate governance Financial statements Other information 01 OPERATIONAL AND FINANCIAL HIGHLIGHTS Highlights Earning per hare1,2 Dividend per share pence pence - Strong financial position 30p 22.7p 30 - Earnings growth underpinned 28 22.7 by nominations agreements 23 18.0 and development pipeline 17 15.0 - Record level of reservations for 14 11.2 18/19 academic year supports rental growth outlook 4.8 - Significant progress with University partnerships 13 14 15 16 17 13 14 15 16 17 Total accounting return* Profit efore tax % 1 m 22 37 388 229 201 15 15 14 10 108 77 13 14 15 16 17 13 14 15 16 17 Net asset value1 Loan-to-value ratio pence per share 720p % 1 49 720 646 43 579 35 34 31 434 382 13 14 15 16 17 13 14 15 16 17 1 The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). These financial highlights are based on the European Public Real Estate Association (EPRA) best practice recommendations and these performance measures are published as they are intended to help users in the comparability of these results across other listed real estate companies in Europe. The metrics are also used internally to measure and manage the business and align to the performance related conditions for Directors’ remuneration.* 2 2015 and 2016 EPS is based on an adjusted EPRA earnings. A full reconciliation of the financial statements to the EPRA performance measures is set out in note 2.2 of the financial statements. * A full glossary of definitions is available on p160. THE UNITE GROUP PLC ANNUAL REPORT AND ACCOUNTS 2017 02 Strategic report MARKET DRIVERS DEMAND FOR UK HIGHER EDUCATION REMAINS STRONG Student numbers With more young people choosing to Demand for student accommodation continue their education and investment significantly outstrips supply. Many continue to outstrip in themselves, there has been a 35-year Universities have responded to this by accommodation supply. period of growing student numbers partnering with private accommodation throughout the country. Today there providers, most notably through are more than 1.8 million students nominations agreements under which studying in the UK. they make up their accommodation shortfall by reserving rooms in return Most UK Universities offer an for a guaranteed rent. accommodation guarantee for first year and international students, Unite’s business is focused on addressing but even this is a challenge with current the demand for student accommodation. beds available. UK Higher Education In doing so, we aim to provide our University institutions have c.300,000 beds partners and students with much-needed available, with a further 280,000 certainty and a living environment that provided by the private sector. helps some 50,000 students get the best out of their time at University.
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