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Unite Releases Its Year End Results

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Unite has released its results for the year ending 31 December 2017, reporting profit before tax of £229.4 million.

The 14% year-on-year increase in profit before tax was off the back of like-for-like rental growth of 3.4%, however this was down on the 3.8% year-on-year increase reported in 2016.

The company has increased its proportion of beds under nomination agreements to 60%, compared to 58% a year earlier, while 85% of Unite's portfolio is located at high and mid-ranked Universities. This will increase to 90% on completion of its development pipeline and planned acquisitions and disposals.

The company has a secured development and University partnerships pipeline of 9,400 beds, with all schemes due to be delivered over the next four years.

New University partnerships include a development-led partnership secured with Oxford Brooks University with planning to deliver 887 beds in 2019. While a second development-led partnership with King's College, London is subject to planning, but could result in around 1,000 beds being delivered by 2021.

Unite has reported a record level of reservations for 2018-19 at 75% compared to 73% a year earlier, while expectations are for 2018-19 rental growth of 3.0-3.5% on a like-for-like basis.

Unite now has a total operational portfolio of 50,000 beds with a total value of £4.6 billion.