455.80 p (-5.60) 
Annual Report & Accounts 2025
Home for Success
We delivered a robust performance in 2025, with strong trading across the majority of our portfolio. This reflects the strength of our teams, our long‑standing university partnerships and our growing alignment to the sector’s strongest institutions.
View our annual report below to learn more about our 2025 strategy and performance.
Delivering our plan
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Demand for UK higher education sector remains strong, underpinned by demographic growth, high participation rates and the quality and global reputation of the UK’s universities.
Joe Lister
Chief Executive
Strong cities continue to deliver
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We achieved occupancy of 95.2% across our portfolio for the 2025/26 academic year (2024/25: 97.5%) as changing student behaviour at lower-ranked universities and slower leasing following major projects impacted lettings.
Aligning to the strongest universities
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Our property portfolio saw a 0.1%% decrease in valuations on a like-for-like basis during the year (Unite share: 0.5% decrease), as increases in property yields and capital expenditure offset rental growth.
Tom Brewerton
Group Development Director
Robust operating peformance
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We delivered a robust operating performance in 2025, with adjusted earnings increasing by 9% to £232.3 million (2024: £213.8 million), driven by growth in like-for-like rental income and investment activity.