Navigation Toggle Icon

Half year results for the 6 months to 30 June 2022 – 27 July 2022

27 July 2022


Richard Smith, Chief Executive of Unite Students, commented:

“We have seen continued momentum in the first half, as earnings and dividends have grown strongly and reservations for the 2022/23 academic year are now ahead of pre-pandemic levels.

“Our business model offers inflationary protection but, like others, we are not immune from the impact of rising costs and interest rates. We are also very conscious of the current cost of living pressures facing students and parents. Our customer offer provides students with significant savings on their bills, as part of a simple, fixed price all-inclusive rental payment.

“Despite increased economic uncertainty, we remain confident in our ability to deliver significant growth over the medium to long term. Demand for Higher Education has proven to be resilient through economic cycles and we have significant opportunities for growth through our alignment to the strongest universities and by leveraging our best-in-class platform.”

  H1 2022 H1 2021 FY2021 Change from              H1 2021
Adjusted earnings1 £96.0m £72.6m £110.1m 32%
Adjusted earnings per share1 24.0p 18.2p 27.6p 32%
IFRS profit before tax £334.1m £130.4m £343.1m 156%
IFRS basic EPS 82.9p 32.7p 85.9p 154%
Dividend per share 11.0p 6.5p 22.1p 69%
Total accounting return2 8.3% 3.9% 10.2%
As at 30 Jun 2022 30 Jun 2021 31 Dec 2021 Change from

31 Dec 2021

EPRA NTA per share2 940p 837p 882p 7%
IFRS NAV per share 948p 833p 880p 8%
See-through net debt3,4 £1,727m £1,501m £1,522m 13%
Loan to value3,4 30% 30% 29% 1%



Earnings and dividend ahead of their pre-pandemic peak

  • Adjusted earnings up 32% to £96.0 million (H1 2021: £72.6 million)
  • Adjusted EPS up 32% to 24.0p (H1 2021: 18.2p) 1
  • IFRS profit before tax of £334.1 million (H1 2021: £4 million), driven by adjusted earnings and a valuation gain of £214.9 million in the period (H1 2021: £54.3 million)
  • EPRA NTA per share of 940p, up 7% (31 December 2021: 882p)
  • IFRS NAV per share up 8% to 948p (31 December 2020: 880p)
  • Total accounting return of 8.3% for H1 (H1 2021: 3.9%)
  • Interim dividend of 11.0p (H1 2021: 6.5p), targeting 80% payout of adjusted EPS for full year

Strong outlook for student demand

  • University applications for 2022/23 up 7% on pre-pandemic levels
  • Record application rate for school leavers and significant demographic growth over the next decade
  • Reservations ahead of pre-pandemic levels at 92% (2021/22: 83%, 2020/21: 82%, 2019/20: 91%)
  • Confident of achieving 97% occupancy and rental growth of 3.5-4.0% for 2022/23 (previously 3.0-3.5%)
  • Targeting rental growth of 4-5% for 2023/24

Protection against rising costs

  • Annual repricing of rents through multi-year nomination agreements and direct-let sales
  • Cost protection through hedging, implemented platform efficiencies and growing fee income
  • Interest rates 85% fixed or capped, with 3.2% cost of debt (31 December 2021: 3.0%)
  • Adjusted EPS guidance of 40-41p for FY2022, reflecting higher interest costs

Growth underpinned by development pipeline

  • 0% increase in property values in H1 for like-for-like portfolio5, reflecting strength of investor demand
  • Secured pipeline of £1,032 million and 6,192 beds, generating a 6.0% yield on cost
  • 2022 development completions fully let, adding 2p to adjusted EPS from 2023
  • £42 million of asset management schemes completing for 2022/23, delivering 7% yield on cost, with growing pipeline of future opportunities

Ongoing capital discipline

  • LTV increased to 30% at 30 June 20223 (31 December 2021: 29%)
  • £236 million of disposals contracted in H1 (Unite share) at a blended yield of 5.7%
  • Acquisition of £141 million of USAF units (equivalent to GAV of £181 million) at an effective yield of 5.1%

1 Adjusted earnings and adjusted EPS remove the impact of the LSAV performance fee and abortive acquisition costs from EPRA earnings and EPRA EPS. See glossary for definitions and note 7 for calculations and reconciliations

2 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 to align to the performance related conditions for Directors’ remuneration. See glossary for definitions

3 Excludes IFRS 16 related balances recognised in respect of leased properties. See glossary for definitions

4 Wholly-owned balances plus Unite’s share of balances relating to USAF and LSAV

5 Like-for-like properties owned at both 31 December 2021 and 30 June 2022

You can read the full statement here



There was a live presentation for analysts and investors this morning at 8:30 a.m. BST. The webcast can be accessed here. To register for the webcast if you haven’t already done so, please contact

You can download the presentation here

You can watch the webcast here


For further information, please contact:

lances relating to USAF and LSAV

5 Like-for-like properties owned at both 31 December 2021 and 30 June 2022Unite Students

Richard Smith / Joe Lister / Michael Burt                                                         Tel: +44 117 302 7005

Unite press office                                                                                                       Tel: +44 117 450 6300


Justin Griffiths / Victoria Heslop                                                                           Tel: +44 20 7250 1446