1,010.00 p (-13.00) 
Annual Report
and Accounts 2021
Focused on Growth and Sustainability
Creating a Home for Success for students.
A safe and welcoming home enables students to engage, learn and thrive. That’s the philosophy that underpins the core of our purpose, which is to create a Home for Success for our students.
It’s fundamental to everything we do.
CHAIR’S STATEMENT
A ROBUST PERFORMANCE
We continued to do what’s right for all stakeholders, in line with our values.
2021 has been a successful year for Unite, in which we have delivered a strong performance despite the challenges posed by the Covid-19 pandemic. I would like to start by thanking all our staff across the group for the hard work and resilience they have shown to deliver for our student and university customers and position the business for future growth. I would also like to thank our university partners for their ongoing support.
“During the year the business returned to earnings growth, increased occupancy, grew the development pipeline and delivered disposals to enhance the quality of the portfolio. We also continued to do what’s right for all stakeholders, in line with our values, including providing further financial support to students.”
– Richard Huntingford, Chair
RESILIENCE AND FLEXIBILITY
“The business has seen a strong recovery in performance in 2021. We are well positioned for growth due to our alignment to the strongest universities, an enhanced reputation thanks to our supportive actions during the pandemic, and our best-in-class operating platform.”
– Richard Smith, Chief Executive Officer
QUICKLINKS
WHY INVEST IN UNITE
OUR BUSINESS MODEL
MARKET OVERVIEW
OPERATIONS REVIEW
PROPERTY REVIEW
FINANCIAL STATEMENTS
Our strategic objectives
DELIVERING FOR OUR CUSTOMERS AND UNIVERSITIES
- Delivering a best-in-class student experience
- Investment to enhance our physical estate
- Front-line service excellence training
- Investment in our digital capabilities and technology platform
- Segmentation of our product and service
- Maintaining our proactive response to cladding risk
ATTRACTIVE RETURNS FOR SHAREHOLDERS
- Dividend payout of 80% of adjusted EPS
- Recovery in earnings and return to normalised growth of 6–8% p.a.
- Return to pre-Covid-19 adjusted EBIT margins
- Increasing our alignment to the strongest universities
- Sourcing new growth opportunities through development and University partnerships
- Disciplined capital management with new capital to pursue growth opportunities
A RESPONSIBLE AND RESILIENT BUSINESS
- Becoming net zero carbon by 2030
- Creating resource efficient assets and operations
- Enhancing the health and wellbeing of our employees and students
- Providing opportunities for all through investment in the Unite Foundation and the Leapskills programme.
- Raising standards for the student housing sector
ENVIRONMENT, SOCIAL AND GOVERNANCE
Our Sustainability Strategy consists of five pillars covering environmental, social and governance issues. This page sets out the highlights in year and our focus for 2022.
This year our sustainability activities were enhanced with the formation of a Group Sustainability Committee to oversee the implementation of our Sustainability Strategy.
NET ZERO CARBON
Becoming net zero carbon for both our operations and developments by 2030
NET ZERO CARBON
Becoming net zero carbon for both our operations and developments by 2030
ON TRACK
- April – Signed first Corporate Power Purchase Agreement
- December – Published net zero carbon pathway for operations and developments with science based target accredited by SBTi, and alignment with RIBA Climate Challenge benchmarks for embodied carbon and operational energy for future developments
- Creation of individual asset transition plans for every property
2022 FOCUS
- Ongoing development of the Sustainable Construction Framework
- Reduce embodied carbon in new developments, refurbishments and projects
RESOURCE EFFICIENT
Reducing waste, energy and water use and helping students adopt life-long sustainable behaviours
RESOURCE EFFICIENT
Reducing waste, energy and water use and helping students adopt life-long sustainable behaviours
ON TRACK
- Property improvement
projects including LED lighting,
heating controls and air-source
heat pumps - Completed scenario based
analysis of material climate-related
risks in line with TCFD - Trials commenced on reducing
water usage in properties - Piloted new waste and
recycling initiatives
2022 FOCUS
- Continued roll-out of water
and energy efficient initiatives
HEALTH & WELLBEING
Enhancing the health and wellbeing of our employees and students
HEALTH & WELLBEING
Enhancing the health and wellbeing of our employees and students
ON TRACK
- Improved employee
engagement score
of 75 (2020: 74) - October – Launch of
new employee Culture
Matters forum - Launch of a range of new
student support policies and
procedures which focus on
enhanced student wellbeing
2022 FOCUS
- Continued monitoring of
employee and student
engagement/listening forums - Refreshed student
support programme
OPPORTUNITIES FOR ALL
An environment where all can succeed, whatever their background, gender or ethnicity
OPPORTUNITIES FOR ALL
An environment where all can succeed, whatever their background, gender or ethnicity
ON TRACK
- Six module EDI leadership
workshop undertaken
by leaders
• Appointment of EDI &
Wellbeing lead - Ongoing commitment to invest
in social initiatives - Peer-to-peer support from
Resident Ambassadors
programme - Increased support for Unite
Foundation providing a long-term
funding agreement to
deliver their five-year plan
2022 FOCUS
- Relaunch of Leapskills and
Positive Impact employee
programmes - Focus on succession planning
and supporting personal
development through launch
of new training academy - Introduction of mentoring for
talent with high potential
RAISING STANDARDS
Raising standards across the student housing sector for governance, safety and transparency
RAISING STANDARDS
Raising standards across the student housing sector for governance, safety and transparency
ON TRACK
- GRESB score improved
to 85 (2020:81) - Climate risk scenario
modelling undertaken in
accordance with TCFD - Over £100 million investment
in supporting students during
Covid pandemic
2022 FOCUS
- Increase visibility and
assurance around
sustainability performance
with greater focus on
impact measures