THE UNITE GROUP PLC Annual Report and Accounts 2024 10 STRATEGIC REPORT How we do it We provide a Home for Success for the students who live with us, where they can study, live together, grow, belong and be themselves. Our best-in-class welfare support and colleagues working in our properties are dedicated to delivering on this promise. Serve We drive superior rental growth and improve the environmental performance of our buildings through targeted refurbishments, which enhance the customer experience and support our value-for-money proposition. We have a range of refurbishment options available, which are tailored for each property according to the needs of the relevant customer segment and demand levels within each city. Improve Partner We partner with leading UK universities through nomination agreements. Partnerships enable us to support universities in delivering their accommodation guarantee to first year and international students and provide a significant level of income visibility each year. We are seeing increasing demand from universities for beds under nomination agreements and we are also progressing strategic partnership opportunities for on-campus development or stock transfer. We manage co-investment vehicles, including USAF and LSAV, which provide recurring fee income and access to additional capital. We adopt a consistent sales and operating model adopted across our entire portfolio, regardless of fund ownership. Manage Our best-in-class operating platform Continual portfolio enhancement We appraise and selectively acquire single assets and portfolios which enhance portfolio quality, where there is clear alignment to the strongest universities. Assets with refurbishment potential offer the opportunity to enhance returns through our asset management initiatives. Acquire We aim to dispose of £150-200m p.a. of weaker assets to improve the quality of our portfolio, increase alignment to the strongest universities and strengthen the future rental growth outlook. This provides funding to invest in new development opportunities and make improvements to our existing portfolio, while maintaining the strength of our balance sheet. Recycle We develop high-quality PBSA in the strongest university markets where the supply/demand imbalance is most acute. We are focused on delivering our secured pipeline and adding new schemes in the 8-10 strongest markets. We aim to invest where our expertise and university relationships give us a significant edge in delivering schemes. Develop BUSINESS MODEL