THE UNITE GROUP PLC Annual Report and Accounts 2024 205 EPRA like-for-like rental income (calculated based on total portfolio value of £9.1 billion) Like-for-like properties Development property Other Properties* Total EPRA Earnings 2024 Rental income 345.7 6.8 45.5 398.0 Property operating expenses (106.4) (2.1) (13.4) (121.9) Net rental income 239.3 4.7 32.1 276.1 2023 Rental income 321.5 2.0 46.0 369.5 Property operating expenses (100.0) (0.4) (12.6) (113.0) Net rental income 221.5 1.6 33.4 256.5 Like-for-like net rental income £m 18.0 Like-for-like net rental income % 8.0% Like-for-like gross rental income £m 24.2 Like-for-like gross rental income % 7.5% * Other properties include acquisitions, disposals, major refurbishments and changes in ownership. EPRA vacancy rate 2024 2023 £m £m Estimated rental value of vacant space 6.5 0.9 Estimated rental value of the whole portfolio 320.3 283.9 EPRA vacancy rate 2.0% 0.3% EPRA net initial yield 2024 2023 Net operating income (£m) 305.5 278.3 Property market value (£m) 5,948.2 5,510.4 Notional acquisition costs (£m) 392.2 288.6 6,340.3 5,799.0 EPRA net initial yield (%)* 4.8% 4.8% Difference in projected versus historical GOI 0.3% 0.2% Unite net initial yield 5.1% 5.0% * No lease incentives are provided by the Group and accordingly the Topped Up Net Initial Yield measure is also 4.8% (2023: 4.8%).