THE UNITE GROUP PLC Annual Report and Accounts 2024 29 TOM BREWERTON GROUP DEVELOPMENT DIRECTOR The see-through net initial yield of the portfolio was 5.1% at 31 December 2024 (December 2023: 5.0%), which reflects like-for-like yield expansion of 10 basis points in the year. We are encouraged by the stabilisation of property yields in the year and an increase in transaction volumes for PBSA. Rental growth was particularly strong in our wholly-owned portfolio following accretive asset management projects and recognition of rental upside in two buildings approaching the end of long-term nomination agreements. This was partially offset by an increase in property yields for larger assets in prime regional markets. The stronger valuation performance for LSAV reflects its higher London weighting, where the loss of MDR was less impactful. Our property portfolio saw a 4.9% increase in valuations on a like-for- like basis during the year (Unite share: 4.8%), as strong rental growth more than offset the loss of Multiple Dwellings Relief (MDR) and increases in property yields. Total Pipeline 7,676 beds Total pipeline development cost £1.5 billion (2023: £1.3bn) Beds nominated by university partners 57% (2023: 53%) PERFORMANCE REVIEW Property review Quality Developments