2.3 Net assets 2.3a) EPRA NTA EPRA NTA makes adjustments to IFRS measures by removing the fair value of financial instruments and the carrying value of intangibles. The reconciliation between IFRS NAV and EPRA NTA is available in note 2.3c. Unite Students USAF LSAV University Total Group on EPRA basis Total £m £m £m £m £m £m Investment property (owned) 4,220.4 843.4 1,019.5 - 1,862.9 6,083.3 Investment property (leased) 60.3 - - - - 60.3 Investment property (under development) 438.4 - - 18.5 18.5 456.9 Total property portfolio 4,719.1 843.4 1,019.5 18.5 1,881.4 6,600.5 Debt on properties (1,248.2) (279.7) (361.3) - (641.0) (1,889.2) Lease liabilities (74.3) - - - - (74.3) Cash 35.8 71.7 38.0 - 109.7 145.5 Net debt (1,286.7) (208.0) (323.3) - (531.3) (1,818.0) Other assets and liabilities (52.0) (20.7) (10.9) (1.1) (32.7) (84.7) EPRA net assets 3,380.4 614.7 685.3 17.4 1,317.4 4,697.8 Intangible assets (12.8) (0.1) - - (0.1) (12.9) EPRA NTA 3,367.6 614.6 685.3 17.4 1,317.3 4,684.9 Loan to value** 26% 25% 32% n/a 28% 27% Loan to value post-IFRS 16 27% 25% 32% n/a 28% 28% 2024 * Investment property (owned) includes assets classified as held for sale in the IFRS balance sheet. ** Loan to value (LTV) calculated excluding investment properties (leased) and the corresponding lease liabilities. LTV is an APM – see section 8. Share of joint ventures Group on EPRA basis Unite Students USAF LSAV Total Total £m £m £m £m £m Investment properties (owned)* 4,025.5 829.6 996.9 1,826.5 5,852.0 Investment properties (leased) 71.8 - - - 71.8 Investment properties under development 451.4 - - - 451.4 Total property portfolio 4,548.7 829.6 996.9 1,826.5 6,375.2 Debt on properties (1,263.7) (273.1) (338.0) (611.1) (1,874.8) Lease liabilities (72.8) - - - (72.8) Cash 274.3 70.4 20.0 90.4 364.7 Net debt (1,062.2) (202.7) (318.0) (520.7) (1,582.9) Other assets and (liabilities) 11.7 (22.6) (12.6) (35.2) (23.5) EPRA net assets 3,498.2 604.3 666.3 1,270.6 4,768.8 Intangible assets (10.4) - - - (10.4) EPRA NTA 3,487.8 604.3 666.3 1,270.6 4,758.4 Loan to value** 22% 24% 32% 29% 24% Loan to value post-IFRS 16 23% 24% 32% 29% 25% Share of joint ventures 2025 THE UNITE GROUP PLC Annual Report and Accounts 2025 157