I have been dealing with a multitude of equations in my thesis and it gets really repetitive defining each parameter verbally after each equation; personally I find it inefficient and at times messy. So I came up with the idea of displaying the units as follows (Word example):

With the parameters listed below with a 1/2 or 2/3 page indent (I will have to test out what works) and a single line spacing between each definition to save page space (currently using 1.5). If possible I would like to have the parameters aligned as well as the definitions but this isn't crucial, I believe it will look neater, as seen in the above example.
I tried including the list within the equation environment but it does not work well as the equation number is displaced.
I offer my MWE for my document class:
\documentclass{scrreprt}
\usepackage{amsmath}
\usepackage{siunitx}
\renewcommand{\labelitemi}{}
\begin{document}
I would like to have the units neatly defined for Equation~\eqref{eq:newton_gravity}\dots
\begin{equation}
\label{eq:newton_gravity}
F=G\frac{{m_1}{m_2}}{{r^2}}
\end{equation}
\begin{itemize}
\item $F$: Force.
\item $G$: Gravitational constant.
\item $m_x$: Mass of object x.
\item $r$: Distance between centres of two objects.
\end{itemize}
\end{document}