Elite Commercial REIT - DBS Research 2022-08-15: Two More Lease Breaks Exercised

Elite Commercial REIT - Two More Lease Breaks Exercised

Published:
ELITE COMMERCIAL REIT (SGX:MXNU) | SGinvestors.ioELITE COMMERCIAL REIT (SGX:MXNU)
  • Elite Commercial REIT (SGX:MXNU) reported 1H22 revenue of £18.7m, which is 17.7% growth y-o-y, mainly due to the full half-year rental contribution from its maiden acquisition on 9 March 2021. Distributable income rose 9.7% y-o-y to £12.2m, also attributable to lower tax expenses.
  • - Read this at SGinvestors.io -
  • Elite Commercial REIT reported 3.5% upward revaluation of portfolio value to £517.7m as at 30 June 2022, from £500.1m as at 31 December 2021. NAV per unit grew to £0.62 as at 30 June 2022, from £0.61 as at 31 December 2021.
  • Two more properties exercised the lease break option, bringing the total number to 12.
  • - Read this at SGinvestors.io -
  • Elite Commercial REIT's portfolio occupancy remains high at 98.0% as at 30 June 2022, with vacancies at John Street, Sunderland and Sidlaw House, Dundee. Manager has collected 99.9% of rent for 3Q22 in advance and within seven days of due date.
  • Gearing ratio declined to 41.9% as at 30 June 2022, from 42.8% as at 31 March 2022.
  • Long WALE at 5.2 years as at 30 June 2022.

Elite Commercial REIT - Earnings forecast revision and recommendation

  • Read more at SGinvestors.io.



Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.



Tabitha FOO DBS Group Research | Dale LAI DBS Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2022-08-15



Read also DBS's most recent report:
2025-02-12 Elite UK REIT - Turning A Corner; Upgrade To BUY.

Previous report by DBS:
2024-05-28 Elite UK REIT - On A Journey Of Asset Repositioning.

Price targets by 2 other brokers at Elite Commercial REIT Target Prices.

Listing of research reports at Elite Commercial REIT Analyst Reports.

Relevant links:
Elite Commercial REIT Share Price History,
Elite Commercial REIT Announcements,
Elite Commercial REIT Dividend Payout Dates & Corporate Actions,
Elite Commercial REIT News






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