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

• 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.
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• 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.
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• 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

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

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