- Elite Commercial REIT (SGX:MXNU)'s 1H23 revenue grew 3.4% y-o-y to GBP19.1m in 1H23 from GBP18.5m in 1H22, slightly ahead of our estimate. Higher revenue was derived from rent escalations of ~13.1% for 136 assets from April 2023, partly offset by eight assets vacating from April 2023.
- - Read this at SGinvestors.io -
- Elite Commercial REIT's 1H23 distributable income declined 31.2% y-o-y to GBP8.4m while DPU fell 31.9% y-o-y to 1.74 pence. This was due to increased interest cost of borrowings, an enlarged equity base y-o-y, as well as a change in the payout ratio to 90% from 100%.
Elite Commercial REIT's performance metrics
- - Read this at SGinvestors.io -
- Gearing ratio decreased to 46.0% as at 30 June 2023 from 46.6% as at 31 December 2022, as a portion of the recycled gross proceeds from the dilapidation settlements and divestment of two assets was used for the repayment of loans.
- High portfolio occupancy of 92.1% as at 30 June 2023, with 99.9% of rent for 3Q23 paid in advance and within seven days of the due date.
- Long WALE at 4.5 years as at 30 June 2023.
Our thoughts on Elite Commercial REIT
Portfolio update.
- Read more at SGinvestors.io.
