- Elite Commercial REIT (SGX:MXNU)'s revenue grew 0.9% y-o-y to GBP18.5m in 2H23 from GBP18.4m in 2H22, attributable to higher revenue from rent escalations of ~13.1% for 136 assets but partly offset by eight assets vacating from April 2023.
2H23 results highlights
- - Read this at SGinvestors.io -
- Distributable income declined 19.8% y-o-y to GBP8.7m in 2H23 from GBP10.9m in 2H22 on increased borrowing costs, partly mitigated by lower debt levels.
- Elite Commercial REIT's DPU fell to 1.33 pence (90% payout ratio) in 2H23 from 2.25 pence (100% payout ratio) in 2H22, due to a lower payout ratio and inclusion of Preferential Offering units in 2H23 which led to an enlarged share base.
NAV per unit declined from GBP0.52 to GBP0.43
- - Read this at SGinvestors.io -
- Gearing ratio stood at 49.6% as at 31 December 2023, but would have declined to 43.7% including the effects of the GBP28m Preferential Offering.
- High portfolio occupancy of 92.3% as at 31 December 2023, with ~100% of rent for 4Q23 paid in advance and within seven days of the due date.
- Long WALE at 4.2 years as at 31 December 2023.
Our thoughts on Elite Commercial REIT
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Tabitha FOO DBS Group Research | Derek TAN DBS Research | Dale LAI DBS Research | https://www.dbs.com/insightsdirect/ 2024-02-20
Previous report by DBS:
2023-08-11 Elite Commercial REIT - Impacted By Rising Cost Of Debt.
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 Dividends & Corporate Actions,
Elite Commercial REIT News Articles
