- 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.
