- Elite UK REIT's FY24 results above our expectations. Full-year distributable income grew 2.3% y-o-y to GBP18.5mil, from GBP18.0mil in FY23, attributable to savings in property holding costs due to the divestment of vacant assets, lower interest costs, and tax savings from capex on sustainability-related asset enhancement work.
- - Read this at SGinvestors.io -
Revenue fell 1.2% y-o-y to GBP37.5mil in FY24
- - Read this at SGinvestors.io -
- Net property income declined 10.3% y-o-y to GBP37.4mil in FY24, as there were fewer settlements for dilapidation in relation to vacated assets compared to FY23.
NAV per unit declined to GBP0.41 as at 31 December 2024, from GBP0.43 as at 31 December 2023
- Gearing ratio improved to 43.4% as at 31 December 2024, from 49.6% a year prior.
- The portfolio occupancy rose 160bps y-o-y to 93.9% as at 31 December 2024, and is set to improve further to 95.6% with the completion of two more divestments this year – Hilden House, Warrington and St Paul’s House, Chippenham. Net proceeds are likely to continue to be used to reduce gearing.
Portfolio valuation rose 1.2% y-o-y to GBP416.2mil, driven by a 36.0% increase in valuation for Peel Park, Blackpool.
- 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 Group Research | Dale LAI DBS Group Research | https://www.dbs.com/insightsdirect/ 2025-02-12
Previous report by DBS:
2024-05-28 Elite UK REIT - On A Journey Of Asset Repositioning.
Price targets by 2 other brokers at Elite UK REIT Target Prices.
Listing of research reports at Elite UK REIT Analyst Reports.
Relevant links:
Elite UK REIT Share Price History,
Elite UK REIT Announcements,
Elite UK REIT Dividend Payout Dates & Corporate Actions,
Elite UK REIT News
