- Gross revenue for FY24 slid by 1.2% y-o-y to £37.5mil due to an income vacuum from vacant assets, which was in line with expectations and formed 99% of our FY24e estimates. NPI plunged by 10.3% y-o-y to £37.3mil, which met our estimates, as lower dilapidation settlements were concluded during the year.
- - Read this at SGinvestors.io -
The Positives
Valuation uplift.
- Portfolio valuation rose 1.2% y-o-y to £416mil, driven by a 36% y-o-y increase in Peel Park. Elite UK REIT successfully divested three assets in FY24, generating total proceeds of £6.2mil at an average contractual price of 15% above book value, showcasing strong monetization capability. However, the deal will only be finalized upon the successful approval of the redevelopment permit.
- - Read this at SGinvestors.io -
- All proceeds from the divestment will be used to pay down debt, potentially lowering gearing to below 40%.
Lower financing cost.
- Read more at SGinvestors.io.
