9MFY2023 revenue rose by 2.0% y-o-y to GBP28.5 million while NPI for the period stood at GBP32.5 million, 20.4% higher y-o-y. The higher revenue and NPI were attributed to the 13.1% inflation-linked rent escalation starting from April 1, the conclusion of dilapidation settlements for nine assets, as well as lower debt levels following the repayment of the REIT’s existing loans. Under its dilapidation settlement lease terms, the REIT manager will negotiate with outgoing tenants for the work required and costs associated with reinstatement of the condition of the property.
Elite Commercial REIT has reported a distribution per unit (DPU) of 2.82 pence (4.715 cents) for the 9MFY2023 ended Sept 30, 25.6% lower y-o-y, and based on a payout ratio of 100%. At a payout ratio of 90%, the REIT’s DPU stood at 2.53 pence.
9MFY2023 distributable income also fell by 25.1% y-o-y to GBP13.6 million despite the higher revenue and net property income (NPI) due to higher financing costs.
