Meanwhile, Elite UK REIT’s weighted average lease expiry (WALE) was 6.9 years as at March 31 due to new lease agreements announced on February 5 for properties occupied by the Department for Work and Pensions (DWP), which significantly reduced peak lease expiry concentration in FY2028 from 95.7% to 32.0%.
Elite UK REIT (SGX:MXNU
) has reported distributable income of £5.3 million, up 9.8% y-o-y, driven by interest savings, contributions from three properties acquired in last June, and reduced holding costs as a result of divestments of vacant assets and the repositioning of Lindsay House, Dundee into purpose-built student accommodation.
While revenue for 1QFY2026 was up 1.2% y-o-y to £9.4 million, net property income was down by 12.3% y-o-y to £9.1million due to the effects of one-off dilapidation settlements and lease termination premium received back in 1QFY2025.
