Great Western House, Birkenhead (Elite Commercial REIT)

Data from Elite Commercial REIT’s latest disclosure have been updated into the Singapore REITs table.

Elite Commercial REIT reported on 2 August that it has recorded distributable income of GBP11.2 million and distribution per unit (DPU) of 2.63 pence for 1H 2021.

These surpassed the REIT’s initial public offering (IPO) projections by 37.1% and 8.7% respectively.

And compared to 1H 2020, the REIT’s distributable income and DPU for 1H 2021 increased by 71.3% and 34.9% respectively.

Accordingly, distributable income to unitholders rose by 37.1% to GBP11.2 million for 1H 2021 vis-a ̀-vis the IPO Projection of GBP8.1 million.

1H 2021 DPU of 2.63 pence was also 8.7% higher than the IPO Projection of 2.42 pence, on an enlarged unit base following its maiden acquisition of 58 assets.

CEO of the REIT’s manager, Shaldine Wang, attributed the performance for the half to the stable income generated by its “recession-proof portfolio”, which is 99% leased to UK government agencies, and contribution from the acquisitions.

“We remain focused on realising growth opportunities via acquisition of assets which are leased by various ministries of the UK government through our right of first refusal pipeline from the REIT’s sponsors and open market supply”, she added.

Elite Commercial REIT’s full disclosure on the results can be viewed here.

Elite Commercial REIT was last done on the Singapore Exchange at GBP0.675, which currently implies a distribution yield of 7.79% according to data compiled on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.