Data from Elite Commercial REIT has been incorporated into the Singapore REITs table.
Elite Commercial REIT announced on 1 November that its distribution per unit (DPU) for 3Q 2021 was 1.48 pence.
This represents an increase of 20.3% higher than the 1.23 pence reported in 3Q 2020 and its in its initial public offering (IPO) projections.
The REIT reported actual revenue of GBP9.4 million distributable income of GBP 7.1 million for the period.
These were 60.4% and 70.6% higher respectively compared to the forecast made at IPO.
Elite Commercial REIT’s portfolio was 100% occupied as at 30 September 2021.
Rent for the three-month period of October to December 2021 has been fully collected in advance and within seven days of the due date.
The REIT also disclosed on 1 November that it is currently evaluating two options for the REIT’s East Street, Epsom following the recent exercise of its lease break option.
The options are namely a potential sale of the asset at an offer price of GBP2.9 million - approximately 21% above the valuation, and the retention of its major tenant, the Department for Work and Pensions (DWP).
The REIT also recently completed the rent review of the Dallas Court Units 1-2, Salford property with an approximately 7% uplift in rent.
The asset, which is located in the North West region of the UK, is one of the properties in the maiden acquisition portfolio and has a rent review based on open market rental value.
Besides that, the lease break option for John Street, Sunderland has been exercised.
The manager is currently evaluating various re-marketing and development options available for the property, which has a lease that will expire on 31 March 2022.
Elite Commercial REIT was last done on the SGX at GBP0.675, which presently implies a distribution yield of 8.77% according to data on the Singapore REITs table.