Nov 3, 2021
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Year on year, Elite Commercial REIT’s DPU increased by 20.3%, from 1.23 pence to 1.48 pence, in Q3 2021.

Elite Commercial REIT saw its distribution per unit (DPU) jump 20.3% to 1.48 pence in the third quarter of 2021 from the 1.23 pence registered over the same period last year.

In Q3 2021, revenue rose 61.7% to £9.4 million from £5.8 million in Q3 2020, while distributable income to unitholders grew 71.8% to £7.1 million from £4.1 million previously.

“Bolstered mainly by contributions from its maiden acquisition, Elite Commercial REIT continues to outperform its IPO projections, beating revenue and distributable income projections for the period by 60.4% and 70.6%, respectively,” said the REIT’s manager in an SGX filing.

In fact, its Q3 2021 DPU was also 20.3% higher than IPO projection of 1.23 pence.

The manager revealed that the REIT’s portfolio was 100% occupied as of 30 September 2021.

Rent for the three-month period of October to December this year has been fully collected “in advance and within seven days of the due date”.

The manager shared that it is presently evaluating two options for the REIT’s East Street, Epsom, following the recent exercise of its lease break option.

“The options under evaluation are a potential sale of the asset at an offer price of £2.9 million – approximately 21% above the valuation of £2.4 million, and a proposal to retain the REIT’s major tenant, the Department for Work and Pensions (DWP),” it said.

It had also recently completed the rent review of the REIT’s Dallas Court Units 1-2, Salford property, with a rent uplift of about 7%.

Located within the UK’s North West region, the asset is one of the properties within the maiden acquisition portfolio, with rent review based on open market rental value.

“Besides that, the lease break option for John Street, Sunderland has been exercised.”

The manager added that it is evaluating various re-marketing as well as development options available for the property, which has a lease that will expire on 31 March next year.

“We are pleased to continue to deliver a strong performance where we have again significantly surpassed IPO projections and actual results, amidst the pandemic. We continue to deliver on our promises, backed by our proven investment propositions,” said Shaldine Wang, CEO of the REIT’s manager.

“Our consistent growth is attributed to the stable income generated by our unique and defensive portfolio, and the resilient nature of our tenants.”

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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:

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