Elite Commercial Reit posts Q1 DPU of 1.22 pence, slightly above forecast

ELITE Commercial Reit on Friday posted a distribution per unit (DPU) of 1.22 pence (2.25 Singapore cents) for the first quarter ended March 31, slightly higher than the 1.2 pence it had forecast upon its initial public offering.

Income available for distribution to unitholders amounted to £4.5 million, 11.1 per cent above the £4 million forecast, according to the real estate investment trust (Reit)'s results released on Friday.

Revenue was £6.6 million for the quarter, up 15.1 per cent from an IPO forecast of £5.7 million. Revenue was boosted by £864,000 in contributions from a portfolio of 58 commercial properties in the United Kingdom acquired on March 9, 2021.

The acquisition increased the number of assets in the Reit's portfolio to 155 properties. The Reit's enlarged portfolio is currently fully occupied.

Shaldine Wang, chief executive of the manager, said Elite Commercial Reit's long-term growth objectives are "to focus on tenant-mix diversification and a staggered lease expiry period to maintain a stable income flow". It will also look to grow through yield-accretive asset acquisitions, Ms Wang said.

Units of Elite Commercial Reit were trading 0.8 per cent or 0.5 pence higher at 67 pence as at 9.22am on Friday.