Elite Commercial REIT posted $15.97m NPI since listing

It saw greater profit than expected due to higher revenue and savings.

Elite Commercial REIT's net property income (NPI) hits $15.97m (£9.06m) since its listing on 6 February up to 30 June, the company announced. Revenue reached $16.43m (£9.32m) over the same period.

The REIT’s actual revenue was 0.3% higher than expected, whilst its finance costs were 7.3% lower than the forecast largely due to the decline in the benchmark rate of 3-month GBP Libor, resulting in cost savings as compared to the forecast prepared for the prospectus.

Overall, the REIT recorded a 7% greater than expected profit after tax thanks to higher revenue, savings in operating expenses, finance costs and lower than forecasted tax expenses.

This resulted in a higher distributable income of $11.46m (£6.5m) during the period, outpacing its forecast by 1.3%. Consequently, the REIT recorded a distribution per unit (DPU) of $0.0344 (1.95 pence), which was 1% higher than the forecasted figure.

Elite Commercial REIT’s distribution policy is to distribute all of its annual distributable income for the period from the listing date to 31 December 2021.