Elite Commercial REIT's profit hit $684,550 in Q1

Distribution per unit is $0.01 for the quarter.

Elite Commercial REIT's profit after tax reached $684,550 (£390,000) in Q1 2020, an announcement revealed. Revenue hit $6.18m (£3.52m) over the same period.

The company’s revenue comprises contracted rental income from leasing office spaces from its initial portfolio. Over 99% of the rental income is derived from the current leases with the UK government via The Secretary of State for Housing, Communities and Local Government, with the Department for Work and Pensions (DWP) occupying each property.

In particular, 82.5% of its assets are used by the DWP to provide key front-of-house services, primarily Jobcentre Plus. “Whilst the public is discouraged from visiting the Jobcentre Plus, they remain open to process and disburse benefits to claimants,” the REIT said.

Distribution per unit is at $0.01 (0.74 pence) during the quarter.