Elite Commercial REIT’s NPI dips 3.7% YoY despite revenue increase

NPI for the period was £8.3m.

Elite Commercial REIT saw its net property income dip by 3.7% YoY to £8.3m in 1Q24 despite higher revenue.

Revenue for the period was £9.2m, 0.8% YoY higher. The REIT attributed its higher revenue to rent escalations in April 2023.
Non-income-generating vacant assets, however, offset revenue growth.

With lower NPI, the REIT also recorded a 21.2% YoY drop in its distribution per unit (DPU), falling to £0.0067 from  £0.0085 in 1Q23.

The REIT said increased vacancy holding costs and enlarged equity bases YoY affected their financial performance for 1Q24.

Looking at portfolio performance, the REIT’s occupancy and weighted average lease expiry (WALE) stood at 92.3% and 4.0 years, respectively.