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Elite Commercial Trust 1H 2023 Revenue Up 3.4%, DPU Down 24.2%

Aug 13, 2023 – Elite Commercial Trust’s first-half to June 2023 revenue grew 3.4% to £19.1 million compared to the previous corresponding period, lifted by net annualised inflation-linked rent escalation of 13.1% for 136 assets and partially offset by the vacancy of eight assets, effective April 1, 2023, its manager said.

Distribution-per-unit is 1.94 pence, a decline of 24.2% from year ago level of 2.56 pence.

The REIT has also sold two of its properties – Openshaw Jobcentre, Manchester and John Street, Sunderland – for an aggregate sale consideration of £1.1 million. A portion of recycled gross proceeds went towards the repayment of loans, which resulted in savings in borrowing costs, as well as the lowering of holding costs of the vacant properties, the manager said. KThe REIT is also divesting three other vacant assets.