Elite UK REIT adjusted NPI slips 3.7% to $62.3m in FY 2026

Lower borrowing costs lift distributable income and DPU.

Elite UK REIT reported net property income (NPI) down 3.7% to $62.3m (£36.0m) for the year ended 31 December 2025, reflecting asset repositioning expenses and lower dilapidation settlements, the manager said.

Revenue rose 1.3% to $65.7m (£38.0m). Borrowing costs fell by 20 basis points to 4.7%, contributing to a 4.6% increase in distributable income to $33.4m (£19.3m) despite the softer adjusted NPI performance.

Distribution per unit (DPU) rose 5.6% YoY to 3.03 pence for FY2025, whilst the net gearing ratio improved by 1.8 percentage points to 40.7% as at 31 December 2025.

Portfolio valuation increased 2.0% YoY to $734.7m (£424.7m) following asset repositioning initiatives and the acquisition of three government-leased properties completed in June 2025.

The REIT entered into $42.0m (£24.3m) of new lease agreements for Department for Work and Pensions-occupied properties, extending portfolio weighted average lease expiry to 7.2 years and reducing 2028 lease expiry exposure to 32.0% of gross rental income.

(S1.00 = £0.58)

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