Elite UK REIT's NPI falls 4.7% YoY to £18.7m on vacancy costs

The REIT's lower NPI led to a 1.7% YoY drop in unitholder distribution.

Elite UK REIT reported a 4.7% year-on-year decrease in net property income (NPI) to £18.7m ($31.56m) in H1 2024, primarily due to increased vacancy holding costs resulting from timing issues.

With lower NPI, the REIT declared a 1.7% YoY lower distribution to unitholders of £9.2m ($15.5m).

Given its enlarged equity base from its £28.0m ($47.3m) preferential offering that concluded on 18 January 2024, the REIT also recorded a 2.1% YoY lower distribution per unit (DPU) of £0.0140 ($0.024).

Meanwhile, the REIT reported a 0.6% YoY decline in revenue to £18.6m ($31.4m), driven by a reduced asset base, though partially offset by rent escalations in April 2023.

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