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Elite UK REIT (MXNU) investor relations material
Elite UK REIT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Portfolio valued at £419.7 million as of 30 Sep 2025, with 99.1% gross rental income from UK government tenants, primarily the Department for Work & Pensions.
148 assets across the UK, focused on freehold or virtual freehold properties and long leaseholds.
Counter-cyclical, government-backed cashflow with AA-rated sovereign credit strength and a tax-efficient structure.
Strategic acquisitions, asset repositioning, and capital management initiatives enhanced income visibility and portfolio diversification.
Asset and capital management, including interest rate optimisation, supported higher DPU and improved balance sheet strength.
Financial highlights
Revenue for 9M 2025 was £28.34 million, up 1.0% year-over-year; net property income dipped 0.5% to £27.42 million due to repositioning expenses.
Distributable income rose 6.2% to £14.85 million; DPU increased 9.4% to 2.33 pence (95% payout ratio).
Interest savings and tax benefits contributed to higher distributable income and DPU.
Adjusted DPU at 2.33 pence, up 5.9% year-over-year.
Outlook and guidance
Management prioritizes lease regears, portfolio reconstitution, asset repositioning, and capital structure optimization.
Focus on divesting and reinvesting proceeds into student housing and living sector assets, such as Lindsay House and Cambria House.
Redevelopment of Lindsay House, Dundee into PBSA is underway, targeting opening for academic year starting September 2027.
Manager expects to maintain distribution stability amid macroeconomic uncertainty, supported by proactive lease regearing and asset repositioning.
No refinancing required until 2027, with built-in extension options for debt facilities.
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