Elite UK REIT (MXNU) Investor presentation summary

Portfolio overview and performance

• £415 million portfolio with 93.9% occupancy and 3.5-year weighted average lease expiry, primarily leased to UK government entities.

• 9M 2024 distributable income rose 2.8% to £14.0 million, with DPU up 3.9% year-on-year to 2.13 pence.

• Divested Sidlaw House at £1.3 million, 42% above valuation, and received £1.4 million in dilapidation settlements.

• Portfolio is geographically diversified across the UK, with assets mainly in primary city locations.

• Nearly all leases are with the Department for Work & Pensions and other government bodies, ensuring stable income.

Capital management and financial stability

• No refinancing required until 2027; £215 million sustainability-linked loan facilities secured.

• 87% of interest rate exposure hedged; every 25bps rate change impacts DPU by ~3%.

• Net gearing reduced to 43.6% as of October 2024, aided by capital recycling and divestments.

• Borrowing cost lowered to 5.0%, with interest coverage ratio at 3.0x.

• £50 million revolving loan tranches support optimal cash management.

Competitive strengths and strategy

• Only Singapore-listed UK REIT, offering pound sterling-denominated, tax-efficient exposure.

• Cashflows backed by AA-rated UK sovereign credit, with built-in inflation-linked rental uplifts.

• Asset managers are UK-based, ensuring local expertise and alignment with unitholders.

• Fee structure incentivizes distributable income and DPU growth.

• Strong sponsor and unitholder support, with 43% ownership.