Elite UK REIT (MXNU) Q1 2026 earnings summary

Executive summary

• Portfolio occupancy reached 99.9% as of 31 March 2026, with a WALE of 6.9 years after securing new inflation-linked UK government leases totaling £24.3 million.

• Portfolio valuation increased to £460.2 million, up 8.4% from 31 December 2025.

• Nearly all leases are with the UK Ministry of Housing, Communities and Local Government, providing stable, government-backed income.

• Divested Ladywell House, Edinburgh for £3.3 million, 8.3% above valuation, contributing to higher occupancy and valuation.

• Commenced dual-currency trading on the Singapore Exchange to enhance investor flexibility.

Financial highlights

• Distributable income grew 9.8% year-over-year to £5.3 million in 1Q 2026.

• Revenue rose 1.2% year-over-year to £9.4 million, driven by acquisitions.

• Adjusted net property income increased 4.0% year-over-year to £9.1 million, normalizing for one-off items.

• NAV per unit rose 12.5% year-over-year to £0.45.

Outlook and guidance

• FY2026 distribution per unit expected to be broadly in line with FY2025, barring material adverse developments.

• Net gearing expected to remain between 35-40%, supported by active portfolio management.

• Limited first-order impact from higher utility costs due to triple-net leases.

• Manager expects continued stable and resilient income, supported by long-term government leases.

• Ongoing asset repositioning and lease extension initiatives to drive long-term value.