Elite UK REIT (MXNU) AGM 2025 Presentation summary

Financial performance and portfolio overview

• FY2024 revenue reached £37.5 million, down 1.2% year-on-year due to vacant assets.

• Distributable income stabilised at £18.5 million, supported by capital and asset management.

• FY2024 distribution per unit (DPU) rose 5.0% to 2.87 pence.

• Portfolio valuation increased to £416 million, up 0.5% from June and 1.2% from December 2023.

• 143 occupied properties contributed to revenue, with 149 properties in the portfolio as of year-end.

Capital management and debt optimisation

• 86% of debt is on fixed rates, with borrowing costs reduced by ~30 bps year-on-year to 4.9%.

• Estimated annual savings in borrowing costs reached £2.0 million.

• Over £30 million in debt was repaid in FY2024 through capital sources, divestments, and settlements.

• Refinanced debt structure allows use of prepaid rental proceeds to reduce debt.

• Tactical moves to lock in fixed rates have mitigated the impact of rising policy rates.

Value creation and asset management

• Achieved a 15% average premium to valuation on contracted divestments.

• £8.6 million in value created at Peel Park, Blackpool; dilapidation settlements fully closed with £2.5 million collected.

• Asset conversion and repositioning strategies target both capital-light and capital-intensive opportunities.

• Social infrastructure and government workspace assets show rental reversion potential.

• Future data centre development site valued at £32.8 million as of year-end.