Elite UK REIT (MXNU) Q4 2025 earnings summary

Executive summary

• Achieved revenue of £38 million for FY2025, up 1.3% year-over-year, driven by rental reversions and new asset contributions.

• High occupancy rate of 98.6% as of 31 Dec 2025, with a portfolio WALE extended to 7.2 years after lease regears.

• Early lease regears reduced FY2028 expiries from 95.7% to 32.0%, improving income visibility.

• Portfolio valuation increased to £425 million, up 2.0% from 2024 and 3.0% from 2023.

• Unit price rose 22% year-over-year, delivering a 75% total return since Q1 2024.

Financial highlights

• Revenue grew to £37.97 million, a 1.3% increase year-over-year.

• Distributable income rose 4.6% to £19.3 million.

• DPU increased 5.6% to 3.03 pence; adjusted DPU up 4.5%.

• Net property income slightly decreased due to lower dilapidation settlements and repositioning expenses.

• Cost of debt reduced by 20 bps to 4.7% as of 31 Dec 2025.

Outlook and guidance

• Management prioritizes finalizing remaining DWP lease regears, portfolio reconstitution, and asset repositioning.

• Focus on disciplined capital structure optimization and improving trading liquidity.

• Three value-add conversion projects, including Lindsay House, to be delivered from 2026 onwards.