A UK-based office REIT, Elite has demonstrated a strong portfoilo occupancy rate so far at 97.9%. This is because a strength in its tenant mix is that it has the British Civil Service agencies as its main tenants.
Summary
- Forward Dividend Yielder of 12%
- Stable Tenant as 99% of its income comes from the UK Civil Service Agencies
Why it is Attractive
In my view, its strength lies in its tenant mix. 99% of its income is derived from UK's government bodies leasing from Elite. And even out of the 1%, a significant number comes from a non-governmental organisation that has some funding from the Welsh government.
Elite Commercial Tenent Breakdown by Income (about 99% is from the UK Civil Service)
Attractive Dividend Yield
Elite's DPU has started to fall due to a higher interest expense arising from rate hikes, as compared to the US commercial REITs, it has only 69% of its debt fixed and the rest subjected to floating rates....
