Elite Commercial REIT’s distribution per unit (DPU) and revenue for the 1QFY2021 ended March is in line with CGS-CIMB Research’s estimates, prompting analyst Lock Mun Yee to retain her rating for the counter.

Elite Commercial REIT’s 1QFY2021 DPU of 1.22 pence represented a 64.9% jump y-o-y and 25% of Lock’s full-year estimate. It was also 1.8% higher than the REIT’s IPO forecast.

She also notes that the REIT’s 1QFY20201 revenue of GBP6.6 million represented 17% of Lock’s full-year estimate and was 15.1% higher than its Initial Public Offering (IPO) forecast, helped by initial contributions of some GBP0.9 million from its maiden acquisition portfolio.

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