Broker Name: CGS International
Date of Report: November 4, 2025

Excerpt from CGS International report.

• Report Summary
• Elite UK REIT reported strong 9M25 results, with DPU up 9.4% year-on-year and distributable income rising 6.2%, supported by interest cost savings and tax benefits. Portfolio occupancy improved to 98.6%, and the REIT continues to focus on value-add initiatives, including converting assets to student accommodation and re-gearing leases with key tenant Department of Work & Pensions.
• Gearing remains high at 42.5%, but the interest coverage ratio improved to 2.7x. Management remains committed to portfolio reconstitution, capital recycling, and maintaining a defensive cashflow with an attractive forecast dividend yield of 8.3%. Key risks include tenant concentration, while ESG efforts and sustainability-linked loans could drive further investor interest.

Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgs-cimb.com