Fu Heng Warehouse, one of six properties in EC World REIT's initial portfolio. (Photo: EC World REIT)

EC World REIT has declared a distribution per unit (DPU) of 1.44 Singapore cents for its 3Q 2017, which is 3.7% lower than the forecast of 1.496 cents made during its initial public offering (IPO).

The China-focused industrial REIT’s gross revenue for the period was SGD23.9 million, which is 5.5% above forecast, while net property income (NPI) came in at SGD22.1 million, beating expectations by 7.7%.

Correspondingly EC World REIT’s distributable income came in at SGD11.28 million, missing forecast by 3.0%.

The REIT has attributed the rise in NPI mainly due to additional rental income from the completion of an asset enhancement initiative at Chongxian Port Investment, lower property expenses and a favourable SGD/RMB exchange rate.

To read the full article, please login or register.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.