EC World REIT reports 23% decline in DPU due to rental rebates

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Chinese e-commerce logistics-focused REIT, EC World REIT, has reported a distribution per unit (DPU) of 1.158 cents for the quarter ended 31 March 2020.

This is a 22.9% decline year-on-year, and it is largely due to COVID-19-related rental rebates provided to tenants in March 2020, said the Singapore-listed REIT.

DPU would have been 1.529 cents without the rental rebates, EC World REIT added.

EC World REIT has provisioned rental rebates amounting to approximately RMB23.7 million (USD3.2 million) for tenants affected by COVID-19-related closures.

As a result, gross revenue and net property income declined by 1.4% and 0.2% to SGD23.5 million (USD16.2 million) and SGD21.1 million respectively.

As at 31 March 2020, occupancy rate was at 99.1% with a weighted average lease expiry (WALE) of 3.0 years by net lettable area.

The REIT’s aggregate leverage was 38.6% with a blended running interest rate of 4.3%.

Data from EC World REIT’s latest report have been updated into the Singapore REITs table.

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