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

EC World REIT’s distribution per unit (DPU) for 2Q FY2020 declined by 10.4% on a year-on-year basis.

The REIT has attributed this partly to a 10% retention of total amount available for distribution given COVID-19-related uncertainties.

On a quarter-on-quarter basis, the e-commerce-focused REIT's DPU grew 19.7% to 1.386 cents compared to 1QFY20.

Subsequently, on a year-on-year comparison, EC World REIT’s gross revenue and net property income grew by 18.8% and 22.1% given revenue contribution from Fuzhou E-commerce which was acquired in August 2019.

As at 30 June 2020, the REIT has a portfolio occupancy rate of 98.7% with a weighted average lease expiry (WALE) of 3.6 years, by gross rental income.

Aggregate leverage was 39.1% as at 30 June 2020 with a blended running interest rate of 4.3% for 2Q and 1HFY20.

China’s retail sales of consumer goods declined 11.4% year-on-year to RMB17.23 trillion (USD2.4 trillion) in 1H2020.

However, online retail sales grew 7.3% year-on-year as consumers switched consumption patterns to e-commerce while staying indoors, EC World REIT noted.

But while online retail sales remain strong, demand for quality logistics space may be muted as occupiers turn more cautious towards expansion due to tightening profit margin and continued geopolitical tension, the REIT cautioned.

EC World REIT was last done on the Singapore Exchange (SGX) at SGD0.64.