Data from EC World REIT’s latest disclosure has been incorporated into the Singapore REITs table.
EC World REIT has reported distribution per unit (DPU) of 1.662 cents for its 3Q 2021.
This represents an increase of 19.7% compared to what was reported in the corresponding period of the previous financial year.
Accordingly, the REIT’s gross revenue and net property income (NPI) increased by 10.9% and 9.4% to SGD31.6 million and SGD28.6 million respectively.
EC World REIT has attributed the increases to positive straight-line adjustments and the strengthening of RMB, which rose by 5.2% against the SGD year-on-year.
In RMB terms and after the relevant distribution adjustments, gross revenue was 0.9% higher year-on-year, mainly due to organic rental escalations and late fee income.
However, NPI was 0.9% lower, largely attributed to higher operating expenses.
“We remain prudent in our capital management with the retention of 5% of total amount available for distribution in 3Q FY2021 for withholding tax payment upon future profit repatriation”, said EC World REIT.
The REIT’s aggregate leverage was at 37.9% as at 30 September 2021 with a blended running interest rate of 4.0% for 3Q 2021.
EC World REIT was last done on the SGX at SGD0.815, which presently implies a distribution yield of 8.16% according to data on the Singapore REITs table.