EC World REIT net property income down 7.8% in Q3

Revenue for the quarter also decreased by 7.1%.

EC World REIT posted a net property income (NPI) of $22.8m for the third quarter of FY2024, marking a 7.8% year-on-year (YoY) decline.

Revenue for the quarter also dipped, falling 7.1% YoY to $25.1m.

The distribution per unit (DPU) was announced at 0.401 cents, a decrease of 56.2% from the same period last year.

According to EC World Asset Management Pte. Ltd., the manager of EC World REIT, the lower performance stemmed primarily from multiple factors, including the discontinuation of China Tobacco leases related to Hengde Logistics Phase 1, reduced rental income from Chongxian Port Logistics, and the expiration of the Master Lease Agreement for Fuzhou E-Commerce in August 2024.

Additionally, a weaker RMB against the SGD contributed to the decline, though higher late fees and organic rental escalations offered some offsetting benefits.