SINGAPORE (Feb 23): The manager of EC World REIT reported a DPU of 1.463 cents for the 4Q ended Dec, 2.0% higher than forecast.
Distributable income came in at $11.4 million, exceeding forecast by 2.0%. This was mainly due to the strong operating performance of the underlying asset portfolio and favourable exchange rate movement between renminbi (RMB) and Singapore dollars.
Gross revenue was $24.7 million, an increase of $1.7 million or 7.5% compared to the pro-rated forecast. NPI was $21.8 million, an increase of $0.9 million or 4.1% compared to the pro-rated forecast.
In its outlook, EC World REIT’s manager says the six assets in the portfolio are expected to continue to achieve full occupancy and stable growth.
The REIT is expected to grow regionally through yield-accretive acquisitions from the pipeline of ROFR assets from the sponsor as well as third party logistics assets.
Units of EC World REIT last traded at 70 cents.
