EC World REIT reports 2Q21 net property income increased 8 percent

EC World REIT's Stage 1 of Bei Gang Logistics, which comprises eight buildings, located in North Hangzhou, China. It is one of the largest e-commerce developments in the Yangtze River Delta. Credit: EC World REITEC World REIT's Stage 1 of Bei Gang Logistics, which comprises eight buildings, located in North Hangzhou, China. It is one of the largest e-commerce developments in the Yangtze River Delta. Credit: EC World REIT

EC World REIT reported Friday its second quarter net property income increased 8.1 percent on-year to S$27.94 million on positive straight-line adjustments and a stronger yuan.

Gross revenue for the April-to-June period rose 10.6 percent on-year to S$31.19 million, the REIT said in a filing to SGX.

The distribution per unit (DPU) for the quarter was 1.532 Singapore cents, up 10.5 percent from 1.386 Singapore cents in the year-ago period, the REIT said. The DPU is set be paid out on 28 September, the filing said.

EC World REIT said it continued to retain 10 percent of the total amount available for distribution in view of uncertainties due to the Covid-19 pandemic.

The occupancy of the eight properties in EC World REIT’s portfolio was stable at 99.1 percent, with the REIT’s manager announcing in May it renewed a major lease at Hengde Logistics, the filing said.