EC World REIT’s NPI down 60.3% to $18.72m in H1 on lease expiries

Gross revenue was also halved during the period.

EC World REIT saw its net property income (NPI) drop 60.3% to $18.72m in the first six months of 2025, its latest bourse filing showed.

Gross revenue is also 56% lower to $22.56m during the same period.

The lower NPI and revenue was mainly due to the termination of MLAs upon lease expiry of Chongxian Port Investment, Beigang Logistics Stage 1, Fu Heng Warehouse, and Fuzhou E-Commerce.

EC World REIT also noted lower contribution from underlying leases, offset by income contribution from new third-party leases secured for Hengde Logistics Phase 1.

In Q2, NPI fell 66.8% to $7.94m compared to $23.88m in Q2 2024. Gross revenue also plunged 61.9%, falling to $9.88m from $25.94m a year earlier.

Accrued overdue rent receivables owing to ECW and its subsidiaries has exceeded $57.2m (RMB321.1m).

Finance costs were 7.5% lower at $21.2m in H1 2025 compared to the same period last year on lower loan quantum.

This was partially offset by higher interest rate for offshore loans due to default penalty interest imposed under offshore facilities.

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