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.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia