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EC World REIT Q3 Net Property Income Down 5.4%, DPU Falls 17.9%

Nov 12, 2022 – EC World Real Estate Investment Trust (ECW) posted gross revenue and net property income of S$29.8 million and S$27.1 million respectively, which were 5.5% and 5.4% lower respectively compared to the corresponding period a year ago, largely due a weaker RMB against the Singapore dollar.

The blended running interest rate for the third quarter was 4.8%, and that for the nine-month 2022 period was 4.6%. Amidst the rising interest environment, the manager said it will continue to manage its exposures through hedging instruments. Currently, 87% of offshore facilities are hedged using floating to fixed interest rate swaps and cross-currency swaps.

As at September 30, 2022, ECW had borrowings of S$605.5 million due for repayment within the next 12 months. On October 3, 2022, the manager announced the proposed divestment of its indirect interests in Stage 1 Properties of Bei Gang Logistics and Chongxian Port Logistics. The proposed divestment will allow ECW to repay at least 25% of its outstanding facilities by December 31, amounting to about S$142.6 million, the manager said.