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EC World REIT reports 32% higher DPU of 1.53 cents for 1Q21

Atiqah Mokhtar
Atiqah Mokhtar5/11/2021 5:58 PM GMT+08  • 2 min read
EC World REIT reports 32% higher DPU of 1.53 cents for 1Q21
10% of the amount available for distribution was retained in view of uncertainties arising from the pandemic.
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The manager of EC World REIT reported a distribution per unit (DPU) of 1.53 cents for the 1QFY2021 ended March, up 32.3% y-o-y from 1.16 cents previously.

Total amount available for distribution for the period was $13.7 million, up 40.3% y-o-y from $9.8 million. In its quarterly update on May 11, the manager states that 10% ($1.4 million) of the amount available for distribution was retained "in view of uncertainties arising from the prolonged Covid-19 pandemic and for general working capital purpose”. To that end, distribution to unitholders amounted to $12.4 million, up 32.9% y-o-y.

The higher distribution follows higher revenue and net property income (NPI) for the period, both of which grew 30.9% y-o-y to $30.8 millon and $23.5 million respectively. The manager attributes the increased revenue and NPI to the absence of rental rebates given to tenants due to Covid-19 as well as the strengthening of the RMB by 3.5% y-o-y.

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