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.
