EC World REIT's DPU Slides 47% in 2024

MT Newswires

Feb 25

EC World REIT (SGX:BWCU) distribution per unit or DPU declined 47% in 2024 to SG$0.01951 from SG$0.03659 a year earlier, according to a Monday filing with the Singapore Exchange.

Calculated distribution to unitholders fell to SG$15.8 million from SG$29.6 million in the comparable period.

Net property income decreased by 18% to SG$81.2 million from SG$99.2 million a year earlier.

Gross revenue declined 14% year over year to SG$92.2 million from SG$107.8 million, mainly due to termination of master lease agreements upon expiry.

Overall occupancy improved to 86% in 2024 while portfolio valuation declined 12% year over year.

The company did not report any DPU for the fourth quarter of 2024 against a DPU of SG$0.0069 a year earlier.

The REIT did not report any distribution to unitholders during the fourth quarter of 2024 compared with a distribution of SG$5.6 million a year earlier.

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