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EC World Reit&rsquo s Q1 DPU down 9.7% despite rise in property income
EC World Real Estate Investment Trust&rsquo s (EC World Reit : BWCU -1.59%) distribution per unit (DPU) declined 9.7 per cent to 1.383 Singapore cents for the first quarter ended March 31, 2022, from 1.532 cents the year before, despite increases in its net property income (NPI) and gross revenue.
NPI rose 7.4 per cent to S$29.7 million, from S$27.7 million previously. Gross revenue improved 4.4 per cent to S$32.2 million, from S$30.8 million previously.
In its bourse filing on Thursday (May 12), the Reit noted that the increase was mainly offset by withholding tax expenses paid for repatriation of funds as well as provision for pre-termination compensation to the third-party tenant at Fu Zhuo Industrial as a result of the compulsory expropriation.
As such, distribution to unitholders decreased by 9.4 per cent to S$11.2 million, from S$12.4 million previously. EC World Reit&rsquo s policy is to distribute at least 90 per cent of the total distributable amount. For Q1 2022, the manager has resolved to distribute 100 per cent of the total amount available for distribution to unitholders
Distributions are expected to be made on June 29.
As at March 31, 2022, the occupancy of Reit&rsquo s eight properties was 98.6 per cent.
Aggregate leverage was 37.3 per cent with a blended running interest rate of 5.9 per cent for Q1 2022 and a weighted average lease to expiry of 2.4 years.
While the Reit&rsquo s portfolio of properties has not been materially impacted by the recent China lockdowns, it is monitoring the situation in Hangzhou closely, said Goh Toh Sim, executive director and chief executive of the Reit manager.
&ldquo Headwinds persist domestically and globally. We are currently in the final stages of refinancing EC World Reit&rsquo s loans due in mid-2022 and expect the refinancing to be completed before the loans&rsquo expiries,&rdquo said Goh.
Maybe to warn that reit is heavily invested by retail investors.
prophetjul ( Date: 25-Apr-2022 14:06) Posted:
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Maybe prudent to reduce holding.
Therefore not sure what hingsanrobert is trying to imply?
laksaman57 ( Date: 24-Apr-2022 11:06) Posted:
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Clearly it's nominees loh.
prophetjul ( Date: 23-Apr-2022 13:21) Posted:
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Are these banks shareholders or just nominees holding the shares in trust?
hongsanrobert ( Date: 23-Apr-2022 11:39) Posted:
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The following are the major share holder:
1. ICBC (SINGAPORE) NOMINEES PRIVATE LIMITED 290,661,480 35.91%
2. RAFFLES NOMINEES (PTE.) LIMITED 162,915,247 20.13%
3. CITIBANK NOMINEES SINGAPORE PTE LTD 93,883,413 11.60%
4. DB NOMINEES (SINGAPORE) PTE LTD 42,010,620 5.19%
5. DBS NOMINEES (PRIVATE) LIMITED 39,598,836 4.89%
If you do not know this stock, are you confident with those Bank?
1. ICBC (SINGAPORE) NOMINEES PRIVATE LIMITED 290,661,480 35.91%
2. RAFFLES NOMINEES (PTE.) LIMITED 162,915,247 20.13%
3. CITIBANK NOMINEES SINGAPORE PTE LTD 93,883,413 11.60%
4. DB NOMINEES (SINGAPORE) PTE LTD 42,010,620 5.19%
5. DBS NOMINEES (PRIVATE) LIMITED 39,598,836 4.89%
If you do not know this stock, are you confident with those Bank?
Wah, see latest queries from ECW during their AGM. Their problem looks even bigger than DRT, only got bullet loan to refinance soon but also bullet lease expiry in 2024.
Probably buyer looking at the historical Low price and think it' s worth a bet or 2.
Refi done? Why the sudden spike in price?
https://www.google.com/amp/s/amp.scmp.com/tech/policy/article/3173276/coronavirus-e-commerce-hub-hangzhous-shopping-centres-put-high-alert
"One of the largest shopping centres at e-commerce hub Hangzhou, capital of eastern Zhejiang province, was temporarily locked down for several hours during China?s Ching Ming Festival amid concerns over possible infected travellers from Covid-19-hit Shanghai."
"One of the largest shopping centres at e-commerce hub Hangzhou, capital of eastern Zhejiang province, was temporarily locked down for several hours during China?s Ching Ming Festival amid concerns over possible infected travellers from Covid-19-hit Shanghai."
It's refinance outcome could be out soon before it face a mountain of shareholders question this coming AGM. China central bank will relax it's bank lending policy somehow to support the business/ market. It's offshore lending shouldn't face much issue if valuations are intact.
In it 2021 annual report, invested property S$1,673,893,000, total liability S$1,143 ,510,000, borrowing S$708, 308,000. Problem could be invested property was over valued, bank disagreed with pledged property value. China central bank also tightening loan requirement. Base on Hang Seng Index April 2021 till now which drop about 25%, so $0.73 -25% = $0.5475. Some Singapore Bank are major shareholder, EC World problem become Singapore problem.
teeth53 ( Date: 10-Apr-2022 13:44) Posted:
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EC World Reit down 10.9% on uncertainty over loan refinancing.
marketuncle ( Date: 10-Apr-2022 12:44) Posted:
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When REITs do not manage their refi properly, there is no confidence in the manager like Dasin.
marketuncle ( Date: 10-Apr-2022 12:44) Posted:
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The deadline is not that critical, the creditors can always give an interim extension like how DRT does it thrice. The real issue is the refinancing terms. Forward DPU will sure take a hit.
ECW is going to get some cash from the recent mandatory acqusition by the government? Maybe settle some of the loan first.
Problem is the refi of the rest. How soon can they do this? It is cutting it too close.
Problem is the refi of the rest. How soon can they do this? It is cutting it too close.
marketuncle ( Date: 10-Apr-2022 10:58) Posted:
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Using DRT as a guide, its trading at 14% yield but we know its unsustainble, forced into asset sale (2 most lucrative out of 7 malls it own) pending refinance negotiations.
So ECW price will have to come to similar valuation before it become a real bargain. Hope Sasseur can do better.
So ECW price will have to come to similar valuation before it become a real bargain. Hope Sasseur can do better.
RAN few months ago!
mrwise ( Date: 09-Apr-2022 21:16) Posted:
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Doesn't matter even if overdue. DRT is into its 3rd extension of refinance negotiation
vicloo ( Date: 09-Apr-2022 21:28) Posted:
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