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Agree, interests are well aligned. Good demonstration of behaviour, going through thick and thin together.
whisng ( Date: 02-Mar-2021 16:18) Posted:
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At least the REIT manager is standing together with the unitholders, not like some REIT where the value ganna destroyed 80% and still the manager never take pay cut.
Quoted from Business Times
" The Reit' s manager has decided not to receive its performance fee for Jan 1, 2020 to Dec 31, 2020."
Quoted from Business Times
" The Reit' s manager has decided not to receive its performance fee for Jan 1, 2020 to Dec 31, 2020."
Joelton ( Date: 24-Feb-2021 09:52) Posted:
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EC World REIT reports lower 4QFY2020 DPU of 1.427 cents
EC World REIT has reported lower distribution to unitholders as it held back 10% of the income amid the wider economic uncertainty.
For 4QFY2020 ended Dec 2020, ECW will be paying distributions of 1.427 cents per unit, down 5.5% from 1.51 cents paid this time last year.
Gross revenue for the same period was up 14.2% y-o-y to $29.5 million net property income was up 11.1% y-o-y to $27.2 million. The REIT manager retained $1.28 million worth of income.
&ldquo We are heartened that our disciplined investment and proactive portfolio management strategies continue to contribute positively to ECW amidst uncertainties globally,&rdquo says Goh Toh Sim, executive director and CEO of the REIT manager.
He notes that as at Dec 31 2020, ECW&rsquo s portfolio occupancy was 99.3% with a weighted average lease to expiry (by gross rental income) of 3.4 years.
&ldquo This is a testimonial to our commitment to provide a sustainable and predictable stream of returns to unitholders. We will continue to work closely with our team in China to achieve predictable
returns to our Unitholders,&rdquo says Goh, adding that the REIT manager has chosen not to receive performance fee due for the whole of FY2020.
ECW owns a portfolio of eight logistics properties located predominantly in one of the largest ecommerce clusters in the Yangtze River Delta.
The REIT manager notes that even though China&rsquo s economy grew 2.3% in 2020 instead of contracting like most other economies, challenges and instabilities continue to emerge from the evolving epidemic conditions and global macro environment.
The REIT manager, citing independent valuations, is reporting that its portfolio is worth RMB8 billion as of Dec 31 2020, down slightly from an earlier valuation of RMB8.1 billion as at Dec 31 2019.
However, due to the appreciation of RMB against SGD, the valuation of the portfolio in Singdollar terms increased by 3.6% instead to $1.624 billion in the same period.
4QFY20 Gross revenue and Net Property Income (&ldquo NPI&rdquo ) increased 14.2% and 11.1% year-on-year respectively mainly due to organic rental escalations and appreciation of RMB against SGD. &bull Maintain quarterly distribution with DPU of 1.427 cents per unit for 4QFY20 translating to trading yield of 7.5%1 &bull Healthy occupancy of 99.3% with only 15.8% of gross rental income due for renewal in FY2021. &bull Stable capital structure with aggregate leverage of 38.1%
EC World REIT secures and renews two major leases in China
The manager of EC World REIT says it has renewed a major lease amounting to 159,172 square metres in relation to Hengde Logistics with China Tobacco Zhejiang Industrial Co.
&ldquo Working closely with our property manager in China, we have been engaging China Tobacco on the lease renewal since October 2019. However, the negotiation was delayed by the Covid-19 situation,&rdquo says Goh Toh Sim, executive director and CEO of the manager.
&ldquo We are pleased to report that EC World REIT has successfully renewed the lease at competitive rates. With the renewal of the lease in relation to Hengde Logistics, the Manager has substantially renewed the expiring leases of EC World REIT for 2020. We will continue to work closely with the property manager in China to optimize portfolio performance,&rdquo Goh adds.
China Tobacco has committed to a lease term of 38 months. The new rental rates represent a 1.1% increase over the expiring rental rates.
The warehouse management services currently provided to China Tobacco will no longer be required for the renewal lease term due to internal restructuring in China Tobacco. The termination of the service will reduce EC World REIT&rsquo s total revenue by some 1.1%.
Separately, EC World REIT has also leased 22,545 square metres of warehouse and dormitory space at Wuhan Meiluote to a &ldquo reputable e-commerce company&rdquo .
This new lease was committed at a 4.3% increase in rental rate compared to the previous tenant for a period of three years (warehouse space) and two years (dormitory space).
The lease will begin in end October 2020, bringing Wuhan Meiluote&rsquo s occupancy to about 79.5%.
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Down 2.5cents, something happened?
Hugh transaction at closing. Anyone know what happened?
EC World REIT posts 10.4% fall in 2Q20 DPU to 1.386 cents
The manager of EC World Real Estate Investment Trust (EC World REIT) has declared distribution per unit (DPU) of 1.386 cents for 2Q20 ended June, 10.4% lower than the DPU of 1.547 cents a year ago.
This brings DPU for 1H20 to 2.544 cents, compared to the DPU of 3.048 cents in 1H19.
Distributable income for the quarter fell 9.5% y-o-y to $11.1 million due to a 10% retention by the manager.
Gross revenue for 2Q20 increased 18.8% y-o-y to $28.2 million, while net property income (NPI) rose 22.1% y-o-y to $25.8 million. The increase in both figures were mainly driven by the acquisition of Fuzhou E-commerce and organic rental escalations.
In RMB terms, gross revenue and NPI rose 19% y-o-y and 22.3% y-o-y respectively.
After straight-line, security deposit accretion and other relevant distribution adjustments, the gross revenue and NPI in RMB terms were 19.8% and 20.7% higher respectively compared to 2Q2019, for the same reasons.
Finance costs for the quarter increased by 39.6% y-o-y to $9.8 million, mainly due to the higher term loan quantum.
As at June 30, EC World REIT reported an occupancy rate of 98.7% with a weighted average lease expiry (WALE) of 3.6 years by gross rental income.
I think that since the CIO has gone, they should issue an updated precise statement to clear all doubts on whether the investigation is personal to Mr Li, and therefore nothing to do with EC World at all.
Anything could have happen in those 2 weeks of investigation by CAD.
As it is, the doubts are still lingering.
Anything could have happen in those 2 weeks of investigation by CAD.
As it is, the doubts are still lingering.
Buradin ( Date: 22-Jul-2020 01:12) Posted:
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I thought it was clearly mentioned in the first article (2 weeks ago), that the investigations had nothing to do with EC world reit.
CAD had indicated that EC World Reit and its manager are not under investigation, the manager added. EC World Reit' s manager said it " intends to fully cooperate with the CAD and MAS in their investigation" .
CAD had indicated that EC World Reit and its manager are not under investigation, the manager added. EC World Reit' s manager said it " intends to fully cooperate with the CAD and MAS in their investigation" .
prophetjul ( Date: 20-Jul-2020 09:37) Posted:
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The problem with all this announcements, the company is not very clear about this!
They need to be very precise whether the investigations during the last 2 weeks have included EC World!!!!
They need to be very precise whether the investigations during the last 2 weeks have included EC World!!!!
EC World REIT CIO Li quits amid CAD probe
Li Jinbo, chief investment officer of EC World REIT, has resigned to take a &ldquo new job&rdquo , the REIT manager, EC World Asset Management said in a July 17 filing.
Just over a fortnight ago, on July 2, EC World REIT, which owns a portfolio of logistics assets in China, said that Li, 35, is being investigated by the Commercial Affairs Department and the Monetary Authority of Singapore, in relation to an offence under the Securities and Futures Act.
In the same July 2 announcement, the REIT manager said that Li had asked, and given, a leave for absence pending the outcome of the matter.
The REIT manager intends to fully cooperate with the CAD and MAS in their investigation.
&ldquo CAD indicates that EC World REIT and the Manager are not under investigation. The business and operations of EC World REIT have not been affected,&rdquo said EC World REIT.
Goh Toh Sim, CEO of the REIT manager, will continue to oversee and be involved in the investment and asset management functions.
aiya ..laksaman you say until so bad like eagle ..now recovered
SGX beginning to buy back for shortists. 0.7 coming!
Recovery looking good so far!
Expect it to go back to 0.69 next few days if DJ guai guai tonight
likely there's no impact on the operation of ecw REIT given the investigation is at the personal basis of cio.
Tomorrow T + 2. Let's see how the shortists going to cover back now that price is near opening price last Fri morning