EC World REIT conducted its virtual annual general meeting this morning (09 June 2020) at 10.00am, and as a unitholder, I have attended the meeting to learn about the latest developments from the top management.

The meeting was a short and simple one, lasting approximately 30 minutes, and in this post, you will find key updates of the presentation by Mr Goh Toh Sim, Executive Director and CEO:

Navigating the Covid-19 Pandemic:

  • Business operations in China were strained as a result of the two-month shutdown in the country to contain the spread of Covid-19.
  • However, as at 31 March 2020, tenants in all of EC World REIT’s assets have resumed operations, and business activities in China have largely resumed.

FY2019 – Key Highlights:

  • Gross revenue increased by 3.0% on a year-on-year (y-o-y) basis to S$99.1m.
  • Distribution Per Unit for the financial year 2019 was 6.047 Singapore cents/unit (and this constitutes 98.7% of the income available for distribution to unitholders.)
  • Portfolio valuation went up by 20.6% to RMB8,118m, largely due to the REIT’s acquisition of Fuzhou E-commerce (which is operated by leading omni-channel logistics service provider Ruyicang.)

Q1 FY2020 – Key Highlights:

  • Gross revenue saw a 1.4% y-o-y decline to S$23.5m mainly due to recognition of rental rebates (amounting to RMB23.7m to tenants within its portfolio to help them mitigate the adverse impact of Covid-19), mitigated by the full quarter contribution from the newly acquired Fuzhou E-Commerce.
  • Distribution Per Unit for the quarter under review was 1.158 Singapore cents/unit, with 5% of the amount available for distribution retained for prudence and financial fluidity.
  • In terms of debt profile as at the end of Q1 FY2020:
    • Aggregate leverage: 38.6% (well within the new MAS limit of 50%)
    • All-in running interest rate: 4.3%
    • Weighted average term of debt expiry: 2.37 years
  • The REIT’s portfolio occupancy profile as at the end of Q1 FY2020 is as follows:
    • Portfolio occupancy: 99.1%
    • 49.7% of the REIT’s portfolio (by net lettable area) consists of E-Commerce logistics (which Mr Goh updated was up from around 36% at IPO); On top of that, Mr Goh also shared that EC World REIT is the only S-REIT offering substantial access to the e-commerce logistics business
    • Weighted average lease expiry by net lettable area was 3.0 years, from the renewal of master leases, and from Fuzhou E-Commerce
    • In the remaining quarters ahead, the Manager will embark at selective enhancement work to maintain and improve the quality of assets in the REIT’s portfolio

Related Documents:

Disclaimer: At the time of writing, I am a unitholder of EC World REIT.

REITs vs Banks: Which Investment Delivers More for Income Seekers?

REITs vs. Singapore Banks - A Fireside Chat with The Singaporean Investor to Get Your Burning Questions Answered

If you thought 2025 was a wild ride for the stock market, wait until you see 2026! With not only the uncertainty of interest rate changes and geopolitical tensions but also a military operation by Israel and the United States against Iran, it's set to be even more turbulent.

So, with all this in mind, which is the better choice for income investors: REITs or banks?

I'm honoured to be re-invited by Dinah Poehlmann from Your Finance Mind for a fireside chat on Zoom this year, where I'll be sharing my insights on this topic.

Join me on Thursday, 19 March 2026, from 8pm to 9pm, as I offer my thoughts and answer any questions you may have.

Best part? Registration is completely free! Secure your spot now through the link below:

👉 Sign Up Now and Mark Your Calendars

 

Are You Worried about Not Having Enough Money for Retirement?

You're not alone. According to the OCBC Financial Wellness Index, only 62% of people in their 20s and 56% of people in their 30s are confident that they will have enough money to retire.

But there is still time to take action. One way to ensure that you have a comfortable retirement is to invest in real estate investment trusts (REITs).

In 'Building Your REIT-irement Portfolio' which I've authored, you will learn everything you need to know to build a successful REIT investment portfolio, including a list of 9 things to look at to determine whether a REIT is worthy of your investment, 1 simple method to help you maximise your returns from your REIT investment, 4 signs of 'red flags' to look out for and what you can do as a shareholder, and more!

Get Your Copy of building Your REIT-irement Portfolio Here

You can find out more about the book, and grab your copy (ebook or physical book) here...