EC World Reit’s Q1 net property income more than halves to S$10.8 million as it looks to sell more assets to repay debt 

[SINGAPORE] EC World Real Estate Investment Trust’s (Reit) net property income for the first quarter of 2025 more than halved to S$10.8 million, from S$23.3 million in the same period last year. 

Revenue was down 49.9 per cent to S$12.7 million from S$25.3 million year on year, the Reit manager said on Wednesday (May 14).

No distribution has been declared for Q1, due to insufficient funds. Trading of the Reit’s units has been suspended since Aug 31, 2023, when the manager disclosed that ECW Group, comprising the Reit and its subsidiaries, could not fully repay its offshore interest expenses.

Trading of its units will remain suspended until the financial situation improves, the manager said. 

As at Mar 31, the accrued overdue rent receivables owed to ECW and its subsidiaries has exceeded 647.2 million yuan (S$119.4 million). 

The management has been in negotiation with the sponsor for a master offset agreement to offset all the receivables from the sponsor group against its payables, the manager said. 

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EC World Reit’s Q4 net property income more than halves to S$11.2 million

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However, the ongoing re-organisation of the sponsor may have an impact on negotiations, it added. 

The manager is actively exploring options to divest some or all of the group’s properties to pare down existing facilities with cash proceeds in order to refinance or restructure its debt. 

EC World Reit last traded at S$0.28 on Aug 28, 2023.