EC World REIT · SGX:BWCU
EC World REIT — EC World Real Estate Investment Trust — Q1 2023 Earnings Presentation
16 slides from EC World REIT's earnings presentation, May 12, 2023
Slide 1: 1QFY2023 Results Presentation
1QFY2023 Results Presentation 12 May 2023
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumpti
Slide 3: Agenda
Agenda Section A 1QFY2023 Key Highlights Section B Financial Review Section C Portfolio Update 2
Slide 4: Section A: 1QFY2023 Key Highlights
Section A: 1QFY2023 Key Highlights 5/12/2023 3
Slide 5: 1QFY2023 Key Highlights
1QFY2023 Key Highlights Financials (S$‘000) Distribution to Unitholders ▪ 1QFY2023 gross revenue and NPI were down by (1Q2023 versus 1Q2022) 12.5% and 12.3% year-on-year respectively due 11,200 mainly to the cessation of income contribution -9.4% 10,142 from Fu Zhuo Industrial, lower late fee income
Slide 6: 1QFY2023 Key Highlights: Asset Management and Outlook
1QFY2023 Key Highlights Asset Management ▪ Portfolio occupancy maintained high, at 96.8%. 4 out of 7 properties at full occupancy ▪ Resilient income streams from well- diversified portfolio, in terms of gross revenue and NLA Outlook Outlook ▪ China’s official 2023 GDP target at a more modest 5%, the
Slide 7: Distribution Yield
Distribution Yield Attractive Yield Compared to Peers ECW⁽¹⁾ 14.3% 8.0% S-REITs⁽²⁾ 6.3% 8.0% Industrial S-REITs⁽²⁾ 6.3% 11.5% China 10Y Gov Bond⁽³⁾ 2.8% 11.6% Singapore 10Y Gov Bond⁽⁵⁾ 2.7% 11.8% CPF Ordinary Account⁽⁴⁾ 2.5% 10.3% Bank 12 Months Fixed Deposit Rate⁽⁵⁾ 4.0% (1) Based on 1QFY2023 annua
Slide 8: Section B: Financial Review
Section B: Financial Review 5/12/2023 7
Slide 9: 1QFY2023 (Year-on-Year) Summary Results
1QFY2023 (Year-on-Year) Summary Results Year-on-Year • Lower gross revenue and NPI year-on-year, 1QFY2023 1QFY2022 Variance (%) Comparison due mainly to cessation of income contribution from Fu Zhuo Industrial, lower Gross revenue (S$’000) 28,134 32,151 (12.5) late fee income and weakening of RMB ag
Slide 10: 1QFY2023 (Quarter-on-Quarter) Summary Results
1QFY2023 (Quarter-on-Quarter) Summary Results Quarter-on-Quarter • On quarterly basis, gross revenue and NPI 1QFY2023 4QFY2022 Variance (%) Comparison were relatively unchanged, supported by stable stream of income across all Gross revenue (S$’000) 28,134 28,414 (1.0) properties Net property income
Slide 11: Stable Balance Sheet
Stable Balance Sheet As at As at S$’000 31 March 2023 31 December 2022 Cash and cash equivalents(1) 117,959 113,330 Investment Properties(2) 1,077,227 1,076,874 Assets of Disposal Group classified as held-for-sale 426,099 460,424 Total Assets 1,638,769 1,666,778 Borrowings 544,569 593,136 Liabilitie
Slide 12: Capital Management
Capital Management Key Metrics as at 31 March 2023 Average Leverage • 35.4% (31 December 2022: 38.8%) • Aggregate – 5.6% p.a. • Onshore – 5.6% p.a. (4QFY2022: 5.5%) 1QFY2023 Blended Running Interest Rate(1)(2) • Offshore – 5.7% p.a. (4QFY2022: 5.5%) • RCF – 4.19% to 5.55% p.a. Weighted Average Debt
Slide 13: Section C: Portfolio Update
Section C: Portfolio Update 5/12/2023 12
Slide 14: 4 out of 7 properties at full occupancy
4 out of 7 properties at full occupancy Strong Occupancy of 96.8% E-Commerce Logistics Assets Asset Lease Structure Occupancy¹ Key Highlight Master Lease: 1 Jan 2016 to 31 Dec 2024 Coveted property; entire suite of facilities Fu Heng 100% Rental escalation of 2.0% annually from 1 Jan 2021. supportin
Slide 15: Quality and Differentiated Asset Portfolio
Quality and Differentiated Asset Portfolio Portfolio occupancy of 96.8% as at 31 March 2023 Resilient income contribution across all sectors Lease Expiry Profile of Portfolio (1) Portfolio Diversification (1) WALE by NLA: 1.2 years By Net Lettable Area(2) WALE by Gross Rental Income: 1.4 years 1
Slide 16: Thank You
For queries, please contact: Investor Relations Tel: +65 6221 9018 ir@ecwreit.com www.ecwreit.com Thank You 5/12/2023 15
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