EC World REIT's (SGX:BWCU) net property income or NPI was down 54% during the first quarter of the year to SG$10.8 million from SG$23.3 million a year earlier, according to a Wednesday filing with the Singapore Exchange.
Gross revenue declined 50% year over year to SG$12.7 million from SG$25.3 million, mainly due to the termination of several master lease agreements.
The REIT did not report any distribution per unit or distribution to unitholders during the period.
Meanwhile, the REIT's manager is exploring options to divest some or all of the group's properties to pare down existing loan facilities with cash proceeds.
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