OUE C-REIT Reports 44.5% Increase In 1Q 2020 Distribution
May 6, 2020 — OUE Commercial REIT Management Pte. Ltd., in its capacity as manager (the “Manager”) of OUE Commercial Real Estate Investment Trust (“OUE C-REIT”), wishes to announce an amount available for distribution of S$37.6 million for the financial period 1 January 2020 to 31 March 2020 (“1Q 2020”).
Net property income in 1Q 2020 was S$62.1 million, an increase of 42.5% YoY mainly due to the contribution from Mandarin Gallery, Mandarin Orchard Singapore and Crowne Plaza Changi Airport upon completion of the Merger. As a result, amount available for distribution was S$37.6 million, 44.5% higher YoY.
Mr Lee Yi Shyan, Chairman of the Board of the Manager, said, “OUE C-REIT started the year on solid ground, however the COVID-19 pandemic has caused an unprecedented public health and socio-economic crisis. Businesses have been disrupted due to the various measures implemented to contain community spread. To help to cushion the impact on our tenants’ businesses in these challenging times, we have provided various relief measures to our tenants, which we believe serve the long-term interests of all stakeholders.”
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