OUE C-REIT Second-Half Net Property Income Rises 8.6%, DPU Down 24.1%
Jan 30, 2023 – OUE Commercial REIT’s six-month to December 31, 2023, revenue increased 8.0% year-on-year to S$125.7 million while Net Property income improved 8.6% YoY to S$103.3 million. The increase was largely driven by lower rental rebates.
Taking into account lower income support for OUE Downtown Office and higher interest expense driven by macroeconomic factors, the second half 2022 amount available for distribution was 19.1% lower YoY at S$52.1 million. With the partial distribution of divestment gain from OUE Bayfront of S$4.6 million, the amount to be distributed was S$56.7 million, translating to a distribution per unit of 1.04 cents, its manager said in a statement.
