OUE Commercial Reit Q1 DPU up 33.3%

SINGAPORE - OUE Commercial Reit (real estate investment trust) has posted a first quarter distribution per unit (DPU) of 1.32 cents, up 33.3 per cent from a restated DPU of 0.99 cents in the same period last year.

Total income available for distribution rose 35.1 per cent from a year ago to S$17 million, on contributions from One Raffles Place, which was acquired in October last year.

Net property income in the three months ended March 31 was S$33.3 million, up 111.7 per cent from a year ago. Gross revenue was S$42.9 million, up 110.2 per cent from a year ago.

The Reit's portfolio committed occupancy increased to 94.8 per cent as at March 31, from 94.3 per cent in the prior quarter. First quarter rental reversions for OUE Bayfront and One Raffles Place were 4.9 per cent and 3 per cent respectively, while that for Lippo Plaza was 5.3 per cent.

marilee@sph.com.sg