OUE Commercial Reit's Q2 distributable income rises 2.6%

OUE Commercial Reit marked a 2.6 per cent rise in income available for distribution to S$12.8 million for the second quarter ended June 30, exceeding its forecast by 5 per cent.

This was buoyed by higher net property income from the portfolio, which saw a 2.8 per cent year-on-year increase to S$14.7 million.

The Reit's distribution per unit (DPU) of 1.46 Singapore cents for the quarter - based on its units base that excludes new units issued under a rights issue - was 2.1 per cent higher than a year ago.

But based on the expanded units base, its actual DPU for the quarter is 1.01 cents. Unitholders will be entitled to the actual DPU of two cents per unit for the first half of this year on Sept 15, with the ex-distribution date on Aug 18.

The Reit's portfolio as at June 30 comprises two commercial properties - OUE Bayfront in Singapore and Lippo Plaza in Shanghai. On June 10, OUE Commercial Reit proposed the acquisition of an indirect interest in One Raffles Place in Singapore for S$1.1 billion.

The Reit proposed on June 29 a rights issue of 393.31 million new units to raise gross proceeds of about S$218.3 million. The rights issue was completed on July 27.