Stocks to watch: OUE Commercial Reit, Far East Hospitality Trust, Parkway Life Reit, Suntec Reit

THE following stocks made material announcements either before the start of trading on Wednesday or after the market closed on Tuesday.

OUE Commercial Reit: OUE Commercial Reit (OUE C-Reit) reported a 40.1 per cent increase year on year to S$17.63 million in amount available for distribution for Q4 2015, buoyed by the recent acquisition of One Raffles Place.

OUE C-Reit completed the acquisition of an 83.33 per cent indirect interest in OUB Centre, which owns 81.54 per cent of One Raffles Place, on Oct 8 last year.

For the fourth quarter, the distribution per unit came to 1.36 Singapore cents, up from 0.99 cent (restated) in Q4 2014. Net property income more than doubled year on year to S$29.68 million, thanks to higher gross revenue from the better operating performance across its portfolio as well as lower utilities costs incurred by OUE Bayfront and One Raffles Place.

Far East Hospitality Trust: Annie Khung has been appointed financial controller of FEO Hospitality Asset Management and FEO Hospitality Trust Management. The two are managers of Far East Hospitality Reit and Far East Hospitality Business Trust respectively (which together constitute Far East Hospitality Trust). Ms Khung, 40, was most recently senior finance manager at Keppel Infrastructure Fund Management. Prior to that, she was vice-president of finance at CitySpring Infrastructure Management.

Parkway Life Reit: Parkway Life Reit on Tuesday reported a 16.1 per cent rise in its distribution per unit for the fourth quarter to 3.37 Singapore cents, up 16.1 per cent from 2.9 cents for the year-ago period. This was largely boosted by a divestment gain of S$2.3 million, which was part of the total distribution earned from the sale of seven Japan properties in December 2014. It also registered higher rent from existing properties. Net property income rose 4.8 per cent from the year-ago quarter to S$24.6 million.

Suntec Reit: Suntec Reit posted a distributable income of S$69.5 million for the fourth quarter ended December, up 7.7 per cent compared with the previous year. This translates into a distribution per unit of 2.75 Singapore cents, up 6.7 per cent from 2.577 Singapore cents a year ago.

Revenue for the quarter was S$87.54 million, up 13.9 per cent, while net property income was up 17.9 per cent at S$62.49 million.