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OUE C-Reit posts 12% rise in Q4 DPU to 0.84 S cent

OUE Commercial Real Estate Investment Trust (C-Reit) has registered a distribution per unit (DPU) of 0.84 Singapore cent for the fourth quarter ended Dec 31, up 12 per cent year-on-year.

Revenue surged over 80 per cent to S$86.79 million, while net property income jumped nearly 93 per cent to S$70.58 million on the back of a full quarter's contribution of the merger with OUE Hospitality Trust as well as contribution from OUE Downtown Office, which was acquired on Nov 1, 2018.

Amount available for distribution more than doubled from S$21.5 million to S$46.63 million owing to higher net property income and the drawdown of income support at OUE Downtown Office.  

As OUE C-Reit has a semi-annual distribution policy, the total DPU to be paid out for the period Sept 4, 2019 to Dec 31, 2019 is 1.1 cents, which will be paid on March 6.

Revenue for the full year was about 46 per cent higher year-on-year at S$257.33 million, while net property income was up about 48 per cent to S$204.95 million and income available for distribution was around 75 per cent higher at S$124.71 million. For the full year, DPU worked out to 3.31 cents, down 4.9 per cent.

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OUE C-Reit units closed unchanged at 53.5 Singapore cents on Thursday.

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