OUE C-Reit's Q1 net property income dips due to rental rebates

Singapore

OUE Commercial Reit (OUE C-Reit) on Tuesday posted a 1.6 per cent drop in its first-quarter net property income to S$61.1 million, due to provision for rental rebates to some retail tenants, partially offset by lower property operating expenses.

Lower interest expense pushed up its amount available for distribution by 2.7 per cent to S$37.1 million. For the three months ended March 31, 2021, revenue fell 3.9 per cent to S$74.7 million. It did not announce its distribution per unit for the quarter.