OUE C-Reit's Q2 DPU falls 15.4%

OFFICE space landlord OUE Commercial Reit (OUE C-Reit) reported a fall of 15.4 per cent for its second quarter distribution per unit (DPU) to 1.15 Singapore cents from 1.36 Singapore cents in the year-ago period, the group said in a Singapore Exchange filing on Wednesday evening.

In March 2017, the company completed a private placement of 233,281,400 new units for fundraising purposes.

Income available for distribution for Q2 edged up slightly by 0.6 per cent to S$17.83 million, from S$17.73 million in the year-ago period.

Gross revenue was S$44.21 million, down 3.2 per cent from S$45.69 million in the corresponding period last year.

Net property income was S$34.77 million, down 1.3 per cent from S$35.23 million the preceding year.

Properties in its portfolio include One Raffles Place (ORP), OUE Bayfront and Lippo Plaza in Shanghai's Huangpu district. OUE C-Reit has an effective interest of 67.95 per cent in ORP and 91.2 per cent strata ownership of Lippo Plaza.

OUE C-Reit units ended half a Singapore cent or 0.7 per cent higher at S$0.73 on Wednesday.