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OUE Commercial Real Estate Investment Trust's DPU for Q3 slips 13%

OUE Commercial Real Estate Investment Trust (OUE C-Reit) distribution per unit for the third quarter slipped 12.9 per cent to 1.15 Singapore cents from 1.32 Singapore cents a year ago

Revenue came in 2.1 per cent lower at S$43.3 million from S$44.2 owing to lower retail rental income in the quarter arising from a lower occupancy at One Raffles Place Shopping Mall as the manager embarked on rebalancing the tenant and trade mix at the mall.

Higher property tax expenses and leasing commission on the back of significant improvement in office occupancy from the previous period resulted in a 3.5 per cent decline in net property income to S$34.1 million.

No dividend was recommended for the period, unchanged from a year ago.

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For the nine-month period, DPU fell nearly 12 per cent to 3.53 Singapore cents on the back of a 0.4 per cent drop in revenue to S$132.3 million.

The counter lost 0.5 Singapore cent or 0.7 per cent to finish at 72 Singapore cents on Thursday.