OUE Commercial Reit distribution income rises, DPU falls for Q4 2017

An absence of performance fees and higher income support drawn lifted results for landlord OUE Commercial Reit (OUE C-Reit) in its fourth quarter.

Distribution per unit dipped to 1.14 Singapore cents from 1.18 Singapore cents in the previous year, the group said in a Singapore Exchange filing on Wednesday evening.

That came as Q4 income available for distribution rose 14.6 per cent to S$17.7 million from the previous year.

For the three months ended Dec 31, gross revenue slid 2.3 per cent to S$44.0 million from the preceding year. Net property income slipped 0.3 per cent to S$34.7 million from the previous year.

Its properties include One Raffles Place (ORP), OUE Bayfront and Lippo Plaza in Shanghai's Huangpu district. The decline in gross revenue was due partly to lower rental income.

OUE C-Reit units finished unchanged at S$0.75 on Wednesday before results were announced.