OUE Commercial Reit posts higher Q4 DPU, bolstered by One Raffles Place

OUE Commercial Reit (OUE C-Reit) reported a 40.1 per cent increase year on year to S$17.63 million in amount available for distribution for Q4 2015, buoyed by the recent acquisition of One Raffles Place.

OUE C-Reit completed the acquisition of an 83.33 per cent indirect interest in OUB Centre, which owns 81.54 per cent of One Raffles Place, on Oct 8 last year.

For the fourth quarter, the distribution per unit (DPU) came to 1.36 Singapore cents, up from 0.99 cent (restated) in Q4 2014. It also beat its forecast (as in a July 2015 circular on the acquisition of One Raffles Place) of 1.13 cents by 20.4 per cent.

Net property income more than doubled year on year to S$29.68 million, thanks to higher gross revenue from the better operating performance across its portfolio as well as lower utilities costs incurred by OUE Bayfront and One Raffles Place.

Gross revenue also more than doubled to S$40.34 million, up from S$19.56 million a year ago.

For the full year, amount available for distribution came to S$56.12 million - compared to S$48.35 million forecasted at its initial public offering - while DPU for FY2015 clocked 4.38 cents.

The DPU to unitholders of 2.38 cents for H2 2015 will be paid out on Feb 29.