OUE Commercial REIT's OUE Bayfront in Singapore. (Photo: REITsWeek)

Office landlord OUE Commercial REIT announced on 5 May that it has recorded a DPU of 1.23 Singapore cents for its 1Q 2017, a fall of 6.8% from the 1.32 cents reported in the corresponding period of 2016.

Gross revenue for the period increased by 4.4% year-on-year to SGD44.8 million (USD31.8 million) while net property income of SGD34.6 million was 4.2% higher than the corresponding period of 2016.

These increases are in line with better occupancy rates across all of the REIT’s three properties, which on the aggregate improved by 1% quarter-on-quarter to 95.8%.

The REIT’s leverage has also improved, with lower gearing of 36.2% compared to 39.8% as at 31 December 2016.

However amount available for distribution slid by 2.3% year-on-year to SGD16.6 million in 1Q 2017.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.