OUE Downtown 1 (left) and OUE Downtown 2 (right), both of which are being acquired by OUE Commercial REIT. (Photo: REITsWeek)

OUE Commercial REIT has reported a distribution per unit (DPU) of 0.55 Singapore cents for its 3Q 2018, a fall of more than 52% from the 1.15 cents achieved in the corresponding period of the previous financial year.

When factoring in the 1,288,438,981 new units issued by the REIT on 30 October 2018 as part of a rights issue exercise, the DPU would have been a fall 0f 11.3%.

The REIT’s net property income for the quarter was SGD32.3 million (USD23 million), a decline of 5.1% year-on-year, while revenue slid by 4.8% to SGD41.2 million.

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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.