OUE Commercial REIT's OUE Downtown (Photo: REITsWeek)

Data from OUE Commercial REIT’s latest disclosure has been incorporated into the Singapore REITs table.

OUE Commercial REIT announced on 2 November that its net property income for 3Q 2021 was SGD46.2 million, 17.1% lower year-on-year.

This was mainly due to the deconsolidation of OUE Bayfront’s performance post the divestment of a 50% interest in the property on 31 March 2021, said the REIT.

Accordingly, amount available for distribution in 3Q 2021 was SGD30.2 million, 7.5% lower over the same period.

The REIT’s Mandarin Orchard Singapore hotel RevPAR in 3Q 2021 declined slightly to SGD68, 5.5% lower quarter-on-quarter, in the absence of stay-home notice business that ceased in June.

There was also a lower volume of staycation bookings compared to the previous quarter.

However, the REIT’s commercial segment committed occupancy edged up 0.3 percentage points quarter-on-quarter to 92.0% as at 30 September 2021 due to improved office occupancies in both Singapore and Shanghai.

The REIT’s aggregate leverage as at 30 September 2021 was 38.4%, with a weighted average cost of debt of 3.2% per annum.

OUE Commercial REIT was last done on the SGX at SGD0.45, which presently implies a distribution yield of 5.47% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.