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

Data from OUE Commercial REIT’s latest disclosure is in the Singapore REITs table.

OUE Commercial REIT (OUE C-REIT) has reported a revenue of SGD249.9 million for its FY 2021, which represents a fall of 14.4% year-on-year.

Accordingly, net property income (NPI) for the period came in at SGD231.8 million, which is 11.9% lower from the previous financial year.

The REIT has attributed this partly to the deconsolidation of OUE Bayfront’s performance post the divestment of a 50% interest in the property on 31 March 2021.

Amount to be distributed for the year was SGD142.0 million with DPU of 2.60 cents.

“With the authorities allowing 50% of employees to return to the office from January, we have seen an improvement in office leasing momentum”, said Han Khim Siew, CEO of the REIT’s manager.

“This bodes well for a continued recovery in Singapore office rents in 2022, which will underpin the performance of OUE C-REIT’s high quality Grade A office properties”, Han added.

OUE Commercial REIT was last done on the SGX at SGD0.43, which presently implies a distribution yield of 6.05% 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.