OUE Commercial REIT (OUE C-REIT) has increased its market capitalisation from S$1.3 billion to S$3.0 billion after its merger OUE Hospitality Trust. The REIT now sits at position 12 in terms of ranking by market capitalisation.
On 5th May 2020, OUE Commercial REIT has released its 1Q2020 financial result. How does OUE Commercial REIT fare after its merger, especially during the COVID-19 pandemic?
Gross Revenue increased by 40.5% to S$77.7 million. Net Property Income (“NPI”) also increased 42.5% to S$62.1 million. The amount for distribution was S$37.6 million. However, no distribution per unit (“DPU”) was declared because OUE Commercial REIT has changed its distribution frequency to a semi-annual basis.
Below is the 1Q2020 financial results.
1Q2020 Financial Results1Q2020(S$’mil)1Q2019
(S$’mil)YoY(%)Gross Revenue77.755.340.5%Net Property Income62.143.642.5%Distributable Amount 37.626.044.5%Occupancy
As you can see below, the occupancy for its commercial portfolio stood healthy at 94.3%.
Below is the average passing rent for the
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