No thanks to lower rental and one-off income.
OUE Commercial REIT's (OUE C-REIT) net property income (NPI) dipped 0.3% YoY from $34.82m to $34.7m in Q4, due to lower rental income and one-off income, as well as lower operating costs.
According to its financial statement, revenue dipped 2.3% YoY from $45.02m to $43.99m. Other income rose by $0.5m due to higher income support drawdown in relation to OUE Bayfront.
Distribution income (DI) rose 14.6% YoY to $17.68m, but distribution per unit (DPU) for Q4 fell 3.4% YoY to 1.14 cents, bringing the full-year DPU to 4.67 cents.
All the properties under OUE C-REIT’s portfolio reflected higher fair values as at 31 December 2017 compared to 31 December 2016, resulting in an increase in net change in fair value of investment properties of $101.6m.
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