OUE C-REIT net property income up 1.8% to $35.28m in Q1

It was able to cut maintenance expenses and utilities cost.

OUE Commercial REIT's net property income (NPI) rose 1.8% from $34.64m to $35.28m in the first quarter of 2018. Revenue, however, was down by 1.6% to $44.1m.

According to its financial statement, NPI was higher due mainly to lower maintenance expenses and utilities cost in the current period. Other income was also higher thanks to income support drawdown in relation to OUE Bayfront.

Distributable income rose 4.7% to $17.42m whilst distribution per unit (DPU) slipped 8.9% from 1.23 cents last year to 1.12 cents.

OUE C-REIT warned that depending on the pace of recovery in spot rents in the Singapore CBD, negative rental reversions may potentially continue into 2018, albeit at a slower pace than that experienced in 2017. "However, this is mitigated as only 5.6% of OUE Bayfront’s gross rental income is due for renewal for the rest of 2018 and its rental revenue has downside protection from the income support arrangement," it said.

At One Raffles Place, its 2018 revenue base would have improved due to the notable increase in committed office occupancy achieved in 2017, thereby mitigating potential negative reversions in 2018, the REIT added.

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