OUE C-REIT posts 4.4% YoY higher income of $48.3m in Q3
The increase was mainly due to lower property expenses.
OUE Commercial Real Estate Investment Trust's (OUE C-REIT) net income rose 4.4% YoY to $48.3m in Q3 due to lower property expenses.
Despite posting a higher net income, the REIT said the amount available for distribution for the quarter was 13.3% lower than Q321, at $26.2m.
The REIT's manager explained that the lower distributable income was due to the lower income support for the OUE Downtown Office and higher interest expense.
Meanwhile, the REIT's commercial and hospitality segments also posted increases in their respective NPIs.
In Q3, the REIT's commercial segment's NPI rose by 5.3% YoY to $32.7m, whilst its hospitality segment saw a 2.7% YoY increase ($15.6m).