OUE C-REIT’s net income dips 14.2% YoY to  $93.6m in H1

The decline was due to the deconsolidation of OUE Bayfront’s performance.

OEU Commercial REIT’s (OUE C-REIT) net property income dipped by 14.2% to $93.6m in H122, its latest financial statement revealed.

According to the C-REIT’s manager, the decline was on the back of the “deconsolidation of OUE Bayfront’s performance post the divestment of a 50% interest in the property on 31 March 2021.”

The decrease, however, was partially offset by lower property expenses, lower rental rebates, and the drawdown of income support at the OUE Downtown Office.

Given the net income dip, the C-REIT’s distributable income also dropped by 11.4% to $59.5m, translating to a 12.2% lower distribution per unit  (DPU) of $0.0108.

The C-REIT’s manager said shareholders can expect payment of the 1H distribution on 6 September.