OUE C-REIT's net property income dipped 0.3% to $34.7m in Q4

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.