OUECT reports 26.6% y-o-y decline in DPU, but special payout possible from asset sale

The Edge Singapore
The Edge Singapore 1/28/2021 08:09 PM GMT+08  • 2 min read
OUECT reports 26.6% y-o-y decline in DPU, but special payout possible from asset sale
OUE Commercial REIT's DPU declined by 26.6% y-o-y to 2.43 cent in FY2020, translating into a yield of 6.39%.
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OUE Commercial REIT’s (OUECT) FY2020 distributions per unit (DPU) fell by 26.6% to 2.43 cents, giving an historic yield of 6.39 %. Amount for distribution for the same period rose 7.8% y-o-y to $132.8 million. In 1H2020, OUECT retained $10.8 million. Of this, $5.8 million was released in 2H2020.

In terms of segment contribution by income, 23.1% is from hospitality, 14.8% from retail and the remaining 62.1% is office. FY2020 was challenging for retail and hospitality. Hence, during 2020, OUECT extended approximately $18.3 million of rental rebates to support tenants. This excludes the $21.9 million of support from the Singapore Government comprising property tax rebates and cash grants.

SEE: OCBC positive on OUE Commercial REIT, but notes weak leasing in Mandarin Gallery

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