The manager of OUE Commercial Real Estate Investment Trust (OUE C-REIT) has reported gross revenue of $58.5 million for the 3QFY2021 ended September, 17.5% lower than gross revenue of $70.9 million in the corresponding period the year before.
Net property income (NPI) in the 3QFY2021 fell 17.1% y-o-y to $46.2 million, from $55.8 million. This was due to the deconsolidation of OUE Bayfront’s performance following the divestment of a 50% interest in the property on March 31.
This was partly offset by lower rental rebates and lower property expenses.
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