SINGAPORE (May 5): The manager of OUE Commercial REIT (OUE C-REIT) has declared a distributable income of $37.6 million for 1Q2020 ended March, a 44.5% increase y-o-y from last year’s $26.0 million.

The REIT did not report a DPU for this quarter, as they will be distributing the DPU to unitholders on a semi-annual basis. The Manager will review the REIT’s financial results collectively for 1H2020 to determine the actual DPU.

Gross revenue for the period was $77.7 million, a 40.5% increase from last year’s $55.3 million. This is mainly due to contributions from Mandarin Gallery, Mandarin Orchard Singapore, and Crowne Plaza Changi Airport from the merger with OUE Hospitality Trust (OUE H-Trust) in 2019.

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