OUE C-REIT posts higher NPI of $103.3m in H2 2022

Lower rental rebates drove the increase.

OUE C-REIT’s net property income for H2 2022 increased 8.6% YoY to $103.3m. 

In a bourse filing, the REIT attributed the increase to lower rental rebates. The increase, however, was partially offset by higher property expenses.

The REIT also recorded an 8.0% YoY higher revenue of $125.7m.

Despite the higher NPI and gross revenue, the REIT’s amount to be distributed and distribution per unit (DPU) both dropped in H2 22, declining 24.2% YoY to $56.7m and 24.1% YoY to $0.0104, respectively.

“With the books closure date on Tuesday, 7 February 2023, Unitholders can expect to receive the payment of 2H 2022 distribution on Tuesday, 28 February 2023,” the REIT announced.