OUE C-REIT's NPI up 42.5% to $62.08m in Q1

Mandarin Gallery, Mandarin Orchard Singapore and Crowne Plaza Changi Airport boosted NPI.

OUE Commercial REIT (OUE C-REIT) saw its net property income (NPI) surge 42.5% YoY to $62.08m in Q1 from $43.57 in 2019, a local bourse filing revealed. Revenue jumped 40.5% YoY to $77.73m from $55.34m over the same period.

Also read: OUE C-REIT's NPI leapt 48.3% to $204.95m in 2019

Income rose thanks to the contribution from the Mandarin Gallery, Mandarin Orchard Singapore and Crowne Plaza Changi Airport upon completion of the merger. As a result, the amount available for distribution also grew 44.5% YoY to $37.6m Q1.

Amongst its segments, OUE C-REIT’s commercial operations accounts for the share in the trust’s overall figures, with revenue and NPI of $60.9m and $47.1m, respectively, in Q1. The segment’s committed occupancy was 94.3% and about 14% of the gross rental income is due for renewal for the balance of 2020, with a further 28.5% of gross rental income due in 2021.

However, its properties in China showed weaker leasing momentum in Q1 as Lippo Plaza’s committed office occupancy fell 4.1 percentage points (ppt) QoQ to 85.8%. Committed occupancy at Mandarin Gallery recorded a slight decline of 0.5 ppt to 97.8% as at end-Q1, with stable average passing rent of $22.02 psf per month as of March.

As for its hospitality segment revenue in Q1 was $16.9m, which was the minimum rent under the master lease arrangements of the hotel properties in OUE C-REIT’s portfolio, whilst its NPI is $15m. Mandarin Orchard Singapore’s Q1 RevPAR fell 47.7% YoY to $110, whilst Crowne Plaza Changi Airport recorded a smaller decline of 23.9% YoY to $141. Overall, the hospitality segment RevPAR was 40.2% lower YoY at $121 in the same quarter.

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