{"id":353,"date":"2017-05-05T19:08:29","date_gmt":"2017-05-05T11:08:29","guid":{"rendered":"http:\/\/reits.yieldsavvy.com\/singapore\/?p=353"},"modified":"2017-05-05T19:18:13","modified_gmt":"2017-05-05T11:18:13","slug":"oue-com-reit-financial-results-ending-31-mar-2017","status":"publish","type":"post","link":"https:\/\/reits.yieldsavvy.com\/singapore\/2017\/05\/oue-com-reit-financial-results-ending-31-mar-2017\/","title":{"rendered":"OUE Com Reit Financial Results Ending 31 Mar 2017"},"content":{"rendered":"<blockquote><p>&#8220;Against a backdrop of subdued macroeconomic and office market conditions, we are pleased to announce a commendable set of results. OUE C-REIT achieved an amount available for distribution of S$16.6 million and DPU of 1.23 cents in 1Q 2017, due to resilient operational performance of the properties in its portfolio. Steady revenue and net property income growth was driven by higher occupancy at OUE Bayfront and One Raffles Place, as well as continued rental growth at Lippo Plaza.&#8221;<\/p>\n<p>Ms Tan Shu Lin, Chief Executive Officer<\/p><\/blockquote>\n<p>1.23 cents SGD (1Q 2017)<\/p>\n<p><!--more--><\/p>\n<div class=\"page\" title=\"Page 1\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<h2>OUE C-REIT Achieved Distribution of S$16.6 million, DPU of 1.23 Cents in 1Q 2017<\/h2>\n<div class=\"page\" title=\"Page 1\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<ul>\n<li>1Q 2017 amount available for distribution of S$16.6 million, distribution per unit (\u201cDPU\u201d) of 1.23 cents<\/li>\n<li>Committed office occupancy at all three properties increased in 1Q 2017 despite the challenging macroeconomic and office market environment, lifting overall portfolio committed occupancy 1.0 percentage points quarter-on-quarter to 95.8% as at 31 March 2017<\/li>\n<li>Strengthened balance sheet and improved financial flexibility, with lower aggregate leverage of 36.2% as at 31 March 2017<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>OUE Commercial REIT Management Pte. Ltd., in its capacity as manager (the \u201cManager\u201d) of OUE Commercial REIT (\u201cOUE C-REIT\u201d), wishes to announce an amount available for distribution of S$16.6 million for the financial period 1 January 2017 to 31 March 2017 (\u201c1Q 2017\u201d). 1Q 2017 DPU was 1.23 cents.<\/p>\n<div class=\"page\" title=\"Page 2\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>OUE C-REIT achieved 1Q 2017 revenue of S$44.8 million, an increase of 4.4% over the same period last year due to strong performance from all three properties in the portfolio. Accordingly, net property income of S$34.6 million was 4.2% higher year-on year (\u201cYoY\u201d).<\/p>\n<p>Amount available for distribution of S$16.6 million in 1Q 2017 was lower compared to the same period last year, mainly due to an adjustment for the amount set aside for the transfer of China-sourced profits from Lippo Plaza to statutory reserve. This is a prudent measure by the Manager to maintain sustainable distribution to Unitholders.<\/p>\n<p>Ms Tan Shu Lin, Chief Executive Officer of the Manager, said, \u201cAgainst a backdrop of subdued macroeconomic and office market conditions, we are pleased to announce a commendable set of results. OUE C-REIT achieved an amount available for distribution of S$16.6 million and DPU of 1.23 cents in 1Q 2017, due to resilient operational performance of the properties in its portfolio. Steady revenue and net property income growth was driven by higher occupancy at OUE Bayfront and One Raffles Place, as well as continued rental growth at Lippo Plaza.<\/p>\n<div class=\"page\" title=\"Page 2\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Committed office occupancy at all three properties in OUE C-REIT\u2019s portfolio increased in 1Q 2017, lifting portfolio committed occupancy by 1.0 percentage points (\u201cppt\u201d) quarter-on-quarter (\u201cQoQ\u201d) to 95.8% as at 31 March 2017. Further, committed rents for new and renewed leases in 1Q 2017 were in line with or higher than current market rates. However, some renewal leases in the Singapore properties were committed at below expiring rents.<\/p>\n<p>In view of the headwinds faced in both the office markets of Singapore and Shanghai, the Manager will continue to focus its efforts to proactively attract and retain tenants to ensure stability of occupancy rates. We will also focus on active cost management measures so as to mitigate any impact of lower committed rents on rental income. Together with our prudent and disciplined approach to capital management, we remain committed to delivering stable and sustainable returns for our Unitholders.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"page\" title=\"Page 3\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<h2>Resilient Operational Performance<\/h2>\n<p>Committed office occupancy at all three properties in OUE C-REIT\u2019s portfolio increased QoQ as at 1Q 2017, outperforming their respective office markets which saw declines in CBD office occupancy. In Singapore, core CBD office occupancy declined 0.2 ppt QoQ to 95.6% as at 1Q 2017, while overall Shanghai CBD Grade A office occupancy corrected 2.2 ppt QoQ to 87.6% in the same period.<\/p>\n<p>OUE Bayfront achieved committed occupancy of 100% as at 31 March 2017, compared to Singapore\u2019s core CBD office occupancy of 95.6% in the same period. The property\u2019s office rents continued to command a premium over the market, with committed rents for new and renewed office leases in 1Q 2017 ranging from S$10.00 psf per month to S$11.70 psf per month, compared to Grade A CBD core office rents of S$8.95 psf per month. Average passing office rent for OUE Bayfront was S$11.67 psf per month for March 2017.<\/p>\n<p>Attesting to the Manager\u2019s proactive leasing strategy, we continued to deliver a fifth consecutive quarter of increase in office occupancy rate at One Raffles Place. Committed office occupancy at One Raffles Place improved 0.8 ppt QoQ and 2.4 ppt YoY to 93.0% as at 31 March 2017. Office rents achieved in 1Q 2017 for new and renewed leases ranged from S$8.00 psf per month to S$10.20 psf per month. Average passing office rent was stable at S$10.21 psf per month for March 2017.<\/p>\n<div class=\"page\" title=\"Page 3\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>As at 31 March 2017, Lippo Plaza\u2019s committed office occupancy increased 1.3 ppt QoQ to 95.8%, significantly above the overall Shanghai CBD Grade A occupancy of 87.6% and the Puxi average office occupancy of 87.2%. With the range of committed rents for new and renewed office leases from RMB8.00 psm per day to RMB11.30 psm per day, average passing office rent continued to rise, registering a 3.5% YoY increase to RMB9.88 psm per day for March 2017.<\/p>\n<div class=\"page\" title=\"Page 4\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>In view of the completion of significant office supply in Singapore, the Manager has proactively termed out the expiry of office leases at OUE Bayfront such that more than 75% of the property\u2019s gross rental income is due for renewal only in 2019 and beyond as at 31 March 2017. At the portfolio level, about 13.0% of OUE C-REIT\u2019s gross rental income is due for renewal in 2017 compared to 20.9% at the beginning of the year.<\/p>\n<p>&nbsp;<\/p>\n<h2>Prudent Capital Management<\/h2>\n<p>In line with the Manager\u2019s prudent and proactive approach to capital management, the Singapore dollar loans due in 2017 and 2019 were refinanced ahead of maturity in January 2017, with a new five-year facility due in 2022. Accordingly, OUE C- REIT\u2019s average term of debt increased to 3.3 years as at 31 March 2017, from 1.5 years a quarter ago. OUE C-REIT has no refinancing requirement in 2017.<\/p>\n<p>On 17 March 2017, the Manager issued 233.3 million new Units to raise gross proceeds of S$150.0 million via a private placement to institutional and local investors. The net proceeds were used to pare down existing borrowings, thus strengthening OUE C-REIT\u2019s balance sheet and enhancing financial flexibility. Aggregate leverage improved to 36.2% as at 31 March 2017, compared to 39.8% as at 31 December 2016, with a weighted average cost of debt as at 1Q 2017 of 3.4% per annum.<\/p>\n<div class=\"page\" title=\"Page 4\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Approximately 81.2% of borrowings are on fixed rate basis with an average term of fixed rate debt of 2.5 years, providing a hedge against interest rate volatility in an environment of rising interest rates.<\/p>\n<p>For 1Q 2017, the Manager has elected to receive 20% of its base management fees to be paid in cash, with the balance in Units.<\/p>\n<p>&nbsp;<\/p>\n<h2>Outlook<\/h2>\n<div class=\"page\" title=\"Page 5\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Core CBD occupancy in Singapore dipped 0.2 ppt QoQ to 95.6% with net absorption falling back to negative territory at -47,439 sq ft in 1Q 2017 according to CBRE. The rate of decline in CBD Grade A office rents continued to slow, with rents declining by 1.6% QoQ to S$8.95 psf per month. Leasing activity was driven by higher quality office buildings and new developments, due to more competitive rents on offer. There was some expansion in demand from the technology and media sector, as well as signs of improved interest from the financial services sector. While pre-commitment levels for projects slated to complete in 2Q 2017 continue to improve, increasing vacancy remains a concern in the coming quarters as occupiers, who are still fulfilling existing lease terms prior to relocation, vacate their existing premises.<\/p>\n<p>While the decline in Singapore office rents has slowed, current market rents are still lower than that in 2014, when most of OUE C-REIT\u2019s Singapore leases expiring in 2017 were committed. Hence, negative rental reversions for leases due for renewal in 2017 may be expected.<\/p>\n<p>According to Colliers International, Shanghai CBD Grade A office rents softened 0.8% QoQ to RMB10.4 psm per day as at 1Q 2017. While demand was strong, occupancy nevertheless declined 2.2 ppt QoQ to 87.6% as at 1Q 2017, due to significant new office completions during the quarter which increased stock by 4.8% QoQ to 6.4 million sq m. In Puxi, where Lippo Plaza is located, Grade A office occupancy moderated by 1.3 ppt QoQ to 87.2%, with rents also declining 1.4% QoQ to RMB 9.3 psm per day.<\/p>\n<div class=\"page\" title=\"Page 5\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>In view of further new office supply coming on-stream in Shanghai in 2017, the overall CBD Grade A vacancy rate may continue to increase in the coming quarters and hence the rental outlook continues to be soft.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"page\" title=\"Page 6\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<h2>IMPORTANT NOTICE<\/h2>\n<p>The value of units in OUE C-REIT (\u201cUnits\u201d) and the income derived from them, if any, may fall or rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. The past performance of OUE C-REIT is not necessarily indicative of the future performance of OUE C-REIT.<\/p>\n<div class=\"page\" title=\"Page 7\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Investors should note that they will have no right to request the Manager to redeem or purchase their Units for so long as the Units are listed on the SGX-ST. It is intended that holders of Units may only deal in their Units through trading on the SGX-ST. The listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.<\/p>\n<p>This press release may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager\u2019s current view of future events.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Against a backdrop of subdued macroeconomic and office market conditions, we are pleased to announce a commendable set of results. OUE C-REIT achieved an amount available for distribution of S$16.6 million and DPU of 1.23 cents in 1Q 2017, due to resilient operational performance of the properties in its portfolio. Steady revenue and net property &#8230; <a title=\"OUE Com Reit Financial Results Ending 31 Mar 2017\" class=\"read-more\" href=\"https:\/\/reits.yieldsavvy.com\/singapore\/2017\/05\/oue-com-reit-financial-results-ending-31-mar-2017\/\" aria-label=\"Read more about OUE Com Reit Financial Results Ending 31 Mar 2017\">Read more<\/a><\/p>\n","protected":false},"author":4,"featured_media":358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"generate_page_header":"","footnotes":""},"categories":[34],"tags":[6,71],"class_list":["post-353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oue-com-reit-ts0u","tag-financial-results","tag-oue-com-reit-ts0u"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OUE Com Reit Financial Results Ending 31 Mar 2017 - YieldSavvy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reits.yieldsavvy.com\/singapore\/2017\/05\/oue-com-reit-financial-results-ending-31-mar-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OUE Com Reit Financial Results Ending 31 Mar 2017 - YieldSavvy\" \/>\n<meta property=\"og:description\" content=\"&#8220;Against a backdrop of subdued macroeconomic and office market conditions, we are pleased to announce a commendable set of results. 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OUE C-REIT achieved an amount available for distribution of S$16.6 million and DPU of 1.23 cents in 1Q 2017, due to resilient operational performance of the properties in its portfolio. Steady revenue and net property ... 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