As at 2020 Second Quarter Financial Results (23 July 2020)
OUE Commercial REIT (OUE C-REIT) is one of the largest diversified REIT in Singapore, listed on 27 January 2014. In September 2019, OUE C-REIT completed the merger with OUE Hospitality Trust. It has ownership/interest across commercial and hospitality segments — 6 properties in Singapore and 1 in China worth S$6.8 billion as at 30 Jun 2020. This comprises more than 2.0 million square feet of prime office and retail space, and 1,640 upscale hotel rooms.
| Gross rental income (by sector) | Percentage |
| Office | 62.6% |
| Hospitality | 26.3% |
| Retail | 11.1% |
| Gross rental income (by geographical location) | Percentage |
| Singapore | 90.1% |
| China | 9.9% |
| Metrics | 2Q 2020 | 1Q 2020 |
| Gearing Ratio (Aggregate Leverage) | 40.1% | 40.2% |
| Weighted Average Debt to Maturity (Average Term to Maturity) | 2.1 years | 2.1 years |
| Average Cost of Debt (p.a.) | 3.1% | 3.2% |
| Occupancy Rate | 91.6% | 94.3% |
| Weighted Average Lease Expiry (by GRI) | 3.5 years | 3.6 years |
| Top 10 tenants (gross rental income) | 27.2% | 26.3% |
| Top tenant (gross rental income) | 4.9% | 4.9% |
| 2Q 2020 | 2Q 2019 | 1H 2020 | 1H 2019 | |
| Metrics | S$ mil | S$ mil | S$ mil | S$ mil |
| Gross Revenue | 64.3 | 51.9 | 142.0 | 107.2 |
| Property operating expenses | (13.9) | (11.1) | (29.5) | (22.9) |
| Net Property Income | 50.4 | 40.8 | 112.5 | 84.3 |
| Distributable Income | 30.7 | 22.5 | 54.5 | 48.6 |
| DPU | NA | NA | 1.00c | 1.68c |
PORTFOLIO
SINGAPORE
| Property | NPI (%) | Occupancy 2Q 2020 | Occupancy 1Q 2020 |
| OUE Bayfront | 21.5 | 99.9 | 99.9 |
| One Raffles Place | 22.4 | 92.2 | 94.8 |
| OUE Downtown Office | 14.6 | 91.7 | 94.6 |
| Mandarin Gallery | 5.3 | 94.4 | 97.8 |
| Mandarin Orchard Singapore | 17.5 | NA | NA |
| Crown Plaza Changi Airport | 8.8 | NA | NA |
| Property | Valuation ($m) Jun-20 | Valuation ($m) Dec-19 | Leasehold expiry |
| OUE Bayfront | 1,181.0 | 1,181.0 | 12 Nov 2106 |
| One Raffles Place (67.9%) | 1,862.0 | 1,862.0 | 1 Nov 2826 |
| OUE Downtown Office | 912.0 | 912.0 | 19 Jul 2066 |
| Mandarin Gallery | 493.0 | 493.0 | 1 Jul 2056 |
| Mandarin Orchard Singapore | 1228.0 | 1228.0 | 1 Jul 2056 |
| Crowne Plaza Changi Airport | 497.0 | 497.0 | 1 Jul 2083 |
Net property income in 2020 was higher year-on-year due primarily to contribution from Mandarin Gallery, Mandarin Orchard Singapore and Crowne Plaza Changi Airport upon completion of the merger with OUE Hospitality Trust in 2019.
CHINA
| Property | NPI (%) | Occupancy 2Q 2020 | Occupancy 1Q 2020 |
| Lippo Plaza | 9.9 | 81.7 | 86.5 |
| Property | Valuation ($m) Jun-20 | Valuation ($m) Dec-19 | Leasehold expiry |
| Lippo Plaza | 579.3 | 579.3 | 2 Jul 2044 |
Theory of Constraints 