OUE Commercial REIT (TS0U)

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
Office62.6%
Hospitality26.3%
Retail11.1%
Gross rental income
(by geographical location)
Percentage
Singapore90.1%
China9.9%

Metrics2Q 20201Q 2020
Gearing Ratio
(Aggregate Leverage)
40.1%40.2%
Weighted Average Debt to Maturity
(Average Term to Maturity)
2.1 years2.1 years
Average Cost of Debt (p.a.)3.1%3.2%
Occupancy Rate91.6%94.3%
Weighted Average Lease Expiry
(by GRI)
3.5 years3.6 years
Top 10 tenants
(gross rental income)
27.2%26.3%
Top tenant
(gross rental income)
4.9%4.9%

2Q 20202Q 20191H 20201H 2019
MetricsS$ milS$ milS$ milS$ mil
Gross Revenue64.351.9142.0107.2
Property operating
expenses
(13.9)(11.1)(29.5)(22.9)
Net Property Income50.440.8112.584.3
Distributable Income30.722.554.548.6
DPUNANA1.00c1.68c

PORTFOLIO

SINGAPORE

PropertyNPI (%)Occupancy
2Q 2020
Occupancy
1Q 2020
OUE Bayfront21.599.999.9
One Raffles Place22.492.294.8
OUE Downtown Office14.691.794.6
Mandarin Gallery5.394.497.8
Mandarin Orchard Singapore17.5NANA
Crown Plaza Changi Airport8.8NANA

PropertyValuation
($m) Jun-20
Valuation
($m) Dec-
19
Leasehold expiry
OUE Bayfront1,181.01,181.012 Nov 2106
One Raffles Place
(67.9%)
1,862.01,862.01 Nov 2826
OUE Downtown Office912.0912.019 Jul 2066
Mandarin Gallery493.0493.01 Jul 2056
Mandarin Orchard Singapore1228.01228.01 Jul 2056
Crowne Plaza Changi Airport497.0497.01 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

PropertyNPI (%)Occupancy
2Q 2020
Occupancy
1Q 2020
Lippo Plaza9.981.786.5

PropertyValuation
($m) Jun-20
Valuation
($m) Dec-19
Leasehold expiry
Lippo Plaza579.3579.32 Jul 2044

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