- OUE Commercial REIT (SGX:TS0U)'s 3Q22 distributable income fell 13% y-o-y to S$26m while estimated DPU fell 14% y-o-y to 0.48 cents, in line with our FY22F core DPU estimates. The decline was mainly due to lower income support for OUE Downtown and higher interest expenses. The hospitality segment continues to draw minimum rent despite a strong improvement in RevPAR.
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- OUE Commercial REIT obtained an unsecured S$978m sustainability-linked loan (SLL) in Aug 22 to refinance its existing secured borrowings. As a result, there are no further refinancing requirements until Sep 23, when 12% (S$283m) of total debt is due.
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Strong recovery trends from hospitality with RevPAR close to or higher than pre-COVID; retail rents have bottomed out and signings are close to pre-COVID rents.
- OUE Commercial REIT's portfolio occupancy remained relatively stable at 91.2%, mainly held up by the office portfolio (+1ppt q-o-q), offset by Mandarin Gallery, which saw a slight decline of 1.1ppt q-o-q to 89.2%.
- SG office reversions remained strong at 1.6% to 9.2%, while it remains challenging for Shanghai.
- Read more at SGinvestors.io.
