OUE REIT wrote a post · Feb 4 21:49

OUE REIT Core 2H 2023 DPU Rises 8.3% YoY

OUE REIT $OUEREIT(TS0U.SG)$ is pleased to announce robust results for the financial period 1 July 2023 to 31 December 2023 (“2H 2023”), with net property income (“NPI”) rising 15.9% year-on-year (“YoY”) to S$119.7 million, underpinned by the full reopening of Hilton Singapore Orchard and the resilient performance of Singapore commercial portfolio.

Core 2H 2023 DPU Excluding Capital Distribution Rises 8.3% YoY

Portfolio valuation increased by 1.7% YoY to S$6,276.5 million as of 31 December 2023, underpinned by higher valuations for the hotel properties and stable valuation of Singapore offices

Aggregate leverage decreased by 1.2 ppt QoQ to 38.2% as of 31 December 2023 with no further refinancing requirements until 2025

Overall hospitality segment revenue and NPI increased 48.5% and 52.2% YoY respectively in 2H 2023, driven by Hilton Singapore Orchard as well as the continued recovery of the tourism, business travel and MICE sectors in Singapore

Committed occupancy of Singapore office properties remained healthy at 95.2% as of 31 December 2023 buoyed by positive rental reversions of 12.0% in FY 2023

Completed Crowne Plaza Changi Airport asset enhancement in December 2023 with an expected 10% return on investment

Rebranded to OUE REIT to reflect the REIT’s diversified mandate in both hospitality and commercial sectors

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OUE REIT

The official account of OUE Com Reit

OUE REIT is a SGX-listed REIT with over 92% of its assets (hotels, retail and offices) located in Singapore.

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