OUE REIT reports $74.8 mil 3QFY2024 revenue, 1.3% lower y-o-y

Ashley Lo2024-10-23

This came on the back of lower contribution from the REIT’s hospitality segment, which saw a decline in its revenue and net property income. The manager of OUE REIT Ts0u says the REIT has reported a ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOUE REIT reports $74.8 mil 3QFY2024 revenue, 1.3% lower y-o-y\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-23 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/capital/results/oue-reit-reports-748-mil-3qfy2024-revenue-13-lower-y-o-y?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS><strong>Ashley Lo</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>This came on the back of lower contribution from the REIT’s hospitality segment, which saw a decline in its revenue and net property income. \nThe manager of OUE REIT Ts0u says the REIT has reported a ...</p>\n\n<a href=\"https://www.theedgesingapore.com/capital/results/oue-reit-reports-748-mil-3qfy2024-revenue-13-lower-y-o-y?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CFA.SI","symbol_name":"NikkoAM-STC Asia REIT","start_time":0,"source_url":"https://www.theedgesingapore.com/capital/results/oue-reit-reports-748-mil-3qfy2024-revenue-13-lower-y-o-y?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","article_id":"2477185475","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2477185475","pubTimestamp":1729656177,"columns":[],"sourceInfo":{"source_id":"edge_highlight","name":"Edge"},"weMediaInfo":null,"summary":"This came on the back of lower contribution from the REIT’s hospitality segment, which saw a decline in its revenue and net property income. \n","collect":0,"end_time":0,"defaultTopTitle":"theedgesingapore.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"CFA.SI":"NikkoAM-STC Asia REIT","LJ3.SI":"华联企业有限公司","REIT":"ALPS Active REIT ETF"},"translate_title":"OUE REIT报告2024财年第三季度收入为7480万美元，同比下降1.3%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CFA.SI":1,"LJ3.SI":1,"REIT":1},"content_text":"This came on the back of lower contribution from the REIT’s hospitality segment, which saw a decline in its revenue and net property income. \nThe manager of OUE REIT Ts0u says the REIT has reported a revenue of $74.8 million for 3QFY2024 ended Sept 30, 1.3% lower y-o-y. \nThis came on the back of lower contribution from the REIT’s hospitality segment, which saw a decline in its revenue and net property income (NPI) for 3QFY2024. Revenue fell by 1.7% y-o-y to $27.8 million, while NPI fell by 8.9% y-o-y to $24.6 million. This was due to this year’s normalisation of tourist spending on accommodation compared to the same period in FY 2023. \nMeanwhile, the REIT’s NPI saw a slight decline of 3.7% y-o-y to $60.3 million, resulting from the upward revision of prior years’ property tax for Hilton Singapore Orchard and Crowne Plaza Changi Airport. On a like-for-like basis excluding the tax revision, NPI would have decreased by 1.2% y-o-y.\nHan Khim Siew, CEO of the manager, says, “OUE REIT’s strategy of having a balanced portfolio continued to deliver resilient performance in 3QFY2024. In the commercial segment, our Singapore offices secured high occupancy and strong rental reversion despite a softening of the near-term leasing market. In the hospitality segment, we are pleased to report that Crowne Plaza Changi Airport enjoyed robust performance following its successful asset enhancement program last year.”\nFor 3QFY2024, the REIT’s commercial segment recorded a revenue of $$47.0 million, 1.1% lower y-o-y due to lower contribution from Lippo Plaza. That said, NPI grew by 0.3% y-o-y to $35.7 million, resulting from the REIT’s cost management measures.\nThe managers adds that the REIT’s office performance “remained strong” as committed occupancy increased by 0.2 percentage points (ppt) q-o-q to 95.4%, as at Sept 30. Rental reversion stood at 10.8% for office lease renewals, while the average passing rent increased by 0.4% q-o-q to $10.61 per sqf per month in September. \nAdditionally, the REIT has also issued its first seven-year green notes rated “BBB-” by S&P Global Ratings. \nWith an initial price guidance of 4.15%, OUE REIT’s offering was 3.2 times oversubscribed with a peak $320 million orderbook on an initial $100 million target size. \nAccording to the manager, the issuance recorded a final orderbook of $300 million at 1.7 times oversubscription of the final upsized offer. \nAs a result, the REIT currently has 6.7% of total debt due 2025, with a weighted average debt maturity extended to 2.9 years as at Sept 30.  The REIT’s aggregate leverage remained stable at 39.3%. \nThe manager says that with 70.5% of the total debt hedged, it is able to preserve financial flexibility” in the current interest rate environment. The REIT’s interest coverage ratio (ICR) and adjusted ICR, calculated according to MAS’ guidelines, remained stable at 2.2 times respectively. \nUnits in OUE REIT closed flat at 30 cents on Oct 23.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2477185475"}