OUE REIT Core 2H 2023 DPU rose 8.3% YoY
OUE REIT 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.
Key highlights:
[微笑] Core 2H 2023 DPU rose 8.3% YoY
[微笑] 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
[微笑] Aggregate leverage decreased by 1.2 ppt QoQ to 38.2% as of 31 December 2023 with no further refinancing requirements until 2025
[微笑] 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
[微笑] 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
[微笑] Completed Crowne Plaza Changi Airport asset enhancement in December 2023 with an expected 10% return on investment
[微笑] Rebranded to OUE REIT to reflect the REIT’s diversified mandate in both hospitality and commercial sectors
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