OUE REIT Q1 NETT PROPERTY INCOME JUMP TO $60.5 million
OUE REIT has reported a 6.9% y-o-y growth in net property income (NPI) to $60.5 million for its 1QFY2023 ended March 31 as the REIT benefited from Singapore’s busy event schedule.
For the quarter, revenue increased 9.5% y-o-y to $74.9 million as Hilton Singapore Orchard increased its contribution and the REIT’s commercial properties posted resilient operating performance.
The REIT’s hospitality segment revenue for 1QFY2024 was 22.7% higher y-o-y at $26.9 million, while NPI was 15.9% higher y-o-y at $23.8 million. Revenue per available room (RevPAR) rose 23.3% y-o-y to $280.
In particular, Hilton Singapore Orchard significantly surged by 32.3% y-o-y to $308 for the quarter on the back of higher occupancy.
For 1QFY2024, the REIT’s office and retail commercial segment recorded a higher revenue of $48.0 million and NPI of $36.7 million, representing an increase of 3.3% and 1.7% y-o-y, respectively.
Modify on 2024-04-25 08:16
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
We're excited to share that OUE REIT has been included in the @Syfe REIT+ portfolio.
The Syfe REIT+ portfolio tracks the performance of iEdge S-REIT Leaders Index. As OUE REIT was included into the iEdge S-REIT Leaders Index due to its improved liquidity, Syfe REIT+ portfolio had followed suit.
Great article, would you like to share it?