OUE REIT posts 2.3% NPI decline to $116.9m in H2 2024

This was due to the upward revision of prior years’ property tax for Hilton Singapore Orchard and Crowne Plaza Changi Airport.

OUE REIT’s net property income (NPI) decreased by 2.3% year-on-year (YoY) to $116.9m in H2 2024, according to a bourse filing.

This was due to the upward revision of prior years’ property tax for Hilton Singapore Orchard and Crowne Plaza Changi Airport.

Its revenue increased by 1.7% YoY to $148.8m, mainly attributed to the stable performance of OUE REIT’s Singapore portfolio as well as the successful asset enhancement of Crowne Plaza Changi Airport, which was completed in December 2023.

As of 31 December 2024, the valuation of OUE REIT’s properties increased by 0.2% YoY to $5.8b on a like-for-like basis.

Consequently, net asset value per unit stood at $0.58.