The firm saw stable RevPAR from Crowne Plaza Changi Airport and Mandarin Orchard Singapore.
OUE Hospitality Trust (OUEHT) saw a marginal increase of 0.08% YoY in its net property income (NPI) to $112.8m in 2018 from $112.7m in 2017, an announcement revealed. Revenue dipped 1% YoY to $129.7m from $131.1m.
In 2018, the firm recorded a 2.3% fall in its distributable income to $90.8m from $92.9m in 2017. Meanwhile, distribution per unit (DPU) also decreased 2.9% YoY to $0.499.
In Q4, OUEHT recorded an NPI decrease of 1% to $28.9m from $29.2m in Q4 2017 whilst revenue fell 2.2% to $33.1m from $33.8m. Distributable income in Q4 grew 1.3% to $23.3m from $23m a year ago whilst DPU inched up $0.128.
The firm noted that Crowne Plaza Changi Airport’s revenue per available room (RevPAR) inched up 7.7% whilst that of Mandarin Orchard Singapore marginally increased 1%.
“Mandarin Gallery has recorded its highest occupancy for the year at 99.1% as at 31 December 2018, compared to 94.6% a year ago,” Chen Yi-Chung Isaac, acting CEO of the REIT’s manager commented. “Cultivating customer-centric shopping experiences at the mall remains our key focus whilst we continue to explore opportunities to curate Mandarin Gallery and strengthen its position as a destination mall.”
OUEHT’s investment portfolio remained steady at $2.218b as of end-2018.
Do you know more about this story? Contact us anonymously through this link.