OUE Hospitality Trust has reported a distribution per stapled security (DPS) of 1.21 Singapore cents for its 2Q 2017, an increase of 31.5% year-on-year from the 0.92 cents achieved in the corresponding period of 2016.
The trust’s gross revenue and net property income (NPI) for the quarter came in at SGD31.2 million (USD23 million) and SGD26.6 million, which were 16% and 15% higher respectively that what was reported in 2Q 2016.
Accordingly distributable income of SGD21.8 million for the period came in at SGD21.8 million, 31.8% higher than the corresponding period in the previous financial year.
OUE Hospitality Trust has attributed the quarter’s results mainly to higher contributions from both the hospitality and retail segments.
“For the hospitality segment, Mandarin Orchard Singapore has performed well in both room sales and the food and beverage divisions, whilst the enlarged Crowne Plaza Changi Airport has contributed to an increase in master lease income to [OUE Hospitality Trust]”, said, Christopher Williams, Chairman of the trust’s REIT component’s manager.