OUE Commercial REIT's Crowne Plaza Changi Airport. (Photo: REITsWeek)OUE Commercial REIT's Crowne Plaza Changi Airport. (Photo: REITsWeek)

OUE Hospitality Trust has recorded a distribution per stapled security (DPS) of 1.27 Singapore cents for its 4Q 2017, a fall of 6.6% from the 1.36 cents achieved in the corresponding period of the previous financial year.

The trust’s gross revenue for the period grew by 1.8% year-on-year to SGD33.8 million (USD25.7 million) while net property income (NPI) fell by 1.1% to SGD29.2 million, dragged down by a 15.7% fall in NPI from its retail components.

OUE Hospitality Trust’s distributable income for the quarter came in 4.2% lower at SGD23.0 million mainly due to the absence of income support from Crowne Plaza Changi Airport, and higher interest expenses.

Subsequently the trust’s DPS for FY2017 came in at 5.14 cents, 11.5% higher than what was reported for FY2016.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.