OUE Hospitality Trust achieves higher distributable income and DPU than forecast
Written by The Edge
Tuesday, 05 November 2013 22:20
OUE Hospitality Trust (OUE H-Trust) said it has achieved S$16.3 million distributable income for the period from 25 July to 30 September 2013.
This is 2.7% higher than the forecast for the same period. Distribution per Stapled Security (DPS) for the period is 1.24 cents, 2.5% higher than the forecast of 1.21 cents.
OUE H-Trust is a stapled group comprising OUE Hospitality Real Estate Investment Trust (OUE H-REIT) and OUE Hospitality Business Trust (OUE H-BT) listed on 25 July 2013 on the Mainboard of the SGX.
There is no distribution declared for the period as OUE H-Trust’s first distribution after listing will be for the period from 25 July to 31 December 2013 and will be paid on or before 31 March 2014, as disclosed in the prospectus.
OUE H-REIT’s initial asset portfolio comprising the 1,065-room Mandarin Orchard Singapore and the adjoining Mandarin Gallery, has a total asset value of $1.76 billion. 14 new guest rooms were added to Mandarin Orchard Singapore after the listing of OUE Hospitality Trust, thereby increasing the number of rooms from 1,051 to 1,065. OUE H-BT is dormant.
Chong Kee Hiong, CEO of OUE Hospitality REIT Management, said: “Mandarin Orchard achieved a Revenue per Available Room (RevPAR) of $261, outperforming the forecast RevPAR of $253. This translated into higher lease revenue from the hotel. For Mandarin Gallery, the leasing of advertising space and short term leasing of outdoor areas contributed to higher rental income. Distributable income was 2.7% higher than forecast as a result of lower trust expenses.”
For Mandarin Gallery, higher revenue was recognised from the leasing of advertising panels and short term leasing of outdoor space. This also includes S$0.37 million from straight-lining of rental income.
Net property income recorded was 2.6% higher than the forecast. This was due to higher revenue recorded and higher net property income margin as a result of lower marketing and utility expenses from Mandarin Gallery.
Publish date: 05/11/13