OUE REIT reported positive rental reversion of 10.8% for the quarter. Singapore office occupancy grew to 95.4% to 95.2%. Mandarin Gallery occupancy fell to 95.4% and reversion was 16%. Management expects to enjoy positive rental reversion 4QFY2024 and FY2025 forecasts.
Analysts are mixed on OUE REIT (SGX:TS0U
) following the REIT’s 3QFY2024 ended Sept 30 update released on Oct 23.
In its update, OUE REIT reported gross revenue of $74.8 million in 3QFY2024, 1.2% lower y-o-y. Net property income (NPI) was down by 3.7% y-o-y at $60.3 million. Excluding the impact of higher property taxes, NPI fell by 1.2% y-o-y. OUE REIT attributes this to the lower contribution from the hospitality segment and upward revision of prior years’ property tax for Hilton Singapore Orchard and Crowne Plaza Changi Airport.
