Due to the upward revision of prior years’ property tax for Hilton Singapore Orchard and Crowne Plaza Changi Airport, net property income (NPI) decreased by 2.3% y-o-y to $116.9 million in the 2HFY2024. NPI in the FY2024 also fell 0.4% y-o-y to $234.0 million.
OUE REIT has posted a 8.7% y-o-y increase in its distribution per unit (DPU) to 1.13 cents for the 2HFY2024 ended Dec 31, 2024. For the FY2024, DPU conversely fell 1.4% y-o-y to 2.06 cents.
Gross revenue in the 2HFY2024 and FY2024 grew 1.7% y-o-y and 3.7% y-o-y to $148.8 million and $295.5 million respectively. The increase was mainly due to the stable operational performance of the REIT’s Singapore office portfolio in the second half as well as the successful asset enhancement of Crowne Plaza Changi Airport which was completed in December 2023.
