Meanwhile, the REIT’s NPI saw a slight decline of 3.7% y-o-y to $60.3 million, resulting from the upward revision of prior years’ property tax for Hilton Singapore Orchard and Crowne Plaza Changi Airport. On a like-for-like basis excluding the tax revision, NPI would have decreased by 1.2% y-o-y.
The manager of OUE REIT (SGX:TS0U
) says the REIT has reported a revenue of $74.8 million for 3QFY2024 ended Sept 30, 1.3% lower y-o-y.
This came on the back of lower contribution from the REIT’s hospitality segment, which saw a decline in its revenue and net property income (NPI) for 3QFY2024. Revenue fell by 1.7% y-o-y to $27.8 million, while NPI fell by 8.9% y-o-y to $24.6 million. This was due to this year’s normalisation of tourist spending on accommodation compared to the same period in FY 2023.
