Financial Highlights

Summary of Results

FY2024 FY2023 FY2022 FY2021 FY2020
Revenue (S$'000) 295,521 285,055 241,507 249,884 292,007
Net Property Income (S$'000) 234,035 234,967 196,915 204,205 231,890
Share of Joint Venture Results (S$'000) 30,484 16,886 37,108 13,236 -
Amount to be Distributed1 (S$'000) 113,6602 115,307 116,2263 142,0324 132,8225
Distribution per Unit (Singapore cents) 2.06 2.09 2.12 2.60 2.43

Balance Sheet (As of 31 December)

FY2024 FY2023 FY2022 FY2021 FY2020
Total Assets (S$'000) 5,939,901 6,068,711 5,989,105 5,832,521 6,766,398
Total Borrowings5 (S$'000) 2,369,567 2,322,400 2,320,733 2,256,624 2,664,142
Unitholders' Funds (S$'000) 3,187,301 3,311,192 3,240,073 3,127,996 3,177,972
Market Capitalisation (S$'000) 1,565,491 1,563,486 1,830,776 2,394,747 2,087,280
Number of Units in Issue and to be Issued ('000) 5,550,064 5,492,950 5,470,950 5,449,685 5,427,850

Key Financial Ratios (As of 31 December)

FY2024 FY2023 FY2022 FY2021 FY2020
Net Asset Value per Unit (S$) 0.58 0.60 0.59 0.57 0.59
Aggregate Leverage Ratio (%) 39.9 38.2 38.8 38.7 41.2
Weighted Average All-in Cost of Debt (% per annum) 4.7 4.3 3.7 3.2 3.0
Weighted Average Debt Maturity (years) 3.0 2.4 2.9 3.0 2.3
Interest Coverage Ratio (times) 2.2 2.4 2.6 2.8 2.7
Notes
  1. Net of working capital requirements in relation to the hospitality segment
  2. Including the S$5.0 million capital distribution from the 50% divestment of OUE Bayfront in March 2021
  3. Including S$4.6 million capital distribution from divestment of OUE Bayfront in March 2021
  4. Including release of S$5.0 million of distribution retained in FY 2020 and S$5.4 million capital distribution from divestment of OUE Bayfront in March 2021
  5. S$5.0 million of distribution was retained to preserve financial flexibility in view of uncertainties posed by the COVID-19 situation
  6. Includes OUE REIT's share of OUB Centre Limited's loan and OUE Allianz Bayfront LLP's loan. OUE REIT's interest in One Raffles Place and OUE Bayfront are held via its indirect interest in OUB Centre Limited and direct interest in OUE Allianz Bayfront LLP, respectively
  7. As prescribed under Appendix 6 of the Monetary Authority of Singapore's Code on Collective Investment Schemes (last revised on 28 November 2024)