Financial Highlights
Summary of Results
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|
| Revenue (S$'000) | 285,055 | 241,507 | 249,884 | 292,007 | 257,329 |
| Net Property Income (S$'000) | 234,967 | 196,915 | 204,205 | 231,890 | 204,951 |
| Share of Joint Venture Results (S$'000) | 16,886 | 37,108 | 13,236 | - | - |
| Amount to be Distributed1 (S$'000) | 115,307 | 116,2262 | 142,0323 | 132,8224 | 123,214 |
| Distribution per Unit (Singapore cents) | 2.09 | 2.12 | 2.60 | 2.43 | 3.31 |
Balance Sheet (As of 31 December)
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|
| Total Assets (S$'000) | 6,068,711 | 5,989,105 | 5,832,521 | 6,766,398 | 6,888,193 |
| Total Borrowings5 (S$'000) | 2,322,400 | 2,320,733 | 2,256,624 | 2,664,142 | 2,647,990 |
| Unitholders' Funds (S$'000) | 3,311,192 | 3,240,073 | 3,127,996 | 3,177,972 | 3,318,417 |
| Market Capitalisation (S$'000) | 1,563,486 | 1,830,776 | 2,394,747 | 2,087,280 | 3,042,750 |
| Number of Units in Issue and to be Issued ('000) | 5,492,950 | 5,470,950 | 5,449,685 | 5,427,850 | 5,392,459 |
Key Financial Ratios (As of 31 December)
| FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|
| Net Asset Value per Unit (S$) | 0.60 | 0.59 | 0.57 | 0.59 | 0.62 |
| Aggregate Leverage Ratio (%) | 38.2 | 38.8 | 38.7 | 41.2 | 40.3 |
| Weighted Average All-in Cost of Debt (% per annum) | 4.3 | 3.7 | 3.2 | 3.0 | 3.4 |
| Weighted Average Debt Maturity (years) | 2.4 | 2.9 | 3.0 | 2.3 | 2.2 |
| Interest Coverage Ratio (times) | 2.4 | 2.6 | 2.8 | 2.7 | 3.3 |
| Adjusted Interest Coverage Ratio (times) | 2.4 | 2.5 | 2.7 | 2.6 | - |
Notes
- Net of working capital requirements in relation to the hospitality segment
- Including S$4.6 million capital distribution from divestment of OUE Bayfront in March 2021
- 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
- S$5.0 million of distribution was retained to preserve financial flexibility in view of uncertainties posed by the COVID-19 situation
- 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.
