Financial Highlights

Summary of Results

FY2025 FY2024 FY2023 FY2022 FY2021
Revenue (S$'000) 273,611 295,521 285,055 241,507 249,884
Net Property Income (S$'000) 219,579 234,035 234,967 196,915 204,205
Share of Joint Venture Results of OUE Bayfront1 (S$'000) 14,460 9,684 8,565 13,026 12,785
Amount to be Distributed2 (S$'000) 123,752 113,6603 115,307 116,2264 142,0325
Distribution per Unit (Singapore cents) 2.23 2.06 2.09 2.12 2.60

Balance Sheet (As of 31 December)

FY2025 FY2024 FY2023 FY2022 FY2021
Total Assets (S$'000) 5,570,213 5,939,901 6,068,711 5,989,105 5,832,521
Total Borrowings7 (S$'000) 2,168,267 2,369,567 2,322,400 2,320,733 2,256,624
Unitholders' Funds (S$'000) 3,092,920 3,187,301 3,311,192 3,240,073 3,127,996
Market Capitalisation (S$'000) 1,987,964 1,565,491 1,563,486 1,830,776 2,394,747
Number of Units in Issue and to be Issued ('000) 5,524,617 5,550,064 5,492,950 5,470,950 5,449,685

Key Financial Ratios (As of 31 December)

FY2025 FY2024 FY2023 FY2022 FY2021
Net Asset Value per Unit (S$) 0.56 0.58 0.60 0.59 0.57
Aggregate Leverage Ratio (%) 38.5 39.9 38.2 38.8 38.7
Weighted Average All-in Cost of Debt (% per annum) 3.9 4.7 4.3 3.7 3.2
Weighted Average Debt Maturity (years) 3.3 3.0 2.4 2.9 3.0
Interest Coverage Ratio8 (times) 2.4 2.2 2.4 2.5 2.7
Notes
  1. Share of results from joint venture of OUE Bayfront after distribution adjustments
  2. Net of working capital requirements
  3. Including the release of the remaining S$5.0 million capital distribution in FY2024 relating to the 50.0% divestment of OUE Bayfront completed in FY2021
  4. Excluding the release of the remaining S$4.6 million capital distribution in FY2024 relating to the 50.0% divestment of OUE Bayfront completed in FY2021
  5. Including release of S$5.0 million of distribution retained in FY 2020 and S$5.4 million capital distribution relating to the 50.0% divestment of OUE Bayfront completed in FY2021
  6. S$5.0 million of distribution was retained to preserve financial flexibility in view of uncertainties posed by the COVID-19 situation
  7. 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
  8. As prescribed under Appendix 6 of the Monetary Authority of Singapore's Code on Collective Investment Schemes (last revised on 28 November 2024)