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OUE-Hospitality Trust reported a distribution per stapled security of 1.23 Singapore cents for the third quarter ended 30 Sept, down from 1.72 cents a year ago.
This was due to lower income available for distribution and an enlarged number of stapled securities in issue following a right issue that was completed in April this year.
Gross revenue rose two per cent year on year to S$33.31 million as higher revenue from its hospitality segment helped offset the lower revenue from its retail segment. The higher revenue came from the enlarged Crowne Plaza Changi Airport (CPCA) as the 243-room extension to CPCA was acquired on Aug 1, boosting the number of rooms to 563.
Meanwhile, net property income (NPI) was 2.4 per cent higher at S$29.45 million due to higher master lease income from its hospitality segment.
Distribution income slid 3.3 per cent to S$22.3 million weighed down by lower NPI from the retail segment.
Christopher Williams, chairman of manager OUE Hospitality REIT Management, said: "The weak global economy presents a challenging operating environment. OUE H-Trust will remain focused on active asset management to optimise the performance of its assets."
The DPSS is payable on Nov 30.