OUE Hospitality Trust on Monday posted a 4.5 per cent drop in its distribution per stapled security (DPS) to 1.7 Singapore cents for its fourth quarter ended Dec 31, 2015. This was down from the 1.78 cents paid out a year ago.
Gross revenue rose 8.6 per cent to S$33 million in Q4, while net property income rose 7 per cent to S$28.8 million.
"The higher revenue and net property income are attributable to the contribution from Crowne Plaza Changi Airport which was acquired on 30 January 2015," it said.
However, lower contribution from Mandarin Orchard Singapore hotel and Mandarin Gallery resulted in distribution income falling 3.3 per cent to S$22.8 million.
The trust said it expects to acquire the Crowne Plaza Changi Airport extension of 243 rooms by the second half of 2016, following the completion of the construction of the extension and on receipt of the Temporary Occupation Permit.
In addition, renovations for Mandarin Orchard Singapore will continue into 2016. The remaining 270 of the 430 guest rooms to be renovated will be refurbished in phases. This refurbishment is funded by the sponsor, OUE Limited.
The distribution payment date is Feb 26, 2016. The books closure date is Feb 2, 2016.
The counter added one cent or 1.4 per cent to S$0.745 on Monday.