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OUE Hospitality Trust Q4 DPS up 0.8%

OUE Hospitality Trust's (OUE H-Trust) distribution per stapled security (DPS) for the fourth quarter ended Dec 31, 2018 rose to 1.28 Singapore cents, up 0.8 per cent from 1.27 Singapore cents.

The increase was due to lower interest expense and higher contribution from the retail segment, partially offset by lower income received from the hospitality segment.

Gross revenue fell 2.2 per cent to S$33.1 million on the back of lower contributions from both the hospitality and retail segments. Its asset portfolio comprises the 1,077-room Mandarin Orchard Singapore, the adjoining Mandarin Gallery, and the 563-room Crowne Plaza Changi Airport hotel.

Net property income was down one per cent to S$28.9 million due to lower gross revenue from the properties, partially mitigated by lower property expenses. Income available for distribution climbed 1.3 per cent to S$23.3 million.

The distribution payment date is Feb 28. The books closure date is Feb 8.