OUE Hospitality Trust's Q3 distributions beat forecast

SINGAPORE - SGX Mainboard-listed OUE Hospitality Trust posted a distribution per stapled security (DPS) of 1.64 cents for the three months to Sept 30, which was 2.5 per cent more than expected.

Listed in July last year, the trust comprises stapled securities from the OUE Hospitality Real Estate Investment Trust (Reit) and OUE Hospitality Business Trust.

OUE Hospitality Trust's third quarter distributable income came in at $21.7 million, which was 2.7 per cent higher than the forecast.

Net property income was $25.4 million, 1.6 per cent higher than predicted thanks to lower property expenses.

Gross revenue was $28.5 million, 0.7 per cent higher than the forecast thanks to higher room revenue and food and beverage patronage at the Mandarin Orchard Singapore hotel.

The trust owns the Mandarin Gallery shopping mall and the Mandarin Orchard Singapore hotel on Orchard Road.

The resuts were announced after market closure. The trust's stapled securities closed 0.5 cents higher at $0.915 on Monday.