OUE Hospitality Trust's distributable income exceeds forecast

OUE Hospitality Trust has achieved $16.3 million distributable income for the period from July 25 to Sept 30.

This is 2.7 per cent higher than forecast in the initial public offering prospectus.

Distribution per stapled security amounted to 1.24 cents, 2.5 per cent higher than the forecast of 1.21 cents.

There is no distribution declared for the period as OUE H-Trust's first distribution after listing will be for the period from July 25 to Dec 31. This will be paid on or before March 31, 2014.

Gross revenue recorded was 1.9 per cent higher than forecast.

This was due to higher revenue recognised from Mandarin Orchard and Mandarin Gallery.

Strong performance of the hotel contributed to higher gross revenue recorded by Mandarin Orchard as the achieved revenue per available room or RevPAR of $261 came in above the forecast of $253.

This translated into higher lease revenue recognised as the rental income is pegged to a percentage of gross operating revenue and gross operating profit of Mandarin Orchard.

For Mandarin Gallery, higher revenue was recognised from the leasing of advertising panels and short term leasing of outdoor space.