OUE Hospitality Trust (OUE H-Trust) has delivered better-than-forecast distributable income of $22.1 million, up 4.3 per cent against an initial guidance.
Net property income rose by 2.7 per cent to $25.6 million for the three months to March 31.
In line with higher net property income and lower trust expenses, distribution per stapled security amounted to 1.68 cents, up from the forecast of 1.61 cents.
Mr Chong Kee Hiong, chief executive of OUE Hospitality Reit Management, which manages the trust, attributed the outperformance to higher master lease rental for Mandarin Orchard Singapore and higher net property income achieved by Mandarin Gallery.
"Mandarin Orchard's better than forecast operating performance is mainly attributable to higher food and beverage (F&B) revenue. The hotel's move to increase room revenue from the corporate guests segment has increased the number of corporate meetings held in the hotel contributing to higher food and beverage (F&B) sales," he said
Gross revenue of $28.7 million was 1.4 per cent higher than the forecast.