OUE C-REIT Q1 2023 Net Property Income Up 18% Year-on-Year, Discussing Refinancing of Borrowings Due September
May 13 – OUC C-REIT’s revenue for Q1 2023 increased by 14.9% year-on-year to S$68.4 million mainly driven by higher contributions from Hilton Singapore Orchard and Singapore commercial properties. Net property income increased by 18.0% year-on-year to S$56.6 million.
“Looking ahead, the elevated interest rate environment continues to be challenging on interest costs for REITs including OUE C-REIT, and we expect higher interim interest expense to impact upcoming distributions in 2023. As part of proactive balance sheet management, the manager has initiated and is already in advanced discussion with banks on the early refinancing of S$263 million of borrowings due September 2023,” Han Khim Siew, CEO of the manager, said.