Financial Highlights

Summary of Results

FY2021 FY2020 FY2019 FY2018 FY2017
Revenue (S$'000) 249,884 292,007 257,329 176,396 176,297
Net Property Income (S$'000) 204,205 231,890 204,951 138,187 138,186
Share of Joint Venture Results (S$'000) 13,236 - - - -
Amount to be Distributed1 (S$'000) 136,6322 132,8223 123,214 71,290 69,950
Distribution per Unit (Singapore cents) 2.60 2.43 3.31 3.48 4.67

Balance Sheet (As at 31 December)

FY2021 FY2020 FY2019 FY2018 FY2017
Total Assets (S$'000) 5,832,521 6,766,398 6,888,193 4,571,142 3,573,570
Total Borrowings4 (S$'000) 2,256,624 2,664,142 2,687,127 1,675,037 1,221,058
Unitholders' Funds (S$'000) 3,127,996 3,177,972 3,318,417 2,038,092 1,407,285
Market Capitalisation (S$'000) 2,394,747 2,087,280 3,038,555 1,313,750 1,111,689
Number of Units in Issue and to be Issued (‘000) 5,449,685 5,427,850 5,392,459 2,861,589 1,546,769

Key Financial Ratios (As at 31 December)

FY2021 FY2020 FY2019 FY2018 FY2017
Net Asset Value per Unit (S$) 0.57 0.59 0.62 0.71 0.91
Aggregate Leverage Ratio (%) 38.7 41.2 40.3 39.3 37.3
Weighted Average All-in Cost of Debt (% per annum) 3.2 3.0 3.4 3.5 3.5
Weighted Average Debt Maturity (years) 3.0 2.3 2.2 3.5 2.7
Interest Coverage Ratio (times) 2.8 2.7 3.3 3.0 3.2
Adjusted Interest Coverage Ratio (times) 2.7 2.6 - - -
Notes
  1. Net of working capital requirements in relation to the hospitality segment
  2. Release of S$5.0 million of distribution retained in FY 2020 and S$5.4 million capital gain distribution from divestment of OUE Bayfront
  3. S$5.0 million of distribution was retained to preserve financial flexibility in view of uncertainties posed by the COVID-19 situation
  4. Includes OUE C-REIT's share of OUB Centre Limited's loan and BPH PropCo LLP's loan. OUE C-REIT's interest in One Raffles Place and OUE Bayfront are held via its indirect interest in OUB Centre Limited and direct interest in BPH PropCo LLP, respectively.