OUE Hospitality Trust is a stapled group comprising OUE Hospitality Real Estate Investment Trust (OUE H-REIT) and OUE Hospitality Business Trust (OUE H-BT), listed on the Mainboard of Singapore Exchange Securities Trading Limited. OUE H-REIT was established with the principal investment strategy of investing, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for hospitality and/or hospitality-related purposes 1 , whether wholly or partially, as well as real estate-related assets. OUE H-REIT’s asset portfolio comprising two hotels — the 1,077-room Mandarin Orchard Singapore and the 563-room Crowne Plaza Changi Airport, and a high-end retail mall — Mandarin Gallery, has a portfolio value of approximately S$2.2 billion as at 31 December 2018. OUE H-BT 2 is dormant. OUE H-REIT is managed by OUE Hospitality REIT Management Pte. Ltd., which is wholly-owned by OUE Limited (OUE). OUE H-BT is managed by OUE Hospitality Trust Management Pte. Ltd., which is also wholly-owned by OUE. OUR PORTFOLIO OF WELL-LOCATED QUALITY ASSETS Valuation 3 MANDARIN ORCHARD SINGAPORE CROWNE PLAZA CHANGI AIRPORT MANDARIN GALLERY S$1,227 million Number of Guest Rooms 1,077 Remaining Term of Lease 3 Approximately 37.5 years Master Lease Details Master Lessee Term Valuation 3 S$497 million Number of Guest Rooms 563 Remaining Term of Lease 3 Approximately 64.5 years Valuation 3 S$494 million Net Lettable Area Approximately 126,283 sq ft Remaining Term of Lease 3 Approximately 37.5 years Master Lease Details Master Lessee Term MANDARIN ORCHARD SINGAPORE CROWNE PLAZA CHANGI AIRPORT MANDARIN GALLERY 1 Real estate which is used for hospitality purposes includes hotels, serviced residences, resorts and other lodging facilities, whether in existence by themselves as a whole or as part of larger mixed-use developments, which may include commercial, entertainment, retail and leisure facilities, while properties which are used for hospitality-related purposes include retail and/or commercial assets which are either complementary to or adjoining hospitality assets which are owned by OUE H-REIT or which OUE H-REIT has committed to buy. 2 Dormant as at listing and is the master lessee of last resort. 3 As at 31 December 2018. OUE Limited Initial term of 15 years to expire in July 2028 with an option for the Master Lessee to extend for another 15 years upon expiry Initial term of Master Lease to expire in May 2028 with an option for the Master Lessee to extend for an additional two consecutive five-year terms OUE Airport Hotel Pte. Ltd.
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OUE Hospitality Trust is a stapled group comprising OUE Hospitality Real Estate Investment Trust (OUE H-REIT) and OUE Hospitality Business Trust (OUE H-BT), listed on the Mainboard of Singapore Exchange Securities Trading Limited.
OUE H-REIT was established with the principal investment strategy of investing, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for hospitality and/or hospitality-related purposes
1, whether wholly or partially, as well as real estate-related assets.
OUE H-REIT’s asset portfolio comprising two hotels — the 1,077-room Mandarin Orchard Singapore and the 563-room Crowne Plaza Changi Airport, and a high-end retail mall — Mandarin Gallery, has a portfolio value of approximately S$2.2 billion as at 31 December 2018.
OUE H-BT2 is dormant.
OUE H-REIT is managed by OUE Hospitality REIT Management Pte. Ltd., which is wholly-owned by OUE Limited (OUE). OUE H-BT is managed by OUE Hospitality Trust Management Pte. Ltd., which is also wholly-owned by OUE.
OUR PORTFOLIO OF WELL-LOCATED QUALITY ASSETS
Valuation3
MANDARIN ORCHARD SINGAPORE CROWNE PLAZA CHANGI AIRPORT MANDARIN GALLERY
S$1,227 million
Number of Guest Rooms
1,077
Remaining Term of Lease3
Approximately 37.5 years
Master Lease DetailsMaster Lessee
Term
Valuation3
S$497 million
Number of Guest Rooms
563
Remaining Term of Lease3
Approximately 64.5 years
Valuation3
S$494 million
Net Lettable Area
Approximately 126,283 sq ft
Remaining Term of Lease3
Approximately 37.5 years
Master Lease DetailsMaster Lessee
Term
MANDARIN ORCHARD SINGAPORE
CROWNE PLAZA CHANGI AIRPORT
MANDARIN GALLERY
1 Real estate which is used for hospitality purposes includes hotels, serviced residences, resorts and other lodging facilities, whether in existence by themselves as a whole or as part of larger mixed-use developments, which may include commercial, entertainment, retail and leisure facilities, while properties which are used for hospitality-related purposes include retail and/or commercial assets which are either complementary to or adjoining hospitality assets which are owned by OUE H-REIT or which OUE H-REIT has committed to buy.
2 Dormant as at listing and is the master lessee of last resort.
3 As at 31 December 2018.
OUE Limited
Initial term of 15 years to expire in July 2028 with an option for the Master Lessee to extend for another 15 years upon expiry
Initial term of Master Lease to expire in May 2028 with an option for the Master Lessee to extend for an additional two consecutive five-year terms
38.8% 2.5% p.a. 2.5 years 4.7x 71% S$0.75 S$1,219.7m
QUALITY PORTFOLIO
4 Based on independent valuations as at 31 December 2018.
5 As at 31 December 2018.6 The lower DPS in FY2016 was primarily due to
enlarged number of Stapled Securities arising from the Rights Issue exercise on the basis of 33 Rights Stapled Securities for every 100 Existing Stapled Securities in April 2016.
7 Based on DPS for the financial period and last traded price of the respective periods.
8 Based on FY2018 DPS.
IMPORTANT NOTICE:
The information in this fact sheet is based on OUE Hospitality Trust’s financial results announcement for the period ended 31 December 2018, unless otherwise stated. This fact sheet is for information only and does not constitute an invitation or o�er to acquire, purchase or subscribe for OUE Hospitality Trust’s stapled securities (“Stapled Securities”). The value of Stapled Securities and the income derived from them, if any, may fall or rise. Stapled Securities are not obligations of, deposits in, or guaranteed by, OUE Hospitality REIT Management Pte. Ltd. (as the manager of OUE Hospitality Real Estate Investment Trust), OUE Hospitality Trust Management Pte. Ltd. (as the trustee-manager of OUE Hospitality Business Trust) (collectively, the “Managers”) or any of their a�iates. An investment in Stapled Securities is subject to investment risks, including the possible loss of the principal amount invested. The past performance of OUE Hospitality Trust is not necessarily indicative of the future performance of OUE Hospitality Trust.
Mandarin Orchard Singapore (MOS) and Mandarin Gallery are located in the heart of Orchard Road, Singapore’s premium shopping belt
Crowne Plaza Changi Airport (CPCA) is strategically located at Singapore’s Changi Airport with connectivity to passenger terminals and the upcoming Jewel Changi Airport, and close to Changi Business Park
Mandarin Gallery (MG) is a high-end mall situated within four levels of MOS that has a wide frontage of 152 metres along Orchard Road, providing retailers with a high degree of visibility
INCOME STABILITY
STRONG SPONSOR
Downside protection via Master Lease Agreements for MOS and CPCA
WALE5 of approximately 3.5 years (by gross rent) for MG
Committed Sponsor in OUE Limited
Sponsor has proven track record in real estate ownership and operations
Leverage on Sponsor’s expertise in asset enhancement and redevelopment
Distributable Income S$m
38.2 89.0 87.4 82.5 92.9 90.8
Distributable Yield
77.6% (annualised)
7.5% 8.5% 7.0% 6.1% 7.4%8
DPS S cents 2.90 6.74 6.55 4.616
5.14 4.99
Last traded price of Stapled Security of the respective period
