OUE Real Estate Investment Trust said on Apr, 21 2026 that revenue for the three months ended Mar, 31 2026 rose 6.7% year-on-year to 70.5 million Singapore dollars, while net property income increased 8.4% to 57.6 million Singapore dollars. Finance costs fell 17.8% over the same period.

The commercial portfolio generated revenue of 43.6 million Singapore dollars, up 2.2% year-on-year, and net property income of 33.3 million Singapore dollars, an increase of 3.0%. Singapore office assets were 95.2% occupied and achieved positive rental reversions of 6.0% during the quarter.

Hospitality revenue climbed 15.1% to 26.8 million Singapore dollars, with net property income up 16.8% to 24.3 million Singapore dollars. Portfolio revenue per available room advanced 11.7% to 277 Singapore dollars.

On Mar, 16 2026 the trust completed its first investment in Australia, acquiring a 19.9% stake in the 180 George Street (Salesforce Tower) office property in Sydney for 357.2 million Australian dollars (about 319.8 million Singapore dollars). The asset represents 5.5% of total portfolio value and is 99.2% occupied with a weighted average lease expiry of 5.3 years.

OUE Bayfront has obtained planning approval to convert Level 17 into more than 22,600 square feet of office space at an estimated cost of up to 43.0 million Singapore dollars, targeting a stabilised return on investment above 11%.

The trust’s weighted average cost of debt declined 20 basis points quarter-on-quarter to 3.7% per annum as of Mar, 31 2026. Aggregate leverage stood at 41.5%, and the interest-coverage ratio improved to 2.6 times.

Management said portfolio fundamentals remain resilient and that it will continue focusing on disciplined capital allocation and active asset management in Singapore and Sydney.