• Revenue and Net Property Income ("NPI") rose 6.7% and 8.4% year-on-year ("YoY") respectively in 1Q 2026
• Finance costs declined significantly by 17.8% YoY
• Maiden foray into Australia with acquisition of a 19.9% interest in 180 George Street (also known as Salesforce Tower), Sydney, at an agreed property price of A$357.2 million (approximately S$319.8 million^[1])
• OUE Bayfront obtained planning approval to create more than 22,600 square feet of prime office space, with projected stabilised return on investment ("ROI") exceeding 11.0%.
• Singapore office portfolio continues to record positive rental reversion of 6.0% in 1Q 2026
• Hospitality segment revenue and NPI up 15.1% and 16.8% YoY respectively

SINGAPORE, April 21, 2026 /PRNewswire/ -- OUE REIT Management Pte. Ltd., in its capacity as manager (the "Manager") of OUE Real Estate Investment Trust ("OUE REIT"), announces that revenue and net property income for the financial period 1 January 2026 to 31 March 2026 ("1Q 2026") increased by 6.7% and 8.4% YoY to S$70.5 million and S$57.6 million respectively. The higher revenue and NPI were mainly driven by strong YoY growth in the hospitality segment, which recorded a double-digit increase in the quarter, coupled with resilient operating performance from the commercial portfolio.

Share of results of joint venture and associate rose by 57.2% YoY, mainly driven by higher contribution from OUE Bayfront arising from significant interest cost savings following its refinancing completed in August 2025, as well as the acquisition of 180 George Street on 16 March 2026.

Mr Han Khim Siew, Chief Executive Officer of the Manager, said, "OUE REIT started 2026 strongly with the successful capital redeployment into 180 George Street, Sydney, in March 2026 and unlocking value at OUE Bayfront, while delivering higher revenue and NPI alongside a meaningful 17.8% YoY reduction in financing costs.

Our 1Q 2026 results demonstrate the strength of our portfolio fundamentals, as well as the rigour of our asset and capital management. Importantly, they underscore the management's ability to execute a disciplined value creation strategy and concurrently optimise asset performance effectively as we progress into the next phase of growth.

Looking ahead, our portfolio fundamentals remain resilient, underpinned by the continued attractiveness of Singapore and Sydney as safe haven markets amid heightened global uncertainty. Building on these strengths, we will continue to advance our Phase 3 Value Creation Journey with a focus on disciplined capital allocation, active asset management and long-term value creation for Unitholders," Mr. Han concluded.

Commercial Segment

For 1Q 2026, the commercial (office and retail) segment achieved higher revenue and NPI of S$43.6 million (+2.2% YoY) and S$33.3 million (+3.0% YoY) respectively. The increase was driven by continued organic growth, underpinned by higher average passing rents from consecutive quarters of positive rent reversion across the commercial portfolio.

As of 31 March 2026, OUE REIT's Singapore office portfolio committed occupancy remained stable at 95.2% and continued to record a positive rental reversion of 6.0% for office lease renewals, while the average passing rent rose by 0.2% quarter-on-quarter ("QoQ") to S$11.00 per square foot ("psf") per month.

On 16 March 2026, OUE REIT completed its acquisition of a 19.9% interest in 180 George Street (also known as Salesforce Tower), a prime freehold commercial asset in Sydney's core central business district ("CBD") at an agreed property price of A$357.2 million (approximately S$319.8 million). 180 George Street accounts for 5.5% of OUE REIT's total asset value^[2]. As of March 2026, 180 George Street is at near full committed occupancy at 99.2% with a long weighted average lease expiry of 5.3 years by gross rental income, providing stable and visible income for OUE REIT.

In March 2026, OUE Bayfront obtained planning approval to convert Level 17 into more than 22,600 square feet of prime office space, following the commencement of works to connect the property to the District Cooling System in 2025. The conversion is expected to be completed by the first half of 2027. With an estimated capital expenditure of up to approximately S$43.0 million, the space conversion is expected to generate a stabilised ROI exceeding 11.0%.

Despite a cautious leasing environment, Mandarin Gallery maintained stable operating metrics and achieved a positive rental reversion of 3.8% in 1Q 2026, reflecting its prime location and continued asset repositioning amid evolving consumer preferences. For 1Q 2026, Mandarin Gallery's average passing rent increased by 2.4% QoQ to S$22.98 psf per month while committed occupancy remained relatively stable at 95.6% as of 31 March 2026.

Hospitality Segment

Hospitality segment revenue and NPI for 1Q 2026 grew significantly by 15.1% and 16.8% YoY to S$26.8 million and S$24.3 million respectively. The strong double-digit YoY growth was mainly driven by proactive revenue management and refreshed offerings, alongside an improved MICE pipeline compared to 1Q 2025, including the return of the biennial Singapore Airshow and the maiden voyage of Disney Cruise.

For 1Q 2026, the hospitality segment's revenue per available room ("RevPAR") rose by 11.7% YoY to S$277. Hilton Singapore Orchard's RevPAR in 1Q 2026 increased by 11.2% YoY to S$277 on the back of higher occupancy. Underpinned by increased transient demand and stable corporate bookings, Crowne Plaza Changi Airport recorded RevPAR of S$276 in 1Q 2026, representing an 11.7% YoY growth.

Proactive Capital Management

As of 31 March 2026, OUE REIT's weighted average cost of debt further decreased by 20 basis points QoQ to 3.7% per annum, underpinned by effective capital management amid lower interest rate environment. The debt maturity profile remained well-staggered, with a weighted average term of debt of 3.0 years as of 31 March 2026. Aggregate leverage stood at 41.5%, following the acquisition of a 19.9% interest in 180 George Street and drawdowns for payment of distributions to Unitholders in 1Q 2026.

The interest coverage ratio, calculated according to the Monetary Authority of Singapore's guidelines, also improved to 2.6x and sits comfortably above bank loan covenants.

Outlook

Office

According to CBRE, Singapore's Core CBD (Grade A) office market entered 2026 with sustained momentum. Core CBD (Grade A) office rents rose 0.8% QoQ to S$12.40 psf per month in 1Q 2026, marking the fifth consecutive quarter of growth, underpinned by a continued tightening supply pipeline, with Core CBD (Grade A) vacancy rate compressing to 3.3% in 1Q 2026. Leasing activity remained supported by finance services, AI companies, and co-working operators that look for expansion to serve start-ups and international occupiers establishing their Singapore footprint.

Looking ahead, Singapore's office market conditions are expected to remain landlord favourable. While global trade tensions, energy market volatility and inflationary pressures may pose near-term headwinds, Singapore's strong structural fundamentals continue to provide a supportive backdrop. CBRE projects office rental growth to accelerate to approximately 5% YoY in FY 2026.

According to JLL Research, Sydney's CBD office market recorded improving operating metrics in 1Q 2026, with prime occupancy rising by approximately 1.1 percentage points ("ppt") QoQ to 86.7%. Prime gross face rents continued their upward trajectory, increasing by 2.4% QoQ, while incentives tightened by 0.7 ppt to 32.1%. Premium grade CBD assets continued to outperform, with occupancy reaching 90.6%, compared to 83.8% for Grade A assets, underpinned by ongoing flight-to-quality and flight-to-value trends. Looking ahead, new supply is expected to remain limited, with no completions in 2026, strong leasing interest for developments completing from 2027, and the next major supply wave anticipated only after 2030.

OUE REIT will focus on optimising portfolio outcomes through disciplined tenant retention and close engagement with occupiers to address evolving workspace requirements. Anchored by a fully green-certified portfolio in prime CBD locations, the REIT is well placed to capture ongoing flight-to-quality dynamics and rising demand for environmentally sustainable office space.

Retail

The Singapore retail market continued its upward trajectory in 1Q 2026, supported by demand from the Chinese New Year festive season. Despite continued store closures, leasing activity remained strong, led by food and beverage, fashion brands, and lifestyle concepts. In 1Q 2026, Orchard Road prime retail rents rose by 0.5% QoQ, reflecting retailers' confidence in tourism recovery.

While retailers continue to navigate labour constraints, cost pressures and ecommerce competition, growing tourism and consumer spending, alongside Singapore's safe haven status, are expected to underpin demand for prime retail space. CBRE Research projects overall prime retail rents to grow by approximately 1% to 2% in FY 2026.

To enhance asset vibrancy and tenant performance within the retail segment, the Manager continues to curate a diverse tenant mix and refresh its offerings to drive sustained footfall and shopper engagement.

Hospitality

According to the Singapore Tourism Board, international visitor arrivals increased by 2.8% YoY to 4.4 million from January to March 2026. For the remainder of 2026, hospitality demand will be supported by a stable lineup of events and major concerts, featuring internationally recognised names such as Daniel Caesar and LANY, as well as popular K-pop groups including IVE, EXO and BTS. New and refreshed attractions, including new live entertainment venues such as Live Nation's Grange Road Events Space, further broaden Singapore's appeal across leisure and MICE segments.

At the same time, supply conditions remain supportive, with no significant new hotel openings along Orchard Road and new hotel supply expected to grow at a measured pace of 1.6% per annum between 2026 and 2028, well below the pre-pandemic five-year historical average of 4.4%, creating a constructive operating environment for the hospitality sector.

To further optimise the performance of its hospitality and retail segments, OUE REIT remains focused on proactive revenue management, targeted marketing collaborations, and curated guest experiences that leverage Singapore's event and entertainment calendar.

About OUE REIT

OUE Real Estate Investment Trust ("OUE REIT"), formerly known as OUE Commercial Real Estate Investment Trust, is one of the largest diversified Singapore REITs ("S-REITs") with total assets under management of S$6.1 billion^[3].

OUE REIT aims to deliver stable distributions and provide sustainable long-term growth in return to holders of units ("Unitholders") by investing in income-producing real estate used primarily for hospitality, retail and/or office purposes in financial and business hubs, as well as real estate-related assets.

OUE REIT's portfolio comprises seven high-quality office, hospitality and retail assets located in Singapore and Australia. Rooted in Singapore, OUE REIT's three office assets, OUE Bayfront, One Raffles Place and OUE Downtown Office, are situated within the Central Business District, with a total net lettable area ("NLA") of approximately 1.7 million square feet ("sq ft").

OUE REIT's two hotels, Hilton Singapore Orchard and Crowne Plaza Changi Airport, are strategically located along the prime Orchard Road belt and within the Changi Airport vicinity, offering a total of 1,655 upper upscale hotel rooms. Complementing Hilton Singapore Orchard is Mandarin Gallery, a 126,283 sq ft high-end retail mall that has been a preferred destination for international brands in the heart of Orchard Road.

The latest addition to OUE REIT's portfolio is 180 George Street (also known as Salesforce Tower), Sydney, a premium-grade commercial asset in which OUE REIT holds a 19.9% interest. Comprising 666,437 sq ft of NLA, 180 George Street is strategically situated in Circular Quay, one of Sydney's key corporate and cultural precincts. As Sydney's tallest office tower, 180 George Street is a landmark asset that strengthens the portfolio's exposure to high-quality office real estate in a prime gateway city.

Listed on the Main Board of the Singapore Exchange Securities Trading Limited since 27 January 2014, OUE REIT is managed by OUE REIT Management Pte. Ltd. (the "Manager"), a wholly owned subsidiary of OUE Limited (the "Sponsor"). The Sponsor is a leading real estate and healthcare group, growing strategically to capitalise on growth trends across Asia. Its real estate activities include the development, investment and management of real estate assets across the commercial, hospitality, retail, residential and healthcare sectors.

For more information, please visit www.ouereit.com.

About the Sponsor: OUE Limited

OUE Limited (SGX:LJ3) is a leading real estate and healthcare group, growing strategically to capitalise on growth trends across Asia. Incorporated in 1964 and listed in 1969, OUE has a proven track record of developing and managing prime real estate assets, with a portfolio spanning the commercial, hospitality, retail and residential sectors.

OUE manages two SGX-listed REITs: OUE REIT, one of Singapore's largest diversified REITs, and First REIT (a subsidiary of OUE Healthcare), Singapore's first listed healthcare REIT. As at 31 December 2025, OUE's total assets were valued at S$8.4 billion, with S$7.3 billion in funds under management across OUE's two REIT platforms and managed accounts.

OUE Healthcare, an SGX Catalist-listed subsidiary of OUE, operates and owns high-quality healthcare assets in high-growth Asian markets. With a vision of creating a regional healthcare ecosystem that is anchored on Singapore's medical best practices, OUE Healthcare's portfolio of owned and operated businesses includes hospitals, medical centres, clinics and senior care facilities in Singapore, Japan, Indonesia, China and Myanmar.

Anchored by its "Transformational Thinking" philosophy, OUE has built a strong reputation for developing iconic projects, transforming communities, providing exceptional service to customers and delivering long-term value to stakeholders.

For more information, please visit www.oue.com.sg.

IMPORTANT NOTICE

The value of units in OUE REIT ("Units") and the income derived from them, if any, may fall or rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. The past performance of OUE REIT is not necessarily indicative of the future performance of OUE REIT.

Investors should note that they will have no right to request the Manager to redeem or purchase their Units for so long as the Units are listed on the SGX-ST. It is intended that holders of Units may only deal in their Units through trading on the SGX-ST. The listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

This press release may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits, and training costs), property expenses and governmental and public policy changes. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view of future events.

Any discrepancies in the figures included in this press release between the listed amounts and the totals thereof are due to rounding. Accordingly, figures shown as totals in this press release may not be an arithmetic aggregation of the figures that precede them.

The information and opinions contained in this press release are subject to change without notice.

SINGAPORE, March 24, 2026 /PRNewswire/ -- OUE REIT Management Pte. Ltd., as manager (the "Manager") of OUE Real Estate Investment Trust ("OUE REIT"), is pleased to announce that OUE Bayfront has obtained planning approval for the conversion of its Level 17 chiller system area into prime office space. The conversion is expected to be completed by the first half of 2027 and will deliver incremental rental income, further reinforcing OUE Bayfront's long-term value.

OUE Bayfront commenced works to connect to the District Cooling System ("DCS") in 2025. Once in operation, the DCS will enable OUE Bayfront to significantly reduce energy consumption, improve cooling efficiency, and lower greenhouse gas emissions. This initiative aligns with OUE Bayfront's Net Zero Transition Plan and OUE REIT's ESG Vision 2030 to reduce our Scope 1 and 2 absolute greenhouse gas (GHG) emissions by 40% for our commercial assets by 2030.

Beyond environmental benefits, the connection to the DCS also enables OUE Bayfront to decommission its existing chiller system located at Level 17, freeing up an estimated of over 2,100 square metres of gross floor area that can be converted into prime office space. This is expected to generate additional rental income and further strengthen the property's long-term value.

Mr Han Khim Siew, Chief Executive Officer and Executive Director of the Manager, said, "At OUE REIT, we view sustainability not only as a moral imperative, but as a strategic and structural imperative that is integral to delivering long-term value creation. Following the OUE Bayfront's upgrade to the BCA Green Mark Platinum certification last year, the conversion of the in-building chiller system area into new prime office space is another testament to how OUE REIT integrates sustainability with value creation. Moving forward, we will continue to identify and implement sustainability-led asset enhancement initiatives that future-proof our portfolio and deliver enduring returns for our stakeholders."

With the estimated capital expenditure of up to approximately S$43.0 million, the space conversion is expected to deliver a stabilised return on investment exceeding 11.0%. The Manager intends to draw down on existing loan facilities to fully fund the space conversion and the conversion is not expected to have a material effect on the net tangible assets or aggregate leverage of OUE REIT and its subsidiaries for the financial year ending 31 December 2026.

About OUE REIT

OUE Real Estate Investment Trust ("OUE REIT"), formerly known as OUE Commercial Real Estate Investment Trust, is one of the largest diversified Singapore REITs ("S-REITs") with total assets under management of S$5.8 billion as of 31 December 2024.

OUE REIT aims to deliver stable distributions and provide sustainable long-term growth in return to holders of units ("Unitholders") by investing in income-producing real estate used primarily for hospitality, retail and/or office purposes in financial and business hubs, as well as real estate-related assets.

OUE REIT's portfolio comprises six high-quality office, hospitality and retail assets located in Singapore. Its three office assets - OUE Bayfront, One Raffles Place and OUE Downtown Office - are situated within the Central Business District, with a total Net Lettable Area ("NLA") of approximately 1.6 million square feet ("sq ft").

OUE REIT's two hotels, Hilton Singapore Orchard and Crowne Plaza Changi Airport, are strategically located along the prime Orchard Road belt and within the Changi Airport vicinity, offering a total of 1,655 upper upscale hotel rooms. Complementing Hilton Singapore Orchard is Mandarin Gallery, a 126,294 sq ft high-end retail mall that has been a preferred destination for international brands in the heart of Orchard Road.

Listed on the Main Board of the Singapore Exchange Securities Trading Limited since 27 January 2014, OUE REIT is managed by OUE REIT Management Pte. Ltd. (the "Manager"), a wholly-owned subsidiary of OUE Limited (the "Sponsor"). The Sponsor is a leading real estate and healthcare group, growing strategically to capitalise on growth trends across Asia. Its real estate activities include the development, investment and management of real estate assets across the commercial, hospitality, retail, residential and healthcare sectors.

For more information, please visit www.ouereit.com.

About the Sponsor: OUE Limited

OUE Limited (SGX:LJ3) is a leading real estate and healthcare group, growing strategically to capitalise on growth trends across Asia.

OUE's real estate activities include the development, investment and management of real estate assets across the commercial, hospitality, retail and residential sectors. OUE manages two SGX-listed REITs: OUE REIT, one of Singapore's largest diversified REITs, and First REIT (a subsidiary of OUE Healthcare), Singapore's first listed healthcare REIT. As at 31 December 2025, OUE's total assets were valued at S$8.3 billion, with S$7.3 billion in funds under management across OUE's two REIT platforms and managed accounts. 

OUE Healthcare, an SGX Catalist-listed subsidiary of OUE, operates and owns high-quality healthcare assets in high-growth Asian markets. With a vision of creating a regional healthcare ecosystem that is anchored on Singapore's medical best practices, OUE Healthcare's portfolio of owned and operated businesses includes hospitals, medical centres, clinics and senior care facilities in Singapore, Japan, Indonesia, China and Myanmar.

Anchored by its "Transformational Thinking" philosophy, OUE has built a strong reputation for developing iconic projects, transforming communities, providing exceptional service to customers and delivering long-term value to stakeholders.

For more information, please visit www.oue.com.sg.

IMPORTANT NOTICE

The value of units in OUE REIT ("Units") and the income derived from them, if any, may fall or rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. The past performance of OUE REIT is not necessarily indicative of the future performance of OUE REIT.

Investors should note that they will have no right to request the Manager to redeem or purchase their Units for so long as the Units are listed on the SGX-ST. It is intended that holders of Units may only deal in their Units through trading on the SGX-ST. The listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

This press release may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits, and training costs), property expenses and governmental and public policy changes. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view of future events.

SINGAPORE, Feb. 24, 2026 /PRNewswire/ -- OUE REIT Management Pte. Ltd., in its capacity as manager of OUE Real Estate Investment Trust ("OUE REIT", and as manager of OUE REIT, the "Manager"), is pleased to announce that OUE REIT^[1] has entered into a share and unit sale agreement (the "SUSA") with Mitsubishi Estate Co., Ltd. ("MEC")^[2] to acquire a 19.9% interest in Salesforce Tower (the "Property"), a freehold 55-storey prime commercial tower in Circular Quay located at 180 George Street, Australia at an agreed property price of A$357.2 million (approximately S$319.8 million^[3]). After taking into account the debt and other net assets attributable to the 19.9% interest in the Property, the purchase consideration is A$195.5 million (approximately S$175.0 million). Salesforce Tower is expected to generate an initial passing yield of approximately 5.8%^[4] and the acquisition is expected to enhance OUE REIT's income with a DPU accretion of 0.9% on a pro forma basis^[5].

Salesforce Tower is a 55-storey premium-grade commercial tower with strong sustainability credentials and modern workplace specifications. Located in Circular Quay, one of Sydney's key corporate and cultural precincts, the Property is within walking distance of, and has views of the Sydney Opera House, the Royal Botanic Garden and the Sydney Harbour Bridge. It also benefits from strong connectivity and access to amenities, with light rail, bus services, heavy rail stations at Circular Quay and Wynyard, and the Circular Quay Ferry Terminal all within a short walking distance.

Salesforce Tower enjoys a high actual occupancy of 99.2% as of 31 December 2025. The Property delivers resilient income supported by a long WALE of 5.5 years^[6] and a high-calibre tenant base that values world-class ESG credentials and cutting-edge workplace environments, including Salesforce, TikTok and Jones Lang LaSalle.

Mr Han Khim Siew, Chief Executive Officer of the Manager, said, "This acquisition marks the commencement of Phase 3 of OUE REIT's value creation journey. Following the divestment of Lippo Plaza Shanghai in 2024, an ageing asset on a short leasehold operating in a challenging market, we have successfully redeployed capital into Salesforce Tower, a prime freehold, newly built asset in Sydney's core precinct with compelling upside potential, supported by sustained flight-to-quality demand and limited office supply."

"Looking ahead, Australia offers a stable economic outlook, supported by strong capital investment flows and resilient demand drivers. In Sydney, favourable demographic tailwinds and proactive government planning are expected to further drive long-term office demand. While expanding our footprint into Sydney, Singapore will remain our core market, accounting for approximately 94.9% of our portfolio value post-acquisition^[7]. We will also continue to explore opportunities to further enhance our portfolio through disciplined capital allocation, with a goal to deliver sustainable long-term growth for our Unitholders," Mr Han concluded.

Acquisition funding and estimated total acquisition cost

The estimated total cost of the Proposed Acquisition (the "Total Acquisition Cost") is approximately A$201.2 million^[8] (approximately S$180.1 million). The Manager intends to finance the Total Acquisition Cost with a combination of debt and partial net sales proceeds from the divestment of Lippo Plaza Shanghai. The aggregate leverage is expected to increase to approximately 40.2%^[9] post-acquisition, while NAV remained stable at S$0.56^[9].

Salesforce Tower: Property Highlights as of 31 December 2025

About OUE REIT

OUE Real Estate Investment Trust ("OUE REIT"), formerly known as OUE Commercial Real Estate Investment Trust, is one of the largest diversified Singapore REITs ("S-REITs") with total assets under management of S$5.8 billion as of 31 December 2025.

OUE REIT aims to deliver stable distributions and provide sustainable long-term growth in return to holders of units ("Unitholders") by investing in income-producing real estate used primarily for hospitality, retail and/or office purposes in financial and business hubs, as well as real estate-related assets.

OUE REIT's portfolio comprises six high-quality office, hospitality and retail assets located in Singapore. Its three office assets - OUE Bayfront, One Raffles Place and OUE Downtown Office - are situated within the Central Business District, with a total Net Lettable Area ("NLA") of approximately 1.7 million square feet ("sq ft").

OUE REIT's two hotels, Hilton Singapore Orchard and Crowne Plaza Changi Airport, are strategically located along the prime Orchard Road belt and within the Changi Airport vicinity, offering a total of 1,655 upper upscale hotel rooms. Complementing Hilton Singapore Orchard is Mandarin Gallery, a 126,283 sq ft high-end retail mall that has been a preferred destination for international brands in the heart of Orchard Road.

Listed on the Main Board of the Singapore Exchange Securities Trading Limited since 27 January 2014, OUE REIT is managed by OUE REIT Management Pte. Ltd. (the "Manager"), a wholly owned subsidiary of OUE Limited (the "Sponsor"). The Sponsor is a leading real estate and healthcare group, growing strategically to capitalise on growth trends across Asia. Its real estate activities include the development, investment and management of real estate assets across the commercial, hospitality, retail, residential and healthcare sectors.

For more information, please visit www.ouereit.com.

About the Sponsor: OUE Limited

OUE Limited (SGX:LJ3) is a leading real estate and healthcare group, growing strategically to capitalise on growth trends across Asia. Incorporated in 1964 and listed in 1969, OUE has a proven track record of developing and managing prime real estate assets, with a portfolio spanning the commercial, hospitality, retail and residential sectors.

OUE manages two SGX-listed REITs: OUE REIT, one of Singapore's largest diversified REITs, and First REIT (a subsidiary of OUE Healthcare), Singapore's first listed healthcare REIT. As at 31 December 2024, OUE's total assets were valued at S$8.9 billion, with S$7.8 billion in funds under management across OUE's two REIT platforms and managed accounts.

OUE Healthcare, an SGX Catalist-listed subsidiary of OUE, operates and owns high-quality healthcare assets in high-growth Asian markets. With a vision of creating a regional healthcare ecosystem that is anchored on Singapore's medical best practices, OUE Healthcare's portfolio of owned and operated businesses includes hospitals, medical centres, clinics and senior care facilities in Singapore, Japan, Indonesia and China.

Anchored by its "Transformational Thinking" philosophy, OUE has built a strong reputation for developing iconic projects, transforming communities, providing exceptional service to customers and delivering long-term value to stakeholders.

For more information, please visit www.oue.com.sg.

IMPORTANT NOTICE

The value of units in OUE REIT ("Units") and the income derived from them, if any, may fall or rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. The past performance of OUE REIT is not necessarily indicative of the future performance of OUE REIT.

Investors should note that they will have no right to request the Manager to redeem or purchase their Units for so long as the Units are listed on the SGX-ST. It is intended that holders of Units may only deal in their Units through trading on the SGX-ST. The listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

This press release may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits, and training costs), property expenses and governmental and public policy changes. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view of future events.

Any discrepancies in the figures included in this press release between the listed amounts and the totals thereof are due to rounding. Accordingly, figures shown as totals in this press release may not be an arithmetic aggregation of the figures that precede them.

The information and opinions contained in this press release are subject to change without notice.

SINGAPORE, Jan. 26, 2026 /PRNewswire/ -- OUE REIT Management Pte. Ltd., in its capacity as manager (the "Manager") of OUE Real Estate Investment Trust ("OUE REIT"), wishes to announce that the Distribution per Unit ("DPU") increased by 10.6% year-on-year ("YoY") to 1.25 Singapore cents for the financial period 1 July 2025 to 31 December 2025 ("2H 2025"). The robust performance was mainly driven by continued resilient operating performance across the portfolio, alongside a strengthened capital structure, which allowed OUE REIT to benefit from the lower interest rate environment. Excluding the capital distribution^[1] released in the second half of 2024 ("2H 2024"), core DPU increased by 15.7% YoY.

Revenue and net property income ("NPI") for 2H 2025 were S$142.5 million and S$114.2 million respectively, representing YoY declines of 4.2% and 2.3% respectively mainly due to the absence of revenue contributions from Lippo Plaza Shanghai which was divested at an opportune time in FY 2024. On a LfL basis^[2], revenue and NPI increased by 2.9% and 5.2% YoY respectively, underpinned by strong operating performance in the Singapore commercial portfolio and improved performance in the hospitality segment in 2H 2025.

For the financial year ended 31 December 2025 ("FY 2025"), the amount to be distributed was S$123.8 million with DPU of 2.23 Singapore cents. Based on OUE REIT's unit closing price of S$0.360 as of the last trading day in 2025, the FY 2025 distribution yield was 6.2%, compared to 7.2% based on a unit closing price of S$0.285 as of the last trading day in FY 2024.

OUE REIT's distribution policy is to distribute at least 90% of its taxable income to its Unitholders on a semi-annual basis, with the actual level of distribution to be determined at the Manager's discretion.

Summary of OUE REIT's Group Results

As of 31 December 2025, the valuation of OUE REIT's properties decreased slightly by 1.2% YoY to S$5,082.0 million. The decline was primarily due to lower valuations of the hotel and retail assets, which were partially offset by higher valuations of the office properties. Consequently, net asset value per Unit stood at S$0.56 as of 31 December 2025.

Mr Han Khim Siew, Chief Executive Officer of the Manager, said, "Amid heightened macroeconomic uncertainty and geopolitical tensions, our purposefully constructed Singapore-centric, high-quality, prime-located portfolio delivered resilient income performance. It was complemented by our successful divestment of Lippo Plaza Shanghai in 2024, which mitigated exposure to the continued weakness in the Shanghai office market. Our proactive capital management over the past three years further positioned OUE REIT to benefit from the faster-than-expected decline in Singapore Overnight Rate Average ("SORA"), supporting our robust DPU growth."

"While volatility in the global outlook persists, we remain encouraged by the strong underlying fundamentals of the Singapore market. Looking ahead, we will continue to optimise asset performance and actively enhance our portfolio through disciplined capital recycling and selective deployment into prime gateway assets, including targeted opportunities in Sydney. Sydney's core prime business district currently presents an attractive combination of growth potential, and a favourable risk-reward profile. Anchored by a proactive capital allocation strategy, we remain focused on delivering sustainable long-term growth for our Unitholders," Mr. Han concluded.

Commercial Segment

For 2H 2025, OUE REIT's commercial (office and retail) segment delivered revenue and NPI growth of 4.2% and 5.7% YoY to S$87.8 million and S$65.2 million respectively on a LfL basis^[3]. The continued strong performance reflected the resilience of the all-Singapore portfolio, supported by higher average passing rents across all office assets.

As of December 2025, OUE REIT's office portfolio committed occupancy inched up 0.1 percentage points ("ppt") quarter-on-quarter ("QoQ") to 95.4%. Average passing rent continued to rise 0.6% QoQ to reach S$10.97 per square foot ("psf") per month. For FY 2025, positive rental reversion remained strong at 9.1% for office lease renewals (4Q 2025: 8.8%).

Mandarin Gallery's operating metrics remain stable, with a positive reversion of 12.4% in FY 2025. Committed occupancy edged lower to 95.7%, reflecting a cautious leasing environment and the ongoing redesignation of selected spaces for place-making initiatives, while average passing rent remained stable at S$22.45 psf per month.

Hospitality Segment

Hospitality segment revenue and net property income for 2H 2025 slightly increased by 0.9% and 4.5% YoY to S$54.7 million and S$49.0 million respectively. The stable performance was driven by proactive revenue management, alongside a stronger calendar of high-profile concerts, including performances by G-Dragon (BIGBANG), Elton John, BLACKPINK and Jacky Cheung, which helped cushion the impact of the Formula One week coinciding with the Golden Week holiday period in FY 2025.

For 2H 2025, overall hospitality RevPAR remained unchanged at S$277. Hilton Singapore Orchard's RevPAR in 2H 2025 increased slightly by 0.3% YoY to S$289 while Crowne Plaza Changi Airport stood at S$254.

Proactive Capital Management

As of 31 December 2025, OUE REIT's weighted average cost of debt decreased to 3.9% per annum ("p.a.") compared to 4.7% p.a. as of 31 December 2024. The aggregate leverage declined to 38.5% as of 31 December 2025.

Following the successful issuance of S$150 million 7-year investment-grade Green Notes at 2.75% in October 2025, the weighted average term of debt extended to 3.3 years as of 31 December 2025. The interest coverage ratio calculated according to the Monetary Authority of Singapore's guidelines improved to 2.4x – comfortably above bank loan covenants. Assuming a 25 basis points decrease in interest rates, DPU would increase by 0.02 Singapore cents.

In alignment with delivering long-term sustainability in DPU, the Manager has elected to receive 50% of its base management fees in cash, with the balance in Units of OUE REIT for 2H 2025.

Outlook

Office

According to CBRE, Singapore's Core CBD (Grade A) office market closed FY 2025 with strong momentum. Core CBD (Grade A) office rents rose 2.9% YoY to S$12.30 psf in FY 2025, significantly outperforming the modest 0.4% increase recorded in FY 2024. This was underpinned by a tightening vacancy environment, with Core CBD (Grade A) vacancy improving to 4.5% in 4Q 2025 from 5.1% in the preceding quarter. Leasing activity continued to be supported by a sustained flight-to-quality trend, with occupiers prioritising premium, ESG-compliant buildings. Singapore's safe-haven status amid heightened global uncertainty further reinforced occupier demand.

Looking ahead to 2026, market conditions are expected to turn increasingly landlord-favourable, as large contiguous floor plates remain scarce, with Shaw Towers being the only major office completion scheduled. Against this backdrop of tight availability and resilient demand from the financial and technology sectors, CBRE projects office rental growth to accelerate to approximately 5% YoY in FY 2026.

OUE REIT will focus on optimising portfolio outcomes through disciplined tenant retention and close engagement with occupiers to address evolving workspace requirements. Anchored by a fully green-certified portfolio in prime CBD locations, the REIT is well placed to capture ongoing flight-to-quality dynamics and rising demand for environmentally sustainable office space.

Retail

The Singapore retail market continued its upward trajectory in 4Q 2025, supported by improving consumer sentiment amid stronger-than-expected GDP growth and a stable labour market. Leasing activity remained resilient, particularly across the food and beverage, beauty and health, and lifestyle segments, even as selective store closures persisted in other categories. Against this backdrop, Orchard Road retail rents rose by 0.4% QoQ to S$38.50 psf per month in 4Q 2025.

Looking ahead to FY 2026, the outlook remains constructive, albeit with a moderation in growth. While retailers continue to face headwinds from manpower constraints and elevated operating costs, new retail supply is expected to remain broadly in line with historical averages. In this environment, CBRE Research projects overall prime retail rents to grow by approximately 1% to 2% in FY 2026.

To enhance asset vibrancy and tenant performance for the retail segment, the Manager continues curating immersive, experience-led activations in collaboration with strategic partners, aimed at driving sustained footfall and shopper engagement.

Hospitality

From January to November 2025, international visitor arrivals ("IVA") grew 2.7% YoY to 15.5 million, with the Singapore Tourism Board projecting IVA to reach between 17.0 and 18.5 million in 2025.

For 2026, hospitality demand will be supported by the return of the biennial Singapore Airshow and complemented by a steady lineup of concerts, featuring internationally recognised bands such as Air Supply and popular K-pop groups including Super Junior, ATEEZ and BTS. At the same time, supply conditions remain supportive, with no significant new hotel openings along Orchard Road and new hotel supply expected to grow at a measured pace of 1.7% p.a. between 2025 and 2027, well below the pre-pandemic five-year historical average of 4.4%, creating a constructive operating environment for the hospitality sector.

In the hospitality segment, OUE REIT works closely with Hilton Singapore Orchard and Crowne Plaza Changi Airport to sharpen corporate, meetings and event strategies, enhancing lead conversion and supporting revenue growth. Marketing efforts are being further strengthened through a broader suite of targeted initiatives, including media familiarisation programmes with key opinion leaders, refreshed food and beverage offerings with more frequent menu updates, deeper penetration of the wedding and meetings segments through enhanced halal dining options, and the optimisation of family-oriented themed suites to attract a more diversified guest profile.

About OUE REIT

OUE Real Estate Investment Trust ("OUE REIT"), formerly known as OUE Commercial Real Estate Investment Trust, is one of the largest diversified Singapore REITs ("S-REITs") with total assets under management of S$5.8 billion as of 31 December 2025.

OUE REIT aims to deliver stable distributions and provide sustainable long-term growth in return to holders of units ("Unitholders") by investing in income-producing real estate used primarily for hospitality, retail and/or office purposes in financial and business hubs, as well as real estate-related assets.

OUE REIT's portfolio comprises six high-quality office, hospitality and retail assets located in Singapore. Its three office assets - OUE Bayfront, One Raffles Place and OUE Downtown Office - are situated within the Central Business District, with a total Net Lettable Area ("NLA") of approximately 1.7 million square feet ("sq ft").

OUE REIT's two hotels, Hilton Singapore Orchard and Crowne Plaza Changi Airport, are strategically located along the prime Orchard Road belt and within the Changi Airport vicinity, offering a total of 1,655 upper upscale hotel rooms. Complementing Hilton Singapore Orchard is Mandarin Gallery, a 126,283 sq ft high-end retail mall that has been a preferred destination for international brands in the heart of Orchard Road.

Listed on the Main Board of the Singapore Exchange Securities Trading Limited since 27 January 2014, OUE REIT is managed by OUE REIT Management Pte. Ltd. (the "Manager"), a wholly owned subsidiary of OUE Limited (the "Sponsor"). The Sponsor is a leading real estate and healthcare group, growing strategically to capitalise on growth trends across Asia. Its real estate activities include the development, investment and management of real estate assets across the commercial, hospitality, retail, residential and healthcare sectors.

For more information, please visit www.ouereit.com.

About the Sponsor: OUE Limited

OUE Limited (SGX:LJ3) is a leading real estate and healthcare group, growing strategically to capitalise on growth trends across Asia. Incorporated in 1964 and listed in 1969, OUE has a proven track record of developing and managing prime real estate assets, with a portfolio spanning the commercial, hospitality, retail and residential sectors.

OUE manages two SGX-listed REITs: OUE REIT, one of Singapore's largest diversified REITs, and First REIT (a subsidiary of OUE Healthcare), Singapore's first listed healthcare REIT. As at 31 December 2024, OUE's total assets were valued at S$8.9 billion, with S$7.8 billion in funds under management across OUE's two REIT platforms and managed accounts.

OUE Healthcare, an SGX Catalist-listed subsidiary of OUE, operates and owns high-quality healthcare assets in high-growth Asian markets. With a vision of creating a regional healthcare ecosystem that is anchored on Singapore's medical best practices, OUE Healthcare's portfolio of owned and operated businesses includes hospitals, medical centres, clinics and senior care facilities in Singapore, Japan, Indonesia and China.

Anchored by its "Transformational Thinking" philosophy, OUE has built a strong reputation for developing iconic projects, transforming communities, providing exceptional service to customers and delivering long-term value to stakeholders.

For more information, please visit www.oue.com.sg.

IMPORTANT NOTICE

The value of units in OUE REIT ("Units") and the income derived from them, if any, may fall or rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. The past performance of OUE REIT is not necessarily indicative of the future performance of OUE REIT.

Investors should note that they will have no right to request the Manager to redeem or purchase their Units for so long as the Units are listed on the SGX-ST. It is intended that holders of Units may only deal in their Units through trading on the SGX-ST. The listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

This press release may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits, and training costs), property expenses and governmental and public policy changes. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view of future events.

Any discrepancies in the figures included in this press release between the listed amounts and the totals thereof are due to rounding. Accordingly, figures shown as totals in this press release may not be an arithmetic aggregation of the figures that precede them.

The information and opinions contained in this press release are subject to change without notice.