Far East Hospitality Trust reports lower RevPAR for 2019

0

Far East Hospitality Trust (FEHT) has reported a distribution per security (DPS) of 3.81 cents for its FY2019.

This is a decline of 4.8% from the 4.0 cents achieved in 2018.

Gross revenue for the year was SGD115.5 million, up by 1.6%.

Correspondingly, net property income was SGD104.3 million while distributable income was SGD73.9 million.

“Our serviced residences achieved an improved performance in the second half of experiencing some softness in the first half”, said Gerald Lee, CEO of FEHT’s REIT manager.

However, the trust has reported cancelations in the wake of the coronavirus outbreak.

“The decline in demand is felt more acutely by our hotels compared to our serviced residences and commercial spaces, which have so far not been significantly affected”, the trust has assured.

FEHT’s average daily rate for 2019 decreased by 1.3% to SGD160, due mainly to higher contribution from the leisure segment at lower room rates as compared to the corporate segment.

As a result, RevPAR for the hotel portfolio declined by 1.3% to SGD142.

Data from the trust’s latest results have been updated into the Singapore REITs table.

FEHT was last done on the Singapore Exchange (SGX) at SGD0.67.

Share.

Comments are closed.