Eagle Hospitality Trust (EHT) has posted a loss of USD8.9 million for its 1Q 2020.
The trust had initially projected a profit of USD11 million for the period in its initial public offering (IPO) documents.
EHT has attributed the loss mainly to lack of receivables recorded in 1Q 2020, given uncertainty on its master lessees' ability to make rental payments.
Given the loss, there is no income available for distribution from 1 January 2020 to 31 March 2020.
Revenue for the period was USD16.6 million, 24.4% lower than projected.
“The spread of COVID-19, both globally and in the United States, has resulted in significant near-term uncertainty in global economies and unprecedented disruptions in the United States lodging industry”, said EHT.
“Consequently, the operations of and revenue stream from the portfolio has been severely disrupted and its full impact cannot be assessed”, the trust added.
Information from EHT's latest results have been updated into the Singapore REITs table.
Related: Crisis deepens for Eagle Hospitality Trust as lessees default on payments