HOTELS & TOURISM | Staff Reporter, Singapore

Far East H-REIT's NPI down 2.3% to $24.77m

It's suffering from lower daily rates and occupancy.

Far Eastern Hospitality Trust's (Far East H-REIT) net property income (NPI) dipped by 2.3% YoY from $25.35m to $24.77m in Q3.

According to its financial statement, its serviced residences segment’s revenue per available unit (RevPAU) dipped by 3.4% YoY due to lower occupancy and 2.3% lower average daily rates (ADR).

Revenue from its retail and office spaces also declined 4.5% YoY mainly due to lower occupancy.

Meanwhile, hotel revenue per available room (RevPAR) rose by 0.4% YoY to $143 on marginally lower ADR.

Distributable income fell 5.4% YoY to $19.16m, whilst distribution per unit (DPU) dropped 8% YOY to 1.03 cents.

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