Far East Hospitality Trust NPI inches up 0.6% to $99.3m in FY 2024

Revenue also grew 1.8% YoY.

Far East Hospitality Trust reported a 0.6% increase in net property income to $99.3m for the financial year ended 31 December 2024, despite rising property tax expenses.

The trust’s overall revenue grew by 1.8%, supported by stronger contributions from its REIT Commercial Premises segment and steady rental income from its hotels and serviced residences. This growth was achieved even as Singapore’s visitor arrivals remained at 86% of pre-pandemic levels.

However, distribution to stapled securityholders saw a slight 0.6% year-on-year decline to $81.4m, largely due to increased finance costs and a shift in the proportion of the REIT Manager’s fee paid in Stapled Securities.

To offset rising expenses, the REIT Manager will distribute $5.1m as other gains and $3.0m to mitigate fee adjustments, in addition to the $8.0m annual capital distribution from the Central Square divestment.

Distribution per stapled security stands at 4.04 cents, exceeding pre-pandemic levels.