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Far East Hospitality Trust’s net property income falls 6.8% on lower revenue
Gross revenue fell 4.8% YoY to $28.75m.
Far East Hospitality Trust’s (FEHT) net property income dropped 6.8% YoY to $26.2m in Q3 2024 on lower revenue and higher property taxes.
In Q3, FEHT’s gross revenue fell 4.8% YoY to $28.75m. The business trust attributed the decline to the absence of one-off revenue received by the hotels contracted for isolation purposes in the prior year.
Excluding the one-off revenue, gross revenue would have increased by 3.9% YoY, whilst its hotels segment would have recorded growth.
In Q3, the hotels segment saw an 8.2% YoY decline in revenue to $21.4m.
The hotel segment accounts for 74.0% of FEHT’s gross revenue year-to-date of $82.55m.
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