FEHT net property income up 16.1% in 2HFY2021

Net property income was up 4.1% for the full financial year.

Far East Hospitality Trust's net property income (NPI) grew by 16.1% y-o-y to $39m for 2HFY2021.

It also saw an increase of 20.2% increase in income available for distribution to $32.3m.

The Group also declared a distribution of $30.3m to Stapled Security holders, which would mean a distribution per stapled security (DPS) of 1.53 cents for 2H 2021, or a 10.9% y-o-y growth.

For the financial year of 2021, NPI was up 4.1% y-o-y to $75.2m.

Income available for distribution also grew by 14.5% to $54.8m,which was mainly due to lower finance expenses and property tax.

On the other hand, a decrease in average occupancy rates at 79.4% was recorded for the full financial year.

REIT commercial premises declined by 8.8% y-o-y to $15.1m in FY2021, due to lower occupancies.

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