Far East Hospitality Trust Q3 NPI up 11.8% to $27.69m

It cited higher room demand and hotel revPAR, which rose 6.6% to $152.

Far East Hospitality Trust (Far East H-Trust) popped the champagne for the third quarter of 2018 as its net property income (NPI) rose 11.8% to $27.69m from $24.77m in the same period in 2017.

According to its financial statement, gross revenue jumped 11.1% to $30.5m thanks to an increase in the master lease rentals from its hotels and further augmentation by the addition of Oasia Hotel Downtown to its portfolio. Distributable income grew 4.8% to $20.09m.

Hotel revenue per available room (RevPAR) grew 6.6% to $152 with average daily rate (ADR) growing by 5.1% and occupancy by 1.3ppt. The trust also reported an improvement in the performance of Orchard Rendezvous Hotel after it was renovated and rebranded. “There has been an uptick in overall market demand on the broader front,” it added.

Meanwhile, its serviced residences portfolio suffered from a downward pressure on the ADR, whilst the occupancy gap that affected trading for the past two quarters narrowed down. Average occupancy and ADR both fell 1.8ppt and 3.4% YoY, respectively. RevPAU of the SR portfolio fell 5.4% to $186. Revenue from the retail and office spaces dipped 0.8% to $5.5m.

On a year-to-date basis, NPI climbed 9.1% to $76.43m, gross revenue grew 8.5% to $84.76m, whilst distributable income grew 4.9% to $56.7m.

Far East H-Trust has declared an interim dividend of 1.05 cents payable 13 December 2018.

Also Read

Marina Bay Sands targets 2029 completion for major expansion

Jewel Changi celebrates 5 years with 26% footfall increase

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit