Far East Hospitality Trust net property income up 4.5%
The company reported a $19m net property income for the first quarter.
Far East Hospitality Trust reported a net property income increase of 4.5%, at $19m from $18.1m, for the first quarter of 2022 compared to the same period last year.
Whilst revenue from hotels was flat at $14.25m, there was a 2.4% increase in its revenue from serviced residences, from $2.8m in Q1 2021 to $2.9m in Q1 2022. On the other hand, revenue from commercial premises dropped 9.6%, from $4.1m to $3.7m.
This was offset by lower finance expenses and REIT manager's fees, which decreased by 23% and 2.1% respectively.
"Net Property Income was 4.5% higher year-on-year mainly due to lower property tax and lower expenses for the Commercial Premises," said Far East Hospitality Trust in a bourse disclosure.
Lower expenses also led to an increase in income available for distribution by 17.2%, to $14.7m.