EHT: Digital publication misrepresented financials underpinning Queen Mary

Singapore

EAGLE Hospitality Trust (EHT) has taken issue with a digital publication over its reporting of the trust's second-largest asset, Queen Mary. It said on Monday that a report about a 2018 audit of wholly-owned subsidiary Urban Commons Queensway (UCQ) misrepresented UCQ due to a lack of context and clarity on earnings metrics.

UCQ, which holds the lease to Queen Mary, was acquired by EHT from sponsor Urban Commons (UC) as part of EHT's initial public offering.

The article by the Long Beach Post referenced over US$6 million in net losses on operating costs and interest payments by UCQ, citing figures from a 2018 independent audit by Grant Thornton which covered the period before …