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Far East H-Trust Q4 payout slips to 0.97 S cent per stapled security
FAR EAST Hospitality Trust's fourth-quarter distribution per stapled security slipped to 0.97 Singapore cent from 1.12 Singapore cents a year ago amid a slight decline in occupancy rates and revenue per available room (RevPAR).
Income available for distribution fell 9.7 per cent to S$18.2 million during the three months ended Dec 31, 2017.
For the three months ended Dec 31, gross revenue shrank 6.6 per cent to S$25.7 million year-on-year, while net property income slipped 7 per cent to S$23.1 million.
For the full 2017, net property income fell 5.3 per cent to S$93.2 million, while gross revenue decreased 4.8 per cent to $103.8 million and income available for distribution shrank 7.8 per cent to S$72 million. Distribution per stapled security for all of 2017 is 3.90 Singapore cents.
Average occupancy of hotels in the fourth quarter was 85.4 per cent, a 1.1 percentage point decline from the year-ago level.
The average daily rate slipped 1.1 per cent year-on-year amid higher contributions from the leisure segment. RevPAR for the hotel portfolio decreased 2.4 per cent to S$132.
Far East H-REIT has a portfolio of 12 Singapore properties consisting of 8 hotels and 4 serviced residences which include Oasia Hotel Novena and Village Hotel Albert Court.
Far East H-Trust units closed S$0.01 or 1.4 per cent down at S$0.715 on Wednesday.