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Frasers Hospitality Trust posts higher distributions than forecast
FRASERS Hospitality Trust on Thursday reported a distribution per unit (DPU) of 1.38 Singapore cents for its second quarter ended March 31, 2015. This was 3.8 per cent higher than its forecast. The hospitality Reit listed here in July 2014.
Gross revenue was 1.7 per cent higher at S$24 million, while net property income was 0.9 per cent higher at S$19 million.
In Singapore, the property portfolio saw a slight decline in its gross revenue and net property income of 3 per cent and 2 per cent respectively, compared to forecast, as Fraser Suites Singapore continued to face headwinds with the softening rental market. InterContinental Singapore performed well though, and met its forecast with high occupancies and more conferences and events.
The Reit's initial portfolio includes six hotels and six serviced residences: InterContinental Singapore, Fraser Suites Singapore, The Westin Kuala Lumpur, ANA Crowne Plaza Kobe, Novotel Rockford Darling Harbour, Fraser Suites Sydney, Park International London, Best Western Cromwell London, Fraser Suites Queens Gate, Fraser Place Canary Wharf, Fraser Suites Glasgow and Fraser Suites Edinburgh.
The distribution will be paid on June 29. The books closure date is May 11.