ARA H-Trust records net property income of US$11.9m for Q3
ARA US Hospitality Trust (ARA H-Trust) posted a net property income of US$11.9 million for its third quarter ended Sep 30, an improvement from the US$9.2 million recorded in the year-ago period.
Gross revenue, meanwhile, stood at US$48.7 million, up from the US$41.1 million posted in the year before. This comes as the stapled group sees “strong recovery momentum” in its second and third quarters of 2022, the managers said.
Portfolio occupancy was 71 per cent for the quarter and the trust recorded a revenue per available room (RevPAR) of US$97.
For the year to date, net property income was US$33 million, up 80 per cent from US$18.3 million in the corresponding period a year earlier. Gross revenue was up 38 per cent to US$130 million, from US$93.9 million the year before.
Occupancy was 9.5 percentage points higher at 65.4 per cent, while RevPAR rose 39 per cent year on year to US$85.
Its aggregate leverage ratio stood at 43.3 per cent as at Sep 30, while net gearing is 39.3 per cent. There are no refinancing requirements for the rest of FY2022 and FY2023, the managers said.
The managers noted that year-to-date travel volumes had improved to 95 per cent of 2019 levels despite inflation, capacity constraints and higher travel costs.
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