Far East Hospitality Trust 2Q DPS fall 4% to 0.97 cent on lower revenue

SINGAPORE (Aug 4): The manager of Far East Hospitality Trust (FEHT) has declared a distribution per stapled security (DPS) of 0.97 cent for the 2Q17 ended June, down 4% from the 1.01 cents DPS posted in 2Q16 due to lower revenue.

Gross revenue for the quarter fell 1% to $25.9 million from $26.1 million a year ago due to lower contributions from both its hotels and serviced residence (SR) segments.

While demand for hotel accommodation was firmer over the quarter, with average occupancy rising 1.9 percentage points to 87.1% from 85.3% in 2Q16 due to the REIT’s shift towards the leisure segment, the average daily rate fell by 0.6% to $154 compared to $160 a year ago, resulting in a corresponding revenue per available room (RevPAR) decreased of 1.3% to $134 for the hotel portfolio.

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