Far East Hospitality Trust Posts 10.9% Growth In Distribution Per Stapled Security For H2 2021

February 15, 2022 – Far East Hospitality Trust recorded a 6.9% growth in gross revenue to S$41.7 million for the half-year ended 31 December 2021 (2H 2021).

Net property income (NPI) grew 16.1% YoY to S$39.0 million, and income available for distribution grew 20.2% YoY to S$33.0 million.

The REIT Manager declared a distribution of S$30.3 million to Stapled Securityholders, translating to a DPS of 1.53 cents for 2H 2021, a growth of 10.9% compared to the same period last year.For the financial year ended 31 December 2021 (FY 2021), gross revenue held steady at S$83.2 million, while NPI increased 4.1% YoY to S$75.2 million.

Income available for distribution grew 14.5% to S$54.8 million, due mainly to lower finance expenses and property tax. DPS for the full year registered a growth of 9.1% to 2.63 cents.

Mr Gerald Lee, Chief Executive Officer of the REIT Manager said, “Despite the continuing challenging market conditions, we are pleased to be able to increase our income available for distribution and DPS for the full year by 14.5% and 9.1% respectively.”

“While uncertainties exist in the near term, Far East H-Trust continues to be protected by the fixed rent component of the long-term master leases for all our properties that contributed about 80% of the gross revenue in FY 2021.”

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