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Far East Hospitality Trust (Far East H-Trust) saw its distribution per stapled security (DPSS) drop 9.1 percent to 1.2 cents in Q3 2015 from 1.32 cents over the same period last year.
In Q3 2015, gross revenue fell 4.8 percent to S$29.66 million from S$31.15 million in Q3 2014, while net property income slid 4.6 percent to S$26.89 million.
In view of the lower revenue, income available for distribution dropped eight percent to S$21.6 million.
“Our hotels and serviced residences managed to turn in stable occupancies despite the challenging operating environment,” said Gerald Lee, chief executive officer of the REIT Manager.
“Corporate and leisure demand was soft amidst the uncertain global economic climate, the strong Singapore currency, and the outbreak of the haze. The retail and office spaces in the portfolio continued to provide stable earnings, with year-on-year improvement.”
Looking ahead, the trust says the government’s initiatives in “strengthening Singapore as a choice destination and aviation hub will benefit the tourism sector and improve the flow of inbound traffic.”
Image: Far East H-Trust’s Rendezvous Hotel Singapore (Far East H-Trust)
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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