Far East H-Trust Ups Distribution By 3.6%

FarEastHTrustLogoFar East Hospitality Trust (SGX: Q5T), or Far East H-Trust for short, posted revenue of $29.3 million for the second quarter of 2013 (2Q 2013). This was an increase of 4.4% over the last quarter. The net property income came in at $26.9 million, an improvement of 3.7% over the first three months of the year.

The company achieved Income Available for Distribution of $23.2 million, which is an improvement of 4.8% from the last quarter. The company has declared a Distribution per Stapled Security (DPS) of 1.43 cents for the quarter, 3.6% higher than last time. The company only floated in August last year, so there are no comparative numbers for a year ago.

The Hotels in the portfolio contributed 68.6% or S$20.1 million of the overall gross revenue. The Serviced Residences in the portfolio contributed 15.7% or S$4.6 million and the Excluded Commercial Premises (ECP) also contributed 15.7% or S$4.6 of the overall gross revenues.

Occupancy at the Hotels remains high, averaging 87.7% in in the second quarter, which represents a 2.2% improvement.

As of 30 June 2013, Far East H-Trust’s gearing was 29.3%, weighted term of debt was at 3.5 years and the average cost of debt stood at 2.2%

Asset enhancements are being carried out at Village Hotel Albert Court, Village Hotel Changi and Regency House. Far East H-Trust also acquired the Rendezvous Grand Hotel Singapore and Rendezvous Gallery in August this year. With the acquisition, Far East H-REIT’s portfolio now comprises of 12 properties – 8 hotels and 4 serviced residences located in Singapore.

The shares closed at $0.92 on 7th August 2013.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice.  Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.