Far East Hospitality Trust to pay lower distributions than forecast
Far East Hospitality Trust will pay unitholders 1.42 cents per unit for the fourth quarter of last year, missing forecasts of 1.45 cents per unit.
The Singapore-listed hotel real estate investment trust (Reit) also posted lower revenue and net property income than it expected.
Revenue for the three months to Dec 31 last year came in at $33.6 million, 3 per cent less than forecast, while net property income was 2.4 per cent below forecasts at $30.4 million.
"In spite of the challenges in the macroeconomic and operating environments, the average occupancy of our hotels and serviced residences remained high," said Mr Gerald Lee, chief executive officer of the Reit's manager.