SINGAPORE - Far East Hospitality Trust (H-Trust) said on Tuesday its income available for distribution rose 4.5 per cent in the first quarter of this year to $23.1 million, but it will pay a lower distribution per stapled security due to an enlarged number of stapled securities and a weaker performance from its hotels.
The trust is paying 1.3 cents per stapled security for the first three months of the year, down from 1.38 cents last year.
It issued 148.3 million new stapled securities in August last year to help pay for its acquisitions of Rendezvous Hotel Singapore and Rendezvous Gallery. The securities were issued to Hotel Rendezvous, a subsidiary of The Straits Trading Company, and Golden Development, a member of the Far East Organization group of companies.
Far East H-Trust's revenue for the first quarter rose 9.1 per cent to $30.7 million while net property income climbed 6.3 per cent to $27.6 million. These increases were largely due to the contribution from Rendezvous Hotel Singapore.
The trust's serviced residence, retail and office properties "continued to report high occupancies and growth in revenues, moderating the softer performance of our hotels", said Mr Gerald Lee, chief executive officer of the trust's manager.
The average occupancy rate of the trust's hotels was 83.4 per cent in the first quarter, down from 85.5 per cent a year ago. But their average daily rate rose slightly to $190, from $188 last year, mainly due the Singapore Airshow in February.
Overall, the revenue per available room for the trust's hotels was $159 for the first quarter, down from $161 a year ago.
Mr Lee added that the trust will be completing its refurbishment of Village Hotel Albert Court, Village Hotel Changi and Regency House in the coming quarters.