SINGAPORE - Mainboard-listed Far East Hospitality Trust (Far East H-Trust) annouced on Wednesday (Feb 11) a 9.9 per cent fall in distribution per stapled security (DPS) to 1.28 cents for the fourth quarter ended Dec 31, 2014, compared to the year-ago period.
The trust said net property income declined 9.2 per cent to $27.65 million, while gross revenue fell 9.8 per cent to $30.28 million.
The trust said retail and office revenue cushioned the softer performance of hotels and serviced residences.
But it expects the operating environment to remain challenging with increased supply of hotel rooms and rate competition despite potential recovery in visitor arrivals from new tourism attractions and international events in 2015.
The trust has refinanced $200 million borrowings due in August 2015, and extended weighted average debt to maturity to 3.5 years
For the full year, Far East H-Trust's DPS fell 8.9 per cent to 5.14 cents, translating to a yield of 6.3 per cent.