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Far East H-Trust posts lower Q1 payout of 1.3 cents per stapled security

Published on Apr 29, 2014 10:34 AM

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.

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