Far East Hospitality Trust's 3Q net property income missed forecast

But that's just the tip of the iceberg.

According to OCBC Investment Research, Far East Hospitality Trust (FEHT) has announced 3Q13 results. OCBC noted that net property income was 9.4% below forecast at S$28.5m.

Here's more:

Income available for distribution was S$24.2m or 7.4% below forecast. 3Q13 distribution per stapled security was 1.43 S cents or 4.7% lower than forecast.

Far East Hospitality Trust (FEHT) has announced 3Q13 results which are in line with ours and the street’s expectations. 9M13 distribution per stapled security of 4.22 S cents forms 74% of ours and 73% of the street’s FY13 forecasts.

Gross revenue for was S$31.5m or 9.4% lower than the IPO prospectus forecast. RevPAR for the hotels, excluding the Rendezvous property (which was acquired on 1 Aug), was S$167.1, down 2.7% YoY mostly due to price competition in the sector.

The serviced residences also performed poorer YoY, with RevPAU falling 0.6% to S$227.1.