Far East H-Trust's NPI dipped 1% in Q4 to $26.1m

Meanwhile, quarterly revenues inched up 0.1%.

Far East Hospitality Trust’s (Far East H-Trust) net property income (NPI) posted a 1% dip to $26.1m in Q4 2019, from $26.32m in the same quarter in 2018. Revenues inched up 0.1% in the quarter to $28.95m.

Full-year NPI grew 1.5% to $104.31m, compared to $102.76m in FY2018. Meanwhile, revenues for FY2019 similarly increased 1.6% at $115.55m.

The company’s income available for distribution fell 1.7% in Q4 at $18.8m, whilst for FY2019, income available for distribution slid 2% from $75.36m in FY 2018 to $73.9m.

The average occupancy of the company’s hotels portfolio remained robust at 86.6% in Q4.

Hotels’ average daily rate (“ADR”) was 1% lower YoY at $163, mainly attributed to lower contribution from the corporate segment and a greater composition of leisure business. As a result, revenue per available room (“RevPAR”) was marginally lower YoY by 0.6% at $141.

Hotels’ average occupancy for FY2019 was at 89.1% in FY2019, coming in at the same level YoY. ADR decreased 1.3% to $160, similarly due to higher contributions from the leisure segment at lower room rates as compared to the corporate segment. As a result, RevPAR for the hotel portfolio declined by 1.3% to S$142.

The serviced residences (SRs) portfolio showed a stable performance YoY, partly attributed to the continued growth in shorter-stay bookings at higher room rates. For Q4 2019, the average occupancy of the SRs was 83.7%, 0.6 percentage points (pp) lower YoY.

Meanwhile, ADR for SRs grew by 2.6% to $217, and correspondingly, revenue per available unit (RevPAU) of the portfolio grew 1.9% YoY to $182.

Full-year performance of the SR portfolio saw an overall YoY improvement, bolstered by the growth in shorter-stay bookings at higher room rates. ADR for FY2019 was 3.4% higher at $217 and as a result, the RevPAU grew 2.7% to $182. Meanwhile, average occupancy was marginally lower YoY by 0.6pp at 83.5%.

Meanwhile, revenue from the retail and office spaces decreased by 1% YoY to $5.4m in Q4. For FY 2019, revenues declined 0.7% YoY to $21.9m.