Far East Hospitality Trust (Q5T)

As at 2020 Second Quarter Financial Results (23 July 2020)

Far East Hospitality Trust (FEHT) is the first and and only Singapore-focused hotel and serviced residence hospitality trust, listed on 27 Aug 2012. It has ownership/interest in 13 properties in Singapore, comprising 9 hotels and 4 serviced residences, worth S$2.65 billion as at 30 Jun 2020.

Gross rental income
(by sector)
Percentage
Hotels64.4%
Serviced Residences14.0%
Commercial21.6%
Gross rental income
(by geographical location)
Percentage
Singapore100%
Metrics2Q 20201Q 2020
Gearing Ratio
(Aggregate Leverage)
39.2%39.5%
Weighted Average Debt to Maturity
(Average Term to Maturity)
2.8 years3.0 years
Average Cost of Debt (p.a.)2.5%2.8%
Occupancy Rate77.6% (H)
82.7% (SR)
65.3% (H)
83.6% (SR)
Average Daily Rate$102 (H)
$200 (SR)
$144 (H)
$213 (SR)
Revenue Per Available Room$79 (H)
$166 (SR)
$94 (H)
$178 (SR)

2Q 20202Q 20191H 20201H 2019
MetricsS$ milS$ milS$ milS$ mil
Gross Revenue21.427.944.355.7
Property operating
expenses
(2.7)(1.5)(5.7)(5.5)
Net Property Income18.729.438.650.2
Distributable Income7.517.620.235.0
DPU(semi-
annual)
(semi-
annual)
1.03c1.82c

PORTFOLIO

SINGAPORE

Hotels:

PropertyNPI (%)Valuation
($m) Jun-20
Valuation
($m) Dec-19
Leasehold
expiry
Village Hotel
Albert Court
4.9127.8127.827 Aug 2087
Village Hotel
Changi
8.2205.8205.827 Aug 2077
The Elizabeth
Hotel
5.2163.7163.727 Aug 2087
Village Hotel
Bugis
10.0232.7232.727 Aug 2078
Oasia
Hotel Novena
11.0330.0330.027 Aug 2104
Orchard
Rendezvous
Hotel
18.3431.2431.227 Aug 2062
The
Quincy Hotel
2.682.082.027 Aug 2087
Rendezvous
Hotel
Singapore
10.5284.1284.11 Aug 2083
Oasia Hotel
Downtown
10.2245.0245.02 Apr 2083

Serviced Residences

PropertyNPI (%)Valuation
($m) Jun-20
Valuation
($m) Dec-19
Leasehold
expiry
Village Residence
Clarke Quay
7.6205.9205.927 Aug 2092
Village Residence
Hougang
2.162.062.027 Aug 2093
Village Residence
Robertson Quay
4.0105.3105.327 Aug 2090
Regency
House
5.4170.2170.227 Aug 2093

Potential pipeline projects from Sponsor

  • Acquisition pipeline of 7 properties (1,200 hotel rooms and 618 serviced residence units) under Right of first refusal with Sponsor.
  • 30% stake in a joint venture in development of three hotels in Sentosa with Sponsor which opened in 2019.

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