As at 2020 Third Quarter Financial Results (6 Aug 2020)
Frasers Hospitality Trust (FHT) is the first global hotel and serviced residence trust to be listed on the Singapore Exchange, on 14 Jul 2014. It has ownership/interest in 15 properties in Singapore, comprising 9 hotels and 6 serviced residences, worth S$2.35 billion as at 31 Mar 2020.
| Gross rental income (by geographical location) | Percentage |
| Singapore | 17% |
| Australia | 50% |
| UK | 15% |
| Japan | 6% |
| Germany | 10% |
| Malaysia | 2% |
| Metrics | 3Q 2020 | 2Q 2020 |
| Gearing Ratio (Aggregate Leverage) | 35.9% | 36.0% |
| Weighted Average Debt to Maturity (Average Term to Maturity) | 3.88 years | 4.14 years |
| Average Cost of Debt (p.a.) | 2.3% | 2.4% |
| Occupancy Rate | 32.6% (Aus) 80.2% (Sin) 0.0% (UK) 9.3% (Jpn) 1.1% (Mys) | 72.4% (Aus) 58.2% (Sin) 66.6% (UK) 47.8% (Jpn) 52.5% (Mys) |
| Average Daily Rate | AUD 141 (Aus) SGD 132 (Sin) GBP 0 (UK) JPY 14,216 (Jpn) MYR 348 (Mys) | AUD 229 (Aus) SGD 280(Sin) GBP 104 (UK) JPY 12,583 (Jpn) MYR 431 (Mys) |
| Revenue Per Available Room | AUD 46 (Aus) SGD 108 (Sin) GBP 0 (UK) JPY 1,322 (Jpn) MYR 0 (Mys) | AUD 166 (Aus) SGD 163 (Sin) GBP 70 (UK) JPY 6,015 (Jpn) MYR 226 (Mys) |
- UK: By order of the government, the UK portfolio suspended operations during the Q3 2020.
- Japan: On 7 Apr 2020, the Japanese government imposed state of emergency in 7 prefectures including Tokyo, Osaka, Hyogo and Fukuoka. This was extended to nationwide in mid-Apr 2020 and was fully lifted on 25 May 2020.
- Malaysia: To conserve cash, The Westin Kuala Lumpur has temporarily suspended operations since May 2020.
| 2Q 2020 | 2Q 2019 | 1H 2020 | 1H 2019 | |
| Metrics | S$ mil | S$ mil | S$ mil | S$ mil |
| Gross Revenue | 20.2 | 34.6 | 62.6 | 75.2 |
| Property operating expenses | (8.1) | (9.4) | (17.3) | (18.9) |
| Net Property Income | 12.1 | 25.2 | 45.3 | 56.3 |
| Distributable Income | 6.1 | 18.7 | 6.3 | 42.4 |
| DPU | 0.3137c | 0.9846c | 0.3287c | 2.2388c |
Conservatively retained S$25.3 m or 80.0% of Distributable Income to conserve cash for COVID-19.
PORTFOLIO
Hotels:
| Property | Valuation ($m) Jun-20 | Valuation ($m) Dec-19 | Leasehold expiry |
| Novotel Melbourne on Collins (Australia) | 223.4 | 223.4 | Freehold |
| Novotel Sydney Darling Square (Australia) | 106.1 | 106.1 | 14 Jul 2098 |
| Sofitel Sydney Wentworth (Australia) | 260.6 | 260.6 | 5 Jul 2090 |
| InterContinental Singapore (Singapore) | 532.0 | 532.0 | 14 Jul 2089 |
| ibis Styles London Gloucester Road (UK) | 35.2 | 35.2 | 14 Jul 2089 |
| Park International London (UK) | 73.5 | 73.5 | 14 Jul 2089 |
| ANA Crowne Plaza Kobe (Japan) | 215.0 | 215.0 | Freehold |
| The Westin Kuala Lumpur (Malaysia) | 138.2 | 138.2 | Freehold |
| Maritim Hotel Dresden (Germany) | 104.6 | 104.6 | Freehold |
Serviced Residences
| Property | Valuation ($m) Jun-20 | Valuation ($m) Dec-19 | Leasehold expiry |
| Fraser Suites Sydney (Australia) | 119.1 | 119.1 | 14 Jul 2089 |
| Fraser Suites Singapore (Singpore) | 305.0 | 305.0 | 14 Jul 2089 |
| Fraser Suites Edinburgh (UK) | 26.2 | 26.2 | 14 Jul 2089 |
| Fraser Suites Glasgow (UK) | 18.5 | 18.5 | 14 Jul 2089 |
| Fraser Suites Queens Gate (UK) | 101.7 | 101.7 | 14 Jul 2089 |
| Fraser Place Canary Wharf (UK) | 71.3 | 71.3 | 14 Jul 2089 |
Potential pipeline projects from Sponsor
- Acquisition pipeline of 17 properties under Right of first refusal with Sponsor.
Theory of Constraints 