Far East hospitality trust

Far East hospitality trust: Results was ahead vs initial forecasted distributable income. Grp’s Distributable income at $33.6m, excedded forecast by 4.5% as mentioned in grp’s initial guidance in its IPO prospectus. This brings DPU to 2.09c/share or a 5.7% yield. Grp’s gross rev of $42.2m was 0.7% lower than the projected $42.5m, mainly due to the softer performance of its Serviced Residences, which were affected by macro uncertainties in 2H12 when major companies held back in the face of the EU debt crisis and the US Fiscal Cliff. RevPAU was S$204 for FY12 vs $216 that was forecast in the Prospectus. Overall, the Hotels performed better than forecast. While there was some pressure on average room rates, resulting in RevPAR of $171 vs forecast of $174, higher revenue from the commercial spaces, and the meetings and banquet business helped to offset the lower room revenue. Going forward, grp notes that as a SG-focused hotel and serviced residence hospitality trust, Trust remains well placed to benefit from SG’s hospitality market as the country remains as a highly regarded destination for business and leisure. The Books Closure Date is 18 Feb13 and payment securityholders of 2.09 cents will be made on 21Mar13.