Based on the most recent financial reports of the hospitality trusts, only FHT is trading at a premium to NAV, with CDLHT, ART and FEHT trading at narrow discounts to NAV. Of these, FEHT gets the highest portion of revenue from master leases compared with CDLHT and ART.
Among the REITs, the top four performers were hospitality trusts. This is because they are rebounding from a very tough pandemic. On May 13, Frasers Property (FPL) announced the offer to privatise Frasers Hospitality Trust (FHT) at 70 cents, which is 1.07x its net asset value of 65 cents as at Sept 30, 2021. Following the news, hospitality trusts such as CDL Hospitality Trusts (CDLHT), Ascott Residence Trust (ART), and Far East Hospitality Trust (FEHT) moved up in tandem.
