SINGAPORE (Oct 27): The manager of Frasers Hospitality Trust (FHT) has declared a 4Q17 DPS of 1.2763 cents, 7.2% higher compared to 1.1903 cents a year ago.
FHT is a stapled group that comprises Frasers Hospitality Real Estate Trust (FH-REIT) and Frasers Hospitality Business Trust (FH-BT).
Gross revenue for the 4Q ended Sept increased 24.2% to $41.6 million compared to $33.5 million last year.
Revenue from FH-REIT contributed $36.6 million to total revenue, while FH-BT accounted for $9.2 million to total revenue.
This increase was boosted by the addition of Novotel Melbourne on Collins (NMOC). All country portfolios, except for Singapore and Japan, also reported better y-o-y performance.
Net property income for 4Q17 increased 9.8% to $31.5 million from $31.1 million last year.
Distributable income increased 8.5% to $23.8 million compared to $21.9 million the previous year.
As at Sept 30, FHT’s portfolio was valued at $2.44 billion by an independent valuer, representing a 18.5% y-o-y increase, attributed to the addition of NMOC and higher valuations achieved across the trust’s properties in Australia, UK, Malaysia and Germany.
Eu Chin Fen, CEO of the manager says, “As we move into the new financial year, we will stay proactive in managing our assets and maintain our disciplined approach towards pursuing value-creating acquisitions to deliver sustainable long-term growth in DPS and net asset value to our stapled securityholders.”
Units in FHT closed at 78 cents on Friday.
