- Far East Hospitality Trust's 2H22 and FY22 DPU rose 13.1% and 24.3% y-o-y respectively.
- 4Q22 hotels RevPAR reached 90% of 4Q19.
- 4Q22 serviced residence RevPAU surpassed 4Q19 level by 15%.
FEHT's 2H22 DPU beat expectations
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- Net property income (NPI) grew 2.3% y-o-y to S$39.9m in 2H22 or 10.5% y-o-y on a same-store basis.
- Far East Hospitality Trust's 2H22 DPU was 13.1% higher at S$0.0173, bringing full year DPU to S$0.0327 (+24.3%). See Far East Hospitality Trust's dividend history.
3 hotels performed above fixed rents in 2022
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- For 2022, RevPAR improved 64.3% y-o-y to S$92, reaching ~65% of its levels in 2019. In 4Q22, RevPAR was at 90% of 4Q19 levels, underscoring the strong rebound in leisure and business travellers as well as the return of high-profile events to Singapore.
- Average daily rate (ADR) was also boosted by higher contracted rates from remaining contracts and the launch of Vibe Hotel Singapore Orchard. We understand that three hotels performed above their fixed rents in 2022 and four hotels remained on government contracts (expiring in mid-2023).
Serviced Residence RevPAU surpassed 2019 level by 9% in 2022
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