12/26/2023 0 Comments Stapled security![]() For FY 2022, distribution from divestment gains will be S$6.2 million to cover the nine months after the disposal of Central Square. Being 14% higher than S$7 million recorded in FY 2019 before the COVID-19 pandemic.Central Square comprises Village Residence Clarke Quay ("VRCQ") as well as office and retail units.This initiative will allow the REIT Manager to return a portion of divestment gains and supplement the DPS while exploring new yield accretive investment opportunities. The REIT Manager currently intends to distribute a portion of the divestment gains, expected to be approximately S$8 million 2 per year over three years, based on the highest historical annual NPI of Central Square achieved since IPO. The divestment of Central Square, which was completed on 24 March 2022, has helped to reduce gearing and provide greater financial flexibility for Far East H-Trust. The REIT Manager declared a distribution of S$30.6 million to Stapled Securityholders, translating to a DPS of 1.54 cents for 1H 2022, a growth of 40.0% compared to the same period last year. As a result, income available for distribution increased 14.4% YoY to S$29.0 million. Cost was lower mainly due to reduced financing cost following the repayment of loans from divestment proceeds. Net property income ("NPI") grew 3.5% year-on-year ("YoY") to S$37.5 million despite the disposal of Central Square. Singapore, 29 July 2022 - Far East Hospitality Trust ("Far East H-Trust") recorded gross revenue of S$41.0 million for the half year ended 30 June 2022 ("1H 2022"). Plans to distribute portion of gains from Central Square 1 divestment.Distribution per Stapled Security ("DPS") boosted by higher net property income, lower costs, and distribution from divestment gains.
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