To The Moon

$Far East HTrust(Q5T.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight Gross revenue and NPI have improved slightly due to better performance from existing properties. Despite a significant increase in finance expenses, the distribution and DPS have increased YoY mainly due to lower distribution retention and an additional S$2.2 million distribution related to the divestment of Central Square. Revenue per Available Room RevPAR for both hotels and serviced residences has improved YoY. Asset Enhancement Initiatives In 2Q, FEHT completed AEIs for Orchard Rendezvous Hotel and the 5th floor of Orchard Rendezvous Hotel. Related Parties Shareholding REIT sponsor, manager and directors of the REIT manager hold a relatively high proportion of shares. Lease Profile WALE is long with no major lease expiries in the next 4 years. However, the weighted average land lease expiry is relatively short. Debt Profile Overall, the debt profile is favorable, though there is a low proportion of fixed-rate debt. Diversification Profile The portfolio is concentrated in terms of geography and tenants. Key Financial Metrics The operating distributable income margin is high, but property yield, operating distributable income on capital, and operating distribution proportion are relatively low. DPU Breakdown TTM Distributable Income Breakdown:76.6% from Operation12.6% from Divestment Proceeds9.7% from Management Fees Paid in Units1.1% from Retention Release Trends (Up to 10 Years) Slight Downtrend: NAV per Unit, Operating Distributable Income Margin Downtrend: DPU from Operation, Adjusted Interest Coverage Ratio, Property Yield, Operating Distributable Income over Manager's Fees, Operating Distributable Income on Capital, Operating, Operating Distribution Proportion Price Range & Relative Valuation Metrics Dividend Yield - Above +1SD for 1y, 3y & 5y; Average for 10y; P/NAV - Average for 1y, 5y & 10y; Below -1SD for 3y Author's Opinion Compared to the previous half-year, gross revenue has declined slightly, but NPI remains similar due to lower property expenses. Distribution and DPS have also declined due to higher finance expenses, lower management fees payable in units, and the absence of retention release. There is no refinancing requirement for debt in 2024, with 22% of debt maturing in 2025. Visitor arrivals for 1H have improved YoY, reaching more than 85% of the 2019 average. For more information, check out REIT-TIREMENT *Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my own findings and should not be considered as professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decision.