To The Moon

Basic Profile & Key Statistics Main Sector(s): Hospitality, Retail & Office Country(s) with Assets: Singapore No. of Properties (exclude development/associate/fund): 12 Key Indicators Performance Highlight Despite the divestment of Central Square on 24 March 2022, gross revenue, NPI and the income available for distribution increased yoy mainly due to higher income from the hotels' segment. Revenue per Available Room REVPAR has been improving for both hotels and serviced residences where REVPAR for hotels has recovered to 90% of the 2019 level and REVPAR for serviced residences has surpassed the 2019 level. Asset Enhancement Initiative AEI for Orchard Rendezvous Hotel has been completed forecourt and outdoor refreshment area as well as enhancement and repainting of the facade. Distribution Breakdown Distributable Income Breakdown:77.6% from Operation13% from Fees Payable/Paid in Units9.4% from Proceeds from Divestment Distribution = 99.5% of Distributable Income Related Parties Shareholding REIT Sponsor's Shareholding: Above median for more than 20% REIT Manager's Shareholding: Above median for more than 20% Directors of REIT Manager's Shareholding: Above median for more than 20% Lease Profile WALE: Above median for more than 20% Highest Lease Expiry within 5 Years: Below median for more than 20%; Falls in 2023 Weighted Average Land Lease Expiry: Below median for more than 10% Debt Profile Gearing Ratio: Below median for more than 10% Cost of Debt: Below median for more than 20% Fixed Rate Debt %: Below median for more than 20% Unsecured Debt %: 100% WADM: ± 10% from median Highest Debt Maturity within 5 Years: Below median for more than 10%; Falls in 2024 Interest Coverage Ratio: ± 10% from median Diversification Profile Top Geographical Contribution: 100% Top Property Contribution: ± 10% from median Top 5 Properties' Contribution: ± 10% from median Top Tenant Contribution: Above median for more than 20% Top 10 Tenants' Contribution: Above median for more than 20% Key Financial Metrics Property Yield: Below median for more than 20% Management Fees over Distribution: ± 10% from median; $6.90 distribution for every dollar paid Distribution on Capital: Below median for more than 20% Distribution Margin: Above median for more than 20% Trends Uptrend: Distribution Margin Flat: NAV per Unit, Interest Coverage Ratio Slight Downtrend: Downtrend: DPU, Property Yield, Distribution on Capital Relative Valuation P/NAV: Average for 1y, 3y & 5y Dividend Yield: Average for 1y, 3y & 5y Author's Opinion Since the border opening on April 1st, 2022, there has been a consistent improvement in performance. As visitor arrivals are expected to increase this year, the recovery is expected to further benefit FEHT's performance going forward. You could also refer below for more information: SREITs Dashboard- Detailed information on individual Singapore REIT SREITs Data - Overview and Detail of Singapore REIT REIT Review - List of previous REIT analysis posts *Disclaimer: Materials in this blog are based on my research and opinion which I don't guarantee accuracy, completeness, and reliability. It should not be taken as financial advice or a statement of fact. I shall not be held liable for errors, omissions and loss or damage due to the use of the material in this blog. Under no circumstances does the information presented on this blog represent a buy, sell, or hold recommendation on any security, please always do your own due diligence before any decision is made.