Far East Hospitality Trust's net property income soars to $28.1m in 3Q23
The 3Q23 NPI is 42.4% higher than the 3Q22 record of $19.7m.
Far East Hospitality Trust (FEHT) ended 3Q23 with a 42.4% YoY higher net property income (NPI) of $28.1m.
In a bourse filing, the REIT attributed the growth in its NPI to higher gross revenue during the quarter.
In 3Q23, FEHT recorded a 42.5% YoY higher revenue of $30.2m, given the strong contribution from its hotel segment, which recorded a 56.3% increase in revenue.
Apart from higher NPI, the improved revenue also resulted in a 51.0% YoY growth in the REIT's income available for distribution.
In 3Q23 3Q23, FEHT posted an income available for distribution of $22.9m.