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Saturday, 19 April 2014

Cash - Closing Status 17 April

Reduced Far East Hospitality Trust 1 lot at break-even in this week, as part of usual portoflio re-balancing; remaining balance at 6 lots.  In its 4Q13 results, NPI -2.4%, Income available for distribution -2.2% as industry challenges remained. Rental from serviced residences and excluded commercial premises exceeded Forecast and helped to mitigate the shortfall in master lease rental derived from hotels.  Following the acquisition of the Rendezvous Hotel Singapore on 1 August 2013, it has embarked on soft refurbishments of the reception area, lobby bar and club rooms to reposition it as an art-inspired hotel, in synchronisation with the character of the precinct. The refurbishments were completed and the hotel was re-launched in January 2014.  It will continue to optimise the value of its existing assets and try to improve their competitiveness by implementing asset enhancement initiatives in a holistic and progressive manner. For 2014, it has planned for renovations at The Elizabeth Hotel, Village Hotel Albert Court, Village Hotel Changi and Regency House.  As at 31 December 2013, 62% of its debt portfolio or all of its debt maturing beyond 2016, is locked in at fixed interest rates, providing for stability in a rising interest rate environment.

Divested away Saizen Reit 2 lots in this week as part of usual portfolio re-balancing for $41 nett gain.  In its 2Q14 results, NPI +3.3%, profit +15.6%.  Quarter-on-quarter, NPI remained stable.  Average occupancy rate at 90.6%.  With the onset of the major leasing season in the months of February to April, occupancy demand is expected to increase.  Distribution per unit dropped to 3.25 cents from 3.30 cents due to effect of unit consolidation completed on 8 Nov'13. Deloitte had been appointed in Dec’13 as an independent financial adviser to undertake a strategic review of options for enhancing unitholder’s value and it remains on-going.  Nearest loan maturity is in Feb 2018.

Portfolio walk since previous posting :-

+$6,173 Total Returns as of 11 April

+$46 Nett gain on sales of Saizen Reit, Far East HTrust

+$831 Unrealised positions improved

+$7,050 Total Returns as of 17 April

Previous posting :- Cash - Closing Status 11 April

Remarks :- Profits locked in to-date $14,894 / year 2014 $3,402

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