CDL Hospitality Trusts Q4 DPS rises 7.2% to 3.13 cents

SINGAPORE - Mainboard-listed CDL Hospitality Trusts (CDLHT) posted a 7.2 per cent increase in its distribution per stapled security (DPS) to 3.13 cents for the fourth quarter ended Dec 31, 2014, up from 2.92 cents a year ago.

Gross revenue rose 14.4 per cent to $45.1 million as the group recognised the full hotel revenue from Jumeirah Dhevanafushi and a $1.3 million rental sum from Angsana Velavaru in Maldives.

This was partially offset by lower rent contribution of $0.4 million from Singapore Hotels, a loss of $500,000 in rental income from Claymore Link Mall and lower fixed rent contribution from the Australian properties due to the weaker Australian dollar.

The group, comprising CDL Hospitality Real Estate Investment Trust and CDL Hospitality Business Trust, said its net property income grew by 6 per cent to $38.6 million in the quarter.

For the full year, CDLHT's DPS was stayed flat at at 10.98 cents, from 10.97 for 2013.

Full hotel revenue from Jumeirah Dhevanafushi and the rental boost from Angsana Velavaru also boosted its full-year gross revenue by 12.1 per cent to $166.8 million. Net property income rose 2.3 per cent to $140.5 million.

The trust's manager said it was encouraged by the company's performance given weaker trading conditions in some markets.

"Our strategy of diversifying into selected key markets has augmented the overall portfolio performance," said Mr Vincent Yeo, CEO of M&C Reit Management Limited. "Our recent acquisition of the two Japan hotels in December 2014 is expected to benefit our portfolio income stream further."