CDL Hospitality Trusts
Total distribution per stapled security (DPS) for CDL Hospitality Trusts (CDLHT) fell 2.1 per cent to 2.77 cents for its fourth quarter compared with the same period a year ago.
Overall revenue and net property income (NPI) both fell 5.4 per cent due to the absence of contribution from three properties.
Mainboard-listed CDLHT cited the divestment of two Brisbane hotels in January last year and the closure of a Maldives luxury resort in June last year for renovations.
It said its higher NPI contributions elsewhere and "incremental inorganic contribution" from its Italy hotel acquisition were offset by lower British contribution and a weaker New Zealand dollar.
Interest expense for the quarter also rose by $2 million, mainly due to additional loans for the Italy acquisition and its subsequent renovation works.
Revenue per available room (RevPAR) rose 2.6 per cent to $160 while average occupancy rate increased by 2.3 percentage points.
Singapore hotels' RevPAR increased 4.3 per cent year on year, due to stable corporate demand, as well as additional business from Asean Summit meetings and Chinese and Indian leisure travellers.
Its overall distribution to stapled security holders, after retention for working capital, was $33.4 million, a 1.5 per cent drop from the year-ago period.
Revenue for FY2018 fell 1.2 per cent, with NPI falling 3.8 per cent. Total distribution to stapled security holders increased 1.1 per cent, and DPS edged up 0.4 per cent to 9.26 cents.
OUE Hospitality Trust's (OUE H-Trust) distribution per stapled security (DPS) for the fourth quarter ended Dec 31 last year rose to 1.28 cents, up 0.8 per cent from 1.27 cents.
The increase was due to lower interest expense and higher contribution from the retail segment, partially offset by lower income received from the hospitality segment.
Gross revenue fell 2.2 per cent to $33.1 million on the back of lower contributions from both the hospitality and retail segments. Its asset portfolio comprises the 1,077-room Mandarin Orchard Singapore, the adjoining Mandarin Gallery, and the 563-room Crowne Plaza Changi Airport hotel.
Net property income was down 1 per cent to $28.9 million due to lower gross revenue from the properties, partially mitigated by lower property expenses. Income available for distribution climbed 1.3 per cent to $23.3 million. The distribution payment date is Feb 28.