CDL Hospitality Trusts posts 8.6% rise in H1 DPS to S$0.0215

[SINGAPORE] CDL Hospitality Trusts (CDLHT) on Thursday (Jul 30) posted a distribution per stapled security (DPS) of S$0.0215 for the half-year ended Jun 30, up 8.6 per cent on the year from S$0.0198.

This was buoyed by higher net property income (NPI) and lower interest costs, said that managers in a bourse filing.

The distribution will be paid on Aug 31.

NPI for the period stood at S$59.7 million, a 1.8 per cent year-on-year rise from S$58.6 million. This is due to higher contributions from CLDHT’s UK portfolio, Grand Millennium Auckland and the Perth Hotels.

The total distribution for H1 stands at S$27.5 million, up 9.7 per cent on the year from S$25.1 million.

In particular, within CDLHT’s Singapore hotels segment, revenue per available room increased by 4.1 per cent year on year in H1.

This is due to the Republic’s position as a stable gateway destination, diversified demand drivers and a steady events pipeline that continued to support performance amid a general moderation of travel, said the managers.

A “steady” outlook is expected, despite persistent headwinds amid a period of geopolitical uncertainty, added the managers.

The growth pipeline is expected to be “augmented” by Moxy Singapore Clarke Quay, with title expected to pass upon opening in 2027. The forward purchase of the 475-key hotel was at the lower of fixed price of S$475 million or 110 per cent of development costs.

Stapled securities of CDLHT ended 1.3 per cent or S$0.01 higher at S$0.795 on Wednesday.