CDL Hospitality Trusts sees its net real estate income increase by 34.8% in the third quarter


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SINGAPORE (THE BUSINESS TIMES) – CDL Hospitality Trusts (CDLHT) reported a 34.8% increase in net property income (NPI) to $ 20.5 million for the third quarter ended Sept. 30, from 15, $ 2 million the year before.

Managers noted that the improvement in NPI’s contribution came mainly from its hotels in New Zealand, the UK, Germany and Italy and Angsana Velavaru in the Maldives. The increase, however, was offset by lower NPIs at the Stapled Group hotels in Singapore and Australia, which declined $ 3.4 million year-over-year for the third quarter.

Meanwhile, gross revenue rose 32.8 percent to $ 40 million. The stapled group’s hotels in Singapore, New Zealand, the UK and the Maldives contributed $ 33.8 million, including $ 9.3 million in fixed rent.

The improvement in performance reflects the recovery underway from the Covid-19 pandemic, executives said in a press release on Friday (October 29).

“Although the pace of the recovery varies from region to region, there is a noticeable trend in leisure demand leading the recovery, with business demand being cautious,” managers said.

Revenue per Available Room (RevPAR) of CDLHT’s five Singapore hotels fell 5.6% to $ 61 from $ 64, collectively declining for the Singapore cluster, with the exception of W Hotel – which has been supported by a good demand for stays.

The W Hotel, which is located in Sentosa, continued to be the closest proxy for overseas travel that local residents could take advantage of, officials said.

CDLHT’s weighted average debt to maturity was 2 years as at September 30, 2021. Liquidity “remains strong” with cash reserves of approximately $ 130 million and approximately $ 231.4 million of committed revolving credit facilities available for drawing.

The Stapled Group also has $ 368.6 million in uncommitted short-term bridging facilities available for acquisitions, executives said.

It pays distributions on a semi-annual basis, the amount being calculated as of June 30 and December 31 of each year.

CDLHT’s stapled stocks were trading up one cent, or 0.8 percent, at $ 1.21 at 9:22 a.m. Friday.

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