REIT AsiaPac

Sign up for our FREE news and magazine on Asia Pacific REITs

CDL Hospitality Trusts Posts 19.2% Decline In Distribution Per Stapled Secutiry For H1 2021

July 30, 2021 – CDL Hospitality Trusts, a stapled group comprising CDL Hospitality Real Estate Investment Trust and CDL Hospitality Business Trust, reported a 19.2 percent decline in its distribution per stapled security (DPS) to hit 1.22 Singapore cents in the first six months of the year from 1.51 Singapore cents in the same period last year.

The Group’s overall performance in 1H 2021 continues to be impacted by the COVID-19 pandemic. Gross revenue increased by 27.2% year-on-year to S$66.2 million for 1H 2021, out of which S$48.3 million (inclusive of S$18.6 million fixed rent) was contributed by the Singapore and New Zealand Hotels and Maldives Resorts. Occupancies for the Singapore and New Zealand Hotels were supported by demand for accommodation facilities used for isolation purposes.

Mr Vincent Yeo, Chief Executive Officer of CDLHT’s managers, said, “The widespread vaccination efforts have helped to mitigate the effects of the extremely contagious and virulent Delta variant. Although the pandemic is yet to be over, the easing of restrictions and the restart of international travel have taken place in Europe.”

“The performance of our UK and Germany Hotels has been encouraging, and we are experiencing some of the highest occupancies since the onset of COVID-19. We are optimistic that such form of recovery could follow in other markets upon the continued easing of restrictions and quarantine requirements.”

“As we head towards travel normalcy, we will continue to work closely with our operators and lessees to ride on the recovery, while maintaining tight costs control measures to protect the bottom line.”

Read more here..

Related News

CDL Hospitality REIT Records 45.1% Drop In Full Year 2020 DPS