Higher interest costs keep CDLHT's DPS flat despite NPI growth

NPI grew 5.9% in H1 2024.

CDL Hospitality Trusts' (CDLHT) distribution to stapled security holders (DPS) remained unchanged in H1 2024 despite recording higher net property income (NPI).

In H1 2024, the trust’s NPI was $66.5m, up 5.9% YoY. CDLHT said higher interest costs affected its DPS for the period.

Meanwhile, the trust attributed the increase in its NPI to revenue per available room (RevPAR) growth in most of its markets.

In Singapore, its core market, RevPAR rose 7.7% YoY to $193.

Only its New Zealand market reported a lower RevPAR in H1 2024.

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