CDL Hospitality Trusts' NPI down 9% in 2h 2024

The group’s DPS also declined by 11.9% to 2.81 cents in the same period.

CDL Hospitality Trusts (CDLHT) reported a 9% decline in net property income for the second half of 2024, falling to $68.69m from $75.45m in 2023.

The decline was attributed to the ongoing normalisation of demand in certain markets following the extraordinary post-pandemic growth.

For 2H 2024, the trust declared a distribution per stapled security (DPS) of 2.81 cents, down 11.9% from 3.1 cents in the same period last year. Total DPS for FY 2024 is 5.32 cents, a 6.7% decrease YoY.

The trust expects earnings growth in 2025 from three newly acquired properties, namely Hotel Indigo Exeter, The Castings, and Benson Yard.

The group's portfolio valuation rose by 4.5% YoY, increasing by $138.2m to reach $3.2b. On the same store basis, excluding the newly acquired properties, the portfolio valuation grew by 1.2% YoY.