SINGAPORE (Jan 29): The managers of CDL Hospitality Trusts (CDL HT), a stapled group comprising CDL REIT and CDL Hospitality Business Trust, posted a 2.1% decline in 4Q18 distribution per stapled security (DPS) to 2.77 cents from 2.83 cents a year ago.
This was mainly due to the absence of contribution from three properties, specifically two Brisbane hotels divested in Jan 2018, as well as Dhevanafushi Maldives Luxury Resort, which has been closed since June 2018 for renovations as it rebrands to Raffles Maldives Meradhoo.
As such, revenue for the quarter fell 5.4% to $52.3 million from $55.2 million previously, while net property income (NPI) declined 5.4% to $38.4 million from $40.6 million in 4Q17.
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