SINGAPORE (Aug 5): On July 30, CDL Hospitality Trusts, Far East Hospitality Trust, Ascott Residence Trust and ARA US Hospitality Trust released their 2QFY2019 results before the market opened. Performance was varied (see Table 1), with CDLHT’s distribution per stapled security (DPS) for 2QFY2019 falling 3.3% y-o-y to 2.07 cents, and FEHT’s DPS for the same period declining 9.9% y-o-y to 0.91 cents. All four have difference focuses. CDLHT has more than 60% of its portfolio in Singapore, while FEHT is a pure Singapore play and ARA US Hospitality Trust is a pure US play. ART is a global real estate investment trust (REIT) with a presence in 14 countries.
According to CDLHT, 2QFY2019 revenue dropped 0.5% y-o-y to $47.5 million. Net property income (NPI) was up marginally, but finance expenses rose. Distributable income fell 7.1% y-o-y to $21 million for the quarter, but owing to higher capital distribution, total distributable amount dropped just 2.6% y-o-y to $25.1 million. This led to the drop in DPS.
