CDL Hospitality Trusts achieves 51.9% growth in gross revenue for 2Q
Written by The Edge
CDL Hospitality Trusts (CDLHT), the stapled group comprising a real estate investment trust and a business trust, says it achieved gross revenue of $30.7 million and an income available for distribution of $24.1 million for the second quarter (2Q 2010) ended 30 June 2010.
This represents an increase of 51.9% and 38.7% respectively from the previous corresponding period (2Q 2009). Income to be distributed per Stapled Security for 2Q 2010 was 2.57 cents, 36.0% higher than 1.89 cents in 2Q 2009.
For 1H 2010, CDLHT registered gross revenue of $57.3 million, a 34.1% increase from the same period last year (1H 2009), attributable to improved hospitality performance across the portfolio and contribution from the recently acquired Australia Hotels, which accounted for $6.4 million of the gross revenue increase.
Income available for distribution for 1H 2010 was $45.7 million, representing a 28.6% year-on-year growth from $35.5 million. In line with the improved operating results, income to be distributed per stapled security for 1H 2010 increased 26.7% from 3.86 cents in 1H 2009 to 4.89 cents.
CDLHT continued to achieve overall improvements in performance across its portfolio for 2Q 2010 and 1H 2010, underpinned by the positive outlook of the Singapore hospitality sector which is a substantial driver of its total portfolio’s variable rent. The group’s Australian Hotels, supported by high fixed rental proportions, continued to perform broadly in line with expectations, bolstered by the strength of the Australian economy.
RevPAR for the Singapore hotels increased 45.4% to $195 in 2Q 2010 and 29.8% to $185 in 1H 2010. Fuelled by increased visitor arrivals and strong business activities, average occupancy rate surged 11.3 percentage points to 86.4% in 1H 2010. Net property income improved correspondingly by $13.6 million or 34.3% to $53.4 million in 1H 2010.
Net property income contributed by the Orchard Hotel Shopping Arcade was maintained at $1.6 million for 1H 2010. Average occupancy was 81.2%, with an average monthly rental rate of $7.68 psf.
