Ascendas Hospitality Trust reports 2.9% increase in 4Q DPS

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Ascendas Hospitality Trust has posted distribution per stapled security (DPS) of 1.77 cents for its 4Q FY2018/19, an increase of 2.9% year-on-year.

The trust has attributed this to full quarter contribution from the five hotels acquired during the financial year, lower net finance costs, and partial distribution of the proceeds from the divestment of the two hotels in Beijing.

For the full year of FY2018/19, the trust’s DPS amounted to 6.03 cents, which was 2.9% higher than the previous year.

Given full-quarter income from all three WBF-branded hotels acquired in 2018, Ascendas Hospitality Trust’s net property income from the Japan portfolio grew by approximately 20% year-on-year for 4QFY2018/19.

Meanwhile, income from its Korea portfolio was also boosted by the contribution from ibis Ambassador Seoul Insadong which was acquired in December 2018.

However, Park Hotel Clarke Quay in Singapore experienced weaker demand from transient and corporate segments in 4Q, and this was made worse by the absence of Singapore Airshow, a biennial event that was held in February 2018.

The trust’s gearing was at 33.2% as at 31 March 2019, with weighted average debt maturity at 3.8 years, with no significant refinancing requirement until 2020.

Ascendas Hospitality Trust was last done on the Singapore Exchange at SGD0.92.

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