Ascendas Hospitality Trust has reported a distribution per stapled security (DPS) of 1.28 Singapore cents for its 1Q 2019, a fall of 5.2% on-year.

The trust posted posted a 13.6% year-on-year increase in net property income (NPI) for the period, largely due to full-quarter contribution from the five hotels acquired in the previous financial year.

NPI from Australia portfolio increased on-year in AUD term but was impacted by weaker AUD against SGD.

Subsequently, the trust’s distributable income came in lower on-year by 4.8% due to the absence of partial distribution of proceeds from the divestment of Novotel Beijing Sanyuan and Ibis Beijing Sanyuan.

Excluding proceeds from divestment, the DPS for 1QFY2018/19 would be 1.20 cents, and the DPS for 1QFY2019 would have increased by 6.7% on-year.

The trust’s average occupancy rate for the quarter was 80.7%, down from 81.8% in the corresponding period of the previous financial year.

Correspondingly average daily rate and RevPAR slipped by 0.6% and 2.2% for the quarter.

Ascendas Hospitality Trust’s gearing was at 34.1%, with average cost of debt at 1.9%.

It was last done on the SGX at SGD1.06, up nearly 2% from its previous close.