Data from CDL Hospitality Trusts’ latest disclosure has been incorporated into the Singapore REITs table.
CDL Hospitality Trusts (CDLHT) announced on 29 OCtober that its net property income (NPI) for 3Q 2021 has increased by 34.8% year-on-year to SGD20.5 million.
The improved NPI contribution arose mainly from its New Zealand, UK, Germany and Italy Hotels and from Angsana Velavaru in the Maldives, which increased collectively by SGD8.5 million year-on-year for 3Q 2021.
This was however offset by lower NPI from the Singapore and Australia hotels, which declined by SGD3.4 million over the same period.
Five of six of CDLHT’s assets in Singapore are being used for COVID-19-related quarantine purposes.
CDLHT described the overall improvement in its 3Q 2021 performance to the ongoing recovery from the negative effects of the COVID-19 pandemic.
“The broader distribution of vaccines and easing of travel and other restrictions resulted in more accommodation demand”, said the trust.
“While the pace of recovery varies between regions, there is a discernible pattern of leisure demand leading the recovery with corporate demand being cautious”, it added.
CDLHT was last done on the SGX at SGD1.20, which presently implies a distribution yield of 2.03% according to data on the Singapore REITs table.