Gross revenue fell by 1.8% y-o-y to $125.1 million due to softer performance across most of the trust’s portfolio markets except for UK, Japan and Australia. Net property income (NPI) fell by 11.9% y-o-y to $58.6 million as interest expense rose by 4.3% y-o-y, mainly due to the addition of CDLHT’s two new UK assets funded by borrowings. The higher interest expenses were also due to the commencement of expensing borrowing costs related to The Castings, CDLHT’s build-to-rent property (BTR) in Manchester, the UK.
CDL Hospitality Trusts (CDLHT) will be focused on managing its funding costs, recycling assets, undertaking asset enhancement initiatives (AEIs) and growing its living sector segment, say the trust’s managers at its 1HFY2025 results briefing on July 30.
For the six months ended June 30, the stapled group reported a 21.1% y-o-y decline in its distribution per stapled security (DPS) to 1.98 cents. Total distributions fell by 20.2% y-o-y to $25.1 million after retention for working capital.
