Meanwhile, distributable income for the 2HFY2024 fell by 10.9% y-o-y to $35.4 million. This was attributable to The Castings, as its contribution to the REIT’s total NPI was unable to cover its interest costs during the gestation period. The lower amount was also due to higher interest costs and lower NPI for the rest of the portfolio.
CDL Hospitality Trusts (CDLHT) has reported total distribution per stapled security (DPS) of 5.32 cents for the FY2024 ended Dec 31, 2024, 6.7% lower y-o-y. DPS for the 2HFY2024 fell by 11.9% y-o-y to 2.81 cents.
Distributable income for the full year fell by 5.8% y-o-y to $66.9 million due to lower net property income (NPI) and higher interest costs. The REIT’s funding costs rose from floating rate loans, the refinancing of its fixed rate loans, the financing of The Castings, its build-to-rent (BTR) residential development project in the UK, as well as asset enhancement works. The lower amount was also due to the absence of a one-off capital distribution of $0.9 million from the liquidation proceeds of an Australian subsidiary, which was recognised in the 2HFY2023.
