Singapore based REIT company CDL Hospitality Trusts, a stapled group comprising CDL Hospitality Real Estate Investment Trust (“H-REIT”), a real estate investment trust, and CDL Hospitality Business Trust (“HBT”), a business trust, announced its results for the fourth quarter (“4Q 2018”) and full year (“FY 2018”) ended 31 December 2018.
-Total distribution per Stapled Security of 2.77 cents for 4Q 2018 and 9.26 cents for FY 2018
-Total distribution grew 1.1% and total distribution per Stapled Security grew 0.4% in FY 2018
-Core Singapore portfolio recorded stronger performance Broadening income base from acquisitions made in Europe
-CDLHT continues to pursue suitable acquisitions and asset enhancement initiatives to enhance returns
Mr Vincent Yeo, Chief Executive Officer of CDLHT’s managers, said, “While there is increasing uncertainty in the macro environment, we have delivered stable distribution to Stapled Securityholders in 2018. After our successful divestment exercise, we have partially recycled our proceeds into a high quality acquisition in a new market, which has further broadened our income base. We continue to focus on organic growth where our core portfolio in Singapore is recording improved performance amidst a recovering hotel sector. To also optimise the long term potential and augment the competitive positioning of our hotels, we are executing strategic asset enhancement initiatives such as the ongoing refurbishment at Orchard Hotel, which will elevate the product offering when the works are completed.”
CDL Hospitality Trusts (“CDLHT”) is one of Asia’s leading hospitality trusts with assets valued at S$2.7 billion. It comprises CDL Hospitality Real Estate Investment Trust (“H-REIT”), a real estate investment trust, and CDL Hospitality Business Trust (“HBT”), a business trust. CDLHT was listed on the Mainboard of the Singapore Exchange Securities Trading Limited on 19 July 2006, with H-REIT being the first hotel real estate investment trust in Asia (ex Japan).