CDLHT NPI surges 23.3% in H1
The group’s revenue reached $119.2m for the half year.
CDL Hospitality Trusts’ net property income (NPI) climbed by 23.3% to $62.9m YoY in the first half of 2023 whilst its revenue increased by 20.9% YoY to $119.2m for the same period.
The group attributed the increase in its NPI to its market in Singapore, Japan, Australia, Europe, and the UK, which increased by $17.2m YoY. This includes higher NPI from Claymore Connect and a full six months NPI recognition from Hotel Brooklyn (acquired on 22 February 2022), which increased by 94.4% and 35.5% YoY to $2.8m and $2m in H1 2023 respectively.
The increases were partially offset by lower NPI from the New Zealand and Maldives markets, which dropped by $5.3m YoY.
CDLHT reported that interest costs for H1 2023 increased by 71.4% or $8.3m YoY, mainly due to higher funding costs on the Group’s floating rate loans and fixed rate loans re-financed at higher rates.
For the first half of the year, CDLHT also completed the refinancing of a $120m term loan into a 5-year sustainability-linked term loan and concurrently entered into an interest rate swap to partially hedge against the interest rate volatility.
Dividends per share was $2.51 cents, an increase of 23% YoY.