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Ascendas Hospitality Trust Q1 FY2018/19 DPS up 3.1%

ASCENDAS Hospitality Trust’s (A-HTRUST) distribution per stapled security (DPS) for the first quarter ended June 30 rose 3.1 per cent to 1.35 Singapore cents.

However, gross revenue and net property income (NPI) both slid lower on the back of lower contributions from its portfolio in Australia, foreign exchange translations and from the partial loss of income due to a divestment of two hotels in Beijing.

Gross revenue was down 9.8 per cent to S$48.2 million, while NPI declined 9.3 per cent to S$20.2 million. Income available for distribution (less income retained for working capital) was 3.8 per cent higher at S$15.3 million lifted by divestment of the two hotels, and lower net finance costs. It highlighted that the proceeds from the divestment was used to pare bank borrowings as well as to fund a recent acquisition of The Splaisir Seoul Dongdaemun hotel in South Korea in May this year.

The average occupancy of its hotels under management agreements dipped 1.2 percentage points to 82.1 per cent, while the average daily rate fell 2.9 per cent to A$165 (S$166). Meanwhile, revenue per available room (RevPAR) was 3.5 per cent lower at A$136.

For its hotels under master leases, any variable rent for Hotel Sunroute Ariake only is payable in the fourth quarter of the financial year. Thus, the extension of the master lease to the serviced apartment of Hotel Sunroute Ariake resulted in the slightly lower NPI for Q1 FY2018/19 from the hotel due to absence of variable rent in the quarter, it explained.

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Hotel Sunroute Osaka Namba posted a year-on-year improvement, while The Splaisir Seoul Dongdaemun started contributing to A-HTRUST following the completion of the acquisition on May 21. In Singapore, Park Hotel Clarke Quay continued on a growth path, contributing a higher NPI as the injection of new hotel rooms tapers in the industry.

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