CDL Hospitality Trusts (CDLHT) has reported a distribution per stapled security (DPS) of 4.8 cents for the FY2025 ended Dec 31, 2025, 9.8% lower y-o-y, due to the decline in overall net property income (NPI). DPS for the 2HFY2025 inched up by 0.4% y-o-y to 2.82 cents.
Total distribution to stapled securityholders fell by 8.9% y-o-y to $60.9 million during the year.
FY2025 revenue increased by 2.8% y-o-y to $267.6 million thanks to growth in CDLHT’s UK, Japan and Australian portfolios. Inorganic contributions from the REIT’s UK properties, The Castings, Benson Yard and Hotel Indigo Exeter helped to partly offset the softer trading performance in CDLHT’s other markets. The Castings is a residential build-to-rent (BTR) asset in Manchester while Benson Yard is the REIT’s 404-bed purpose-built student accommodation (PBSA).
Net property income (NPI) for the year fell by 4.1% y-o-y to $129.7 million due to softer revenue per available room (RevPAR) across the portfolio and higher operating costs.
According to CDLHT, a significant portion of its NPI decline were due to the disruptions from the renovation works at W Hotel and Grand Millennium Auckland. Excluding these hotels, CDLHT’s gross revenue and NPI would have grown by 7% and 0.3% y-o-y respectively.
In Singapore, occupancy rates increased by 0.3 percentage points y-o-y to 79%. The average daily rate (ADR) fell by 6.5% y-o-y to $230 while RevPAR fell by 6.2% y-o-y to $182. RevPAR for the 2HFY2025 rose due to stronger demand from major events such as F1, the World Aquatics Championships and concerts such as Blackpink.
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While the REIT sees opportunities for further recovery from Singapore’s key source markets such as China, Indonesia and India, which collectively reached 83.9% of pre-pandemic levels year-to-November 2025, it sees increasing competition in the hotel accommodation space. The city-state will see supply growing at a compound annual growth rate (CAGR) of 1.7% from end 2025 till end 2028.
RevPAR in New Zealand fell by 3% y-o-y to NZ$125 ($96.02) due to major renovations to the hotel’s driveway and main entrance. That said, CDLHT sees opportunities moving forward including the opening of the nearby New Zealand International Convention Centre (NZICC) early this year and enhanced city connectivity with the nearby underground station opening this year. Other catalysts include a one-year visa-free entry trial for Chinese tourists from Australia effective Nov 3, 2025. New Zealand has also introduced a NZ$70 million government events and tourism package to attract international events, boost tourism and enhance infrastructure from this year onwards.
In Australia, RevPAR increased by 24.9% y-o-y to A$153 ($136.34). RevPAR surged in the 2HFY2025 thanks to the newly-renovated product at Ibis Perth, which “gained strong market traction” since its re-launch in early 2025, as well as a robust events calendar in 4Q2025.
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CDLHT’s Japan portfolio achieved a record ADR and RevPAR of 12,459 yen ($102.80) and 11,613 yen, respectively. RevPAR increased by 4.1% y-o-y in 2HFY2025 driven by a rebound in the last quarter, as travel patterns normalised after Expo 2025 in Osaka, but was partly offset by cancellations from earthquake rumours and a temporary shift of international visitors to Osaka. In 2026, however, CDLHT is expecting a more “measured” performance from Japan following the tourism board’s forecast of a 2.8% decline in inbound arrivals.
In the Maldives, FY2025 RevPAR fell by 10% y-o-y to US$294 ($371.47) while 2HFY2025 RevPAR fell by 8.7% y-o-y mainly due to reduced flight frequencies and moderation of peak-season uplift from The Halcyon, and competition at Angsana Velavaru. CDLHT says it expects a gestation period for The Halcyon, formerly known as Raffles Maldives Meradhoo, as it builds brand visibility.
In the UK, RevPAR fell by 1.2% y-o-y to GBP126 ($219.91), although the Hilton Cambridge City Centre, The Lowry Hotel and Hotel Indigo Exeter reported broadly stable RevPAR in the second half of the year on a y-o-y basis. The Lowry Hotel benefited from a robust events calendar in Manchester, while Hotel Indigo Exeter contributed inorganic growth following its acquisition in late 2024. The REIT expects a muted macroeconomic environment and elevated costs to affect its outlook for this year, although a strong events pipeline and stable regional event activity are expected to support demand.
Total NPI for CDLHT’s UK living assets comprising The Castings and Benson Yard surged to $8.2 million from $401,000. The Castings, which opened in July 2024, reported a physical occupancy rate of 90.3% as at Dec 31, 2025, while Benson Yard reported an average occupancy rate of 90.4% for FY2025.
In Germany, RevPAR for CDLHT’s Pullman Hotel Munich fell by 3.2% y-o-y to EUR106 ($160.37). RevPAR fell by 10.4% y-o-y in the second half of the year from a high base the year before due to a strong events calendar. NPI decline was further affected by straight-line rent accounting and audit-related adjustments.
In Italy, RevPAR for Hotel Cerretani Firenze fell by 11.8% y-o-y to EUR206. RevPAR also declined by 7.6% y-o-y in the second half of the year attributed to more competition from increased room supply and normalisation of trading conditions. NPI decline was also partly impacted by straight-line rent accounting and rent accrual adjustments.
As at Dec 31, 2025, CDLHT’s gearing stood at 37.7% while interest coverage ratio stood at 2.3 times. About 56% of its total debt are on fixed rate borrowings. According to CDLHT, every 1% change in the all-in interest cost on total borrowings will affect its DPS by 0.99 cents.
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As at the same period, CDLHT’s total portfolio value stood at $3.4 billion, 0.8% higher y-o-y. The REIT has a total of 22 properties spanning 17 hotels, two resorts, one BTR asset, one PBSA and one retail mall. The forward purchase of Moxy Singapore Clarke Quay will add 475 keys to its portfolio. The development is estimated to achieve its temporary occupation permit (TOP) around the end of this year.
“2025 was a year of transition for CDLHT,” says Vincent Yeo, CEO of CDLHT’s managers. “Income from two of our major assets was impacted as they completed their multi-year renovation programmes. During the year, SGD (Singapore dollar) interest rates also moderated from elevated levels at the start of the year. While trading conditions in our key Singapore market were softer in the first half, performance improved in the second half.”
He adds that financial management was a “key priority” for the REIT in 2025. “The issuance of $150.0 million in perpetual securities represents a proactive step in optimising our capital structure, strengthening the balance sheet and lowering funding costs.”
Units in CDLHT closed 0.5 cents lower or 0.59% down at 84 cents on Jan 29.
