CDL Hospitality Trusts (CDLHT), 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, registered gross revenue of $34.6 million for the second quarter (2Q 2011), representing an increase of 12.6% from the previous corresponding period (2Q 2010).
Net property income for the reporting quarter was $35.6 million, which exceeded the corresponding quarter last year by $6.9 million or 24.0%. The improvement was mainly attributed to improved gross revenue and a one-off property tax refund of about $3.3 million arising from the revised property tax assessments issued by IRAS in respect of the years 2006 to 2008.
Accordingly, income available for distribution for 2Q 2011 increased 31.3% from 2Q 2010 to $31.7 million. Income to be distributed per Stapled Security for 2Q 2011 was 2.96 cents, 15.2% higher than the 2.57 cents in 2Q 2010.
No comments:
Post a Comment