CDL Hospitality Trusts

Sector Breakdown

Geographical Breakdown

Basic Profile

Stock Code	J85
Listing Date	19-Jul-06
Entity Type	REIT
Payout Frequency	Semi-Annually
Fiscal Year End	31-Dec
Sponsor	Millennium & Copthorne Hotels Limited

Key Statistics Stats as at: 2026-08-04

Current Price

S$0.80

Market Cap

S$1.02B

Price / NAV

0.58x

Div Yield (TTM)

6.04%

52 Week Range

52W Low 52W High

Financial Performance

Gross RevenueGross Revenue — total rental income before any deductions, reported quarterly in millions. QoQ change shown in green/red. Rising Gross Revenue signals healthy leasing; a drop may reflect divestments, tenant loss, or currency swings.$126.86M (QoQ -11.0%)

Net Property IncomeNet Property Income (NPI) — Gross Revenue minus direct property expenses (utilities, tax, maintenance). It's the operating cash from the portfolio before interest and fees. Higher NPI at the same revenue means more efficient operations.$59.65M (QoQ -16.1%)

NPI MarginNPI Margin = NPI ÷ Gross Revenue. Measures operational efficiency. S-REIT averages sit around 65–75%. Above 75% is strong (data centres, industrial); below 55% is weak (older retail, high-opex hospitality).49.9% (QoQ +6.5%)

Distributable IncomeDistributable Income — the pool paid out to unitholders (usually ≥90% by MAS rule). Divide by units outstanding to get DPU. Rising DI → growing dividends; falling DI signals coming DPU cuts.$39.96M (QoQ -13.4%)

DPUDPU (Distribution Per Unit) — cents paid per unit each quarter. This is the direct dividend to holders. Multiply by 4 (or 2 for semi-annual REITs) to annualize, then divide by price for yield. Growing DPU is what drives long-term returns.2.15 cents (QoQ -23.8%)

Portfolio Stats

AUMAssets Under Management (AUM) — total valuation of all properties held, in SGD billions. Bigger AUM doesn't mean better — what matters is quality, yield, and gearing. Useful for comparing REITs of similar type.S$3.35B

No. PropertiesNumber of Properties — total assets in the portfolio. More properties usually mean better diversification (lower single-asset risk), but very large counts can also mean lots of smaller, older buildings.22

Property YieldProperty Yield = NPI ÷ Property Valuation. Measures the operating return of the assets themselves, before capital structure. 5–7% is typical for S-REITs; below 4% often flags overvalued property book; above 8% may signal riskier assets or higher cap rates.3.58% (QoQ -15.6%)

Rental ReversionRental Reversion — the % change on new/renewed lease rates vs the expiring rate. Positive = pricing power (landlord can raise rents). Negative = weak demand. Look for consistent positive reversions across quarters.N/A - hospitality

Capital Structure

Debt Metrics

Interest CoverInterest Coverage Ratio (ICR) — how many times over the REIT can pay its interest bill from earnings. Higher is safer. MAS requires ≥1.5×; healthy REITs sit 3–5×+. Below 2.5× is a red flag. 2.3x (QoQ -4.2%)

Avg Debt TermAverage Debt Term — weighted average years until all borrowings mature. Longer means less refinancing risk, but usually higher fixed cost. 3–4 years is typical; below 2 means near-term rollover pressure. 2.5 years

Gearing RatioGearing Ratio = Total Debt ÷ Total Assets. MAS cap is 50%. Under 40% is comfortable; 40–45% is watchful; above 45% is stretched — leaves little headroom for asset writedowns. 35.3% (QoQ +0.0%)

Cost of DebtCost of Debt — weighted average interest rate paid on all borrowings. Lower is better. In a high-rate cycle, expect 3.5–4.5% for S-REITs; 5%+ starts compressing distributable income. 2.8% (QoQ +0.0%)

Fixed Rate DebtFixed Rate Debt — % of borrowings on fixed rates (or hedged via swaps). Higher means better protection from rate hikes. 70%+ is prudent; below 50% means DPU is very rate-sensitive. 66.9%

Highest Annual Debt MaturityHighest Annual Debt Maturity — the single worst year of debt rollovers, as % of total debt. Lower means smoother refinancing profile. Above 30% in one year concentrates rollover risk. 31.4%

Lease Expiry

WALE (by GRI)WALE (Weighted Average Lease Expiry) — average years of remaining lease, weighted by Gross Rental Income. Longer WALE means more visible income; industrial/logistics REITs sit 3–4yrs, office 2–4yrs, data centres 5–8yrs+. Below 2yrs → heavy near-term renewal risk. 4.2 years (QoQ -5.6%)

RevPAR (S$)RevPAR (Revenue Per Available Room) — hospitality REITs report this instead of occupancy. It combines room rate and occupancy into one number: RevPAR = ADR × Occupancy. Rising RevPAR = pricing power + demand. Compare against pre-COVID benchmarks and peers in similar markets. 184 (1Q 2026)

Income in SGD/Major CurrenciesIncome in SGD / Major Currencies — % of distributable income hedged or in stable currencies (SGD, USD, EUR). Higher means less FX volatility hitting DPU. Below 50% signals meaningful currency exposure — e.g. weak AUD/JPY periods can erode dividends. 100.0%

Highest Annual Lease ExpiryHighest Annual Lease Expiry — the worst year of lease rollovers, as % of total leased area/income. Lower means smoother renewal profile. Above 30% in one year concentrates leasing risk — a bad market could compress rents sharply. 61.25%

Sponsor & Manager Shareholding

REIT SponsorSponsor Shareholding — % of REIT units held by the sponsor (parent company). Higher alignment = sponsor's interests match unitholders'. 15%+ is strong; below 10% means less skin in the game and higher risk of sponsor pulling support in tough times. 29.436%

REIT ManagerManager Shareholding — % held by the REIT Manager (usually a subsidiary of the sponsor). Alignment metric — higher means the manager gains/loses with unitholders. Anything above 0.5–1% is meaningful; near-zero can suggest a purely fee-driven manager. 11.15%

Directors of ManagerDirectors' Shareholding — combined % held by directors of the manager. Individual director stakes are usually small, but non-zero suggests directors have personal exposure. Zero means no personal alignment. 0.066%

Management Fees

Base FeeBase Fee — recurring management fee, usually % of Deposited Property or Distributable Income. Charged regardless of performance. Lower is better for unitholders. 0.25–0.5% p.a. of property is common; anything higher eats DPU. 0.25% p.a. of H-REIT Deposited Property

Performance FeePerformance Fee — bonus fee tied to DPU growth or NPI. Structures vary: % of NPI, % of DPU YoY increase, or hurdle-based. Prefer structures aligned to DPU growth over NPI (DPU is what unitholders care about). High-water marks reduce the risk of double-charging. 5.0% p.a. of H-REIT Net Property Income
(NPI)

Historical Trends

Dividend Yield (%) (DPU/Price)Dividend Yield history — annualized DPU ÷ unit price at each snapshot. Higher yield = more income today, but can also reflect falling price (market pricing in risk). A rising yield + rising DPU = healthy; a rising yield + flat/falling DPU = warning sign.

P/NAV (Price/NAV)Price / Net Asset Value — unit price divided by NAV per unit. 1.0 means trading at book value. Below 1.0 = discount (market values it less than assets); above 1.0 = premium. S-REITs typically trade 0.7–1.2×; extreme discounts may signal distress or opportunity.

DPU (cents)DPU trend — quarterly Distribution Per Unit in cents. The single most important chart for income investors: steady or growing DPU is what drives long-term total return. Watch for consistent cuts (falling trend) or one-off spikes (usually divestment gains, not repeatable).

DPU Component % (Distribution Breakdown)DPU Component Breakdown — shows how much of each DPU comes from operating income vs one-offs (divestment gains, capital returns, JV distributions, tax-exempt income). Pure operating DPU is highest quality; heavy divestment/retention components suggest DPU is being managed and may not be sustainable.

NAV per Unit ($)NAV per Unit — book value per unit (total assets minus liabilities ÷ units). Rising NAV = asset values increasing or debt shrinking; falling NAV = writedowns, dilution, or FX losses on overseas assets. Compare NAV trend against price to spot discount/premium shifts.

Units in Issue (bil)Units in Issue — total units outstanding, in billions. Rising unit count = dilution (usually from equity raising, DRIP, or manager fees paid in units). Big jumps mean fresh equity funded an acquisition — check if DPU held up afterwards.

Gearing Ratio (%)Gearing trend — Total Debt ÷ Total Assets over time. MAS cap is 50%. Watch the direction: rising gearing = growing leverage risk; sudden jumps often follow acquisitions or asset writedowns. Comfortable band is under 40%; above 45% leaves little headroom.

Adjusted Interest Coverage (x)Adjusted Interest Coverage Ratio (ICR) trend — how many times over the REIT can pay its interest bill, adjusted for perpetual securities and JV interest. MAS requires ≥1.5×; healthy REITs sit 3–5×+. A falling ICR trend during a rate-hike cycle is a serious warning signal.

Committed Occupancy (%)Committed Occupancy trend — % of leasable space with signed leases at each quarter. Above 95% is strong; 90–95% is normal; below 90% flags weak demand or transitional periods. Watch for sustained drops. (Hospitality REITs use RevPAR instead of this metric.)