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YTL Hospitality REIT 1Q NPI up 11%, declares 1.96 sen dividend

KUALA LUMPUR (Nov 27): YTL Hospitality Real Estate Investment Trust’s (YTL REIT) net property income (NPI) grew 11.4% to RM62.7 million in its first quarter ended Sept 30, 2019 (1QFY20), from RM56.3 million in the same period last year, thanks to higher master leases and management contracts.

The trust declared a final income distribution per unit (DPU) of 1.96 sen per unit for the financial year ended June 30, 2020 (FY20), payable on Dec 27. The payout represents 100% of the total distributable income for the quarter.

In a filing with Bursa Malaysia, the REIT said the 12.6% increase in master leases to RM36.3 million was mainly due to the acquisition of The Green Leaf Niseko Village in September 2018 and additional rental from JW Marriott Hotel Kuala Lumpur effective July 2019, after completion of the reimbursement for renovation costs paid by the lessee.

Contribution from management contracts expanded 9.4% to RM23.4 million in the quarter under review. The increment was mainly driven by improvement in room sales, after the refurbishment of Brisbane Marriott.

Its realised income went up 1.9% to RM33.38 million, from RM32.76 million, while its net profit tripled to RM39.66 million, from RM11.73 million.

Quarterly revenue increased 1.8% to RM118.67 million, from RM116.6 million in 4QFY18.

On prospects, the manager expects the group to achieve satisfactory performance for FY20, after considering the strength of the real estate portfolio invested.

YTL REIT units closed unchanged at RM1.36 yesterday, valuing the trust at RM2.32 billion. Over the past year, the counter grew some 21% from RM1.12.

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