Cdl Hospitality Trusts · SGX:J85

Cdl Hospitality Trusts — H1 2025 Earnings Presentation

68 slides from Cdl Hospitality Trusts's earnings presentation, Jul 30, 2025

  1. Slide 1: 1H 2025 Results Presentation

    1H 2025 Results Presentation 30 July 2025

  2. Slide 2: Important Notice

    Important Notice This document may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assump

  3. Slide 3: About CDL Hospitality Trusts

    About CDL Hospitality Trusts CDL Hospitality Trusts (“CDLHT”) is one of Asia’s leading hospitality trusts with assets under management of about S$3.5 billion as at 30 June 2025. CDLHT is a stapled group comprising CDL Hospitality Real Estate Investment Trust (“H-REIT”), a real estate investment trus

  4. Slide 4: References Used in this Presentation

    References Used in this Presentation 1Q, 2Q, 3Q, 4Q refers to the period 1 January to 31 March, 1 April to 30 June, 1 July to 30 September and 1 October to 31 December respectively 1H and 2H refers to the period 1 January to 30 June and 1 July to 31 December respectively ADR refers to average daily

  5. Slide 5: Table of Contents

    Table of Contents  Overview 6  Portfolio Performance Update 9  Key Markets Update 14  Capital Management 28  Asset Enhancement Plans & Sustainability Highlights 33  Concluding Remarks 37  Annexe 39 − Overview of CDL Hospitality Trusts 39 − Property Information 44 − Location of Properties 59 5

  6. Slide 6: Overview

    CDL HOSPITALITY TRUSTS. Overview

  7. Slide 7: High Quality Assets and Diversified Portfolio

    High Quality Assets and Diversified Portfolio MANCHESTER LIVERPOOL • 2 Hotels • 1 PBSA • 1 Residential BTR CAMBRIDGE Operational 22 TOKYO Properties • 1 Hotel • 2 Hotels EXETER MUNICH • 1 Hotel • 1 Hotel FLORENCE 4,924 352 404 • 1 Hotel Keys Hotel Rooms BTR Units PBSA Beds SINGAPORE • 6 Hotels • 1 R

  8. Slide 8: Geographically Diversified Portfolio

    Geographically Diversified Portfolio Breakdown of Portfolio Value as at 31 Dec 2024 Singapore 62.4% Oceania 7.4% Orchard Hotel 15.5% New Zealand – Grand Millennium 5.0% Auckland Grand Copthorne Waterfront Hotel 12.9% W Hotel 11.6% Other Asia Australia 2.3% Oceania Mercure Perth 1.3% M Hotel 8.2% Sin

  9. Slide 9: Portfolio Performance Update

    Portfolio Performance Update 9

  10. Slide 10: 1H 2025 Performance Snapshot

    1H 2025 Performance Snapshot 1H 2025 1H 2024 Better / (Worse) Net Property Income (S$’000) 58,595 (1) 66,533 (11.9)% Total Distribution (after retention) (S$’000) 25,082 31,425 (20.2)% Total distribution per Stapled Security 1.98 2.51 (21.1)% (after retention) (cents)  Amid macroeconomic uncertaint

  11. Slide 11: Details of Distribution

    Details of Distribution  Distribution for the period 1 Jan 2025 to 30 Jun 2025 (after retention and including capital distribution) is 1.98 Singapore cents per Stapled Security comprising:  1.54 Singapore cents of taxable income + 0.44 Singapore cents of capital distribution August 2025 Mon Tue We

  12. Slide 12: Hotels RevPAR Performance (Local Currency)

    Hotels RevPAR Performance (Local Currency) RevPAR 1H 2025 1H 2024 Better / (Worse) Singapore (S$) 165 193 (14.2)% New Zealand (NZ$) 127 137 (7.1)% Australia (A$) 137 118 15.9% Japan (¥) 11,833 10,410 13.7% Maldives (US$) 344 386 (10.9)% United Kingdom (£) (1) 114 117 (2.7)% Germany (€) 100 94 7.1% I

  13. Slide 13: NPI Performance by Geography

    NPI Performance by Geography 1H 2025 1H 2024 Change Better / (Worse) S$ ’000 S$ ’000 S$ ’000 Singapore 33,437 41,301 (7,864) (19.0)% New Zealand 1,960 3,143 (1,183) (37.6)% Australia 1,696 2,268 (572) (25.2)% Japan 2,476 2,222 254 11.4% Maldives 3,368 4,868 (1,500) (30.8)% United Kingdom 10,733 6,20

  14. Slide 14: Key Markets Update

    CDL HOSPITALITY TR USTS. Key Markets Update 14

  15. Slide 15: CDLHT Singapore Properties Performance

    CDLHT Singapore Properties Performance Singapore Hotels 1H 2025 1H 2024 Better / (Worse) Occupancy 73.2% 78.4% (5.2)pp ADR (S$) 226 246 (8.1)% RevPAR (S$) 165 193 (14.2)% Singapore Portfolio 1H 2025 1H 2024 Better / (Worse) NPI (S$ ’000) 33,437 41,301 (19.0)%  1H RevPAR for Singapore Hotels decline

  16. Slide 16: Singapore's Tourism Statistics

    Singapore’s Tourism Statistics Annual International Visitor Arrivals to Singapore (1) Million 17.0 to 18.5 19.1 18.5 20.0 17.4 15.6 16.4 16.5 14.5 15.1 15.2 15.0 13.2 13.6 9.3 8.3 10.0 8.2 6.3 5.0 2.7 0.3 0.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Full Year Visito

  17. Slide 17: Geographical Mix of Top Markets (Singapore)

    Geographical Mix of Top Markets (Singapore) Top 10 Inbound Markets YTD Jun 2025 – 8.3 Million Visitor Arrivals  Recovery of inbound visitors from China China, Singapore’s largest source 17.7% Others 25.0% market of foreign visitors pre- pandemic, is at 81.6% of YTD Jun 2019 arrivals Indonesia Japan

  18. Slide 18: Singapore's Tourism Growth Drivers

    Singapore’s Tourism Growth Drivers  Terminal 5 (New): Construction has commenced and expected to be operational in the mid-2030s; Will increase connectivity to more than 200 cities and add 50 million passengers per year (from 90 million currently) (1)  Marina Bay Cruise Centre: S$40 million faceli

  19. Slide 19: Growth in Singapore Hotel Room Supply

    Growth in Singapore Hotel Room Supply  Approximately 6.7% net supply was added in the last two years, increasing competition in the hotel accommodation space  An estimated 931 rooms are expected to open over the remainder of 2025, representing around 1.3% of existing room stock (1)  Supply growth

  20. Slide 20: Potential Supply of New Singapore Hotel Rooms Until 2027

    Potential Supply of New Singapore Hotel Rooms Until 2027 No. of Horwath Expected No. of Horwath Expected Name of Hotel Location Name of Hotel Location Rms Rating Opening Rms Rating Opening Grand Hyatt Singapore 407 Upscale/Luxury City Centre 3Q 2025 Mövenpick Singapore (Hoe 808 Upscale/Luxury City C

  21. Slide 21: CDLHT New Zealand Hotel Performance

    CDLHT New Zealand Hotel Performance New Zealand Hotel 1H 2025 1H 2024 Better / (Worse) RevPAR (NZ$) 127 137 (7.1)% NPI (S$ ’000) 1,960 3,143 (37.6)%  RevPAR declined YoY as the city’s significant supply growth in recent years continues to outpace demand  NPI declined YoY:  Depreciation of NZ$ aga

  22. Slide 22: CDLHT Australia Hotels Performance

    CDLHT Australia Hotels Performance Australia Hotels 1H 2025 1H 2024 Better / (Worse) RevPAR (A$) 137 118 15.9% NPI (S$ ’000) 1,696 2,268 (25.2)%  Uplift in RevPAR arising from:  Increase in air crew base business at Mercure Perth  Improvement in average rates at Ibis Perth following enhancements

  23. Slide 23: CDLHT Japan Hotels Performance

    CDLHT Japan Hotels Performance Japan Hotels 1H 2025 1H 2024 Better / (Worse) RevPAR (¥) 11,833 10,410 13.7% NPI (S$ ’000) 2,476 2,222 11.4%  Visitor arrivals for 1H 2025 increased 21.0% YoY (1)  RevPAR increase was supported by robust inbound travel and yield management strategies to drive a stron

  24. Slide 24: CDLHT Maldives Resorts Performance

    CDLHT Maldives Resorts Performance Maldives Resorts 1H 2025 1H 2024 Better / (Worse) RevPAR (US$) 344 386 (10.9)% NPI (S$ ’000) 3,368 4,868 (30.8)%  Collective RevPAR decline was driven by Raffles Maldives Meradhoo, due to increased competition from new luxury and ultra-luxury villa supply closer t

  25. Slide 25: CDLHT UK Hotels Performance

    CDLHT UK Hotels Performance UK Hotels 1H 2025 1H 2024 Better / (Worse) RevPAR (£) (1) 114 117 (2.7)% NPI (S$ ’000) 7,022 6,207 13.1% NPI (S$ ’000) (same store basis) (2) 6,235 6,207 0.5%  RevPAR decreased modestly on a same-store basis  Hilton Cambridge City Centre and The Lowry Hotel experienced

  26. Slide 26: CDLHT UK Living Assets Performance

    CDLHT UK Living Assets Performance UK Living Assets 1H 2025 1H 2024 Better / (Worse) BTR NPI (S$ ’000) 1,765 - N.M. PBSA NPI (S$ ’000) 1,946 - N.M. Total NPI 3,711 - N.M.  The Castings (UK BTR): Physical occupancy of 74.4% as at 30 Jun 2025  Continued lease-up momentum  Leasing activity is expect

  27. Slide 27: CDLHT Germany and Italy Hotels Performance

    CDLHT Germany and Italy Hotels Performance Germany Hotel 1H 2025 1H 2024 Better / (Worse) RevPAR (€) 100 94 7.1% NPI (S$ ’000) 3,369 3,959 (14.9)% Italy Hotel 1H 2025 1H 2024 Better / (Worse) RevPAR (€) 195 232 (16.2)% NPI (S$ ’000) 1,556 2,565 (39.3)%  Pullman Hotel Munich: RevPAR growth of 7.1% Y

  28. Slide 28: Capital Management

    CDL HOSPITALITY TR USTS. Capital Management 28

  29. Slide 29: Healthy Financial Metrics

    Healthy Financial Metrics As at 30 June 2025 42.0% ~S$494.3M Gearing (1) Cash & Available Credit Facilities (4) (S$528M Debt Headroom to 50% Gearing) Sound Financial 3.6% Metrics and +/- 1.10 cents Impact to DPS for Every 1% Change in Weighted Average Cost of Debt Healthy Liquidity All-in Interest C

  30. Slide 30: Diversified Sources of Debt Funding

    Diversified Sources of Debt Funding Debt Facility Details as at 30 June 2025 (1) Issued / Utilised Unissued / Unutilised Multi-currency MTN Programme / Facilities Tenure (years) Amount Amount S$1 billion MTN - - S$1.0B S$450 million RCF S$327.7M Up to 3 years S$122.3M S$400 million Bridge Facility S

  31. Slide 31: Debt Maturity Profile as at 30 Jun 2025

    Debt Maturity Profile as at 30 Jun 2025  Successfully refinanced S$265.3 million of the facilities due in 1H 2025, out of which S$200.0 million maturing Revolving Credit Facility (1) was refinanced as sustainability-linked facilities, bringing total sustainability-linked facilities to S$873.0 milli

  32. Slide 32: Debt Profile as at 30 Jun 2025

    Debt Profile as at 30 Jun 2025  Capitalising on the decline in SGD borrowing rates in 2025, CDLHT entered into eight Interest Rate Swaps (“IRS”) totaling S$235 million to progressively hedge its SGD floating-rate debt (including one IRS entered in July post-balance sheet date)  CDLHT is well posit

  33. Slide 33: Asset Enhancement Plans & Sustainability Highlights

    Asset Enhancement Plans & Sustainability Highlights 33

  34. Slide 34: Asset Enhancement Plans – W Singapore – Sentosa Cove

    Asset Enhancement Plans – W Singapore – Sentosa Cove Rooms Rejuvenation to Reinforce Hotel’s Leading Luxury Lifestyle Positioning  Phased renovation of all rooms has commenced, with estimated completion around early 2026  Complement enhancements made to the hotel lobby, ballroom and restaurant in

  35. Slide 35: Asset Enhancement Plans – Grand Millennium Auckland

    Asset Enhancement Plans – Grand Millennium Auckland Progressive Transformation in Phases  The first phase of room and atrium bar renovations has been completed  Renovation of the remaining public areas and the second phase of room refurbishment is ongoing  Upon completion by end of the year, the

  36. Slide 36: ESG Highlights

    ESG Highlights Performance and Targets  Net Zero Target: By 2050  On track to achieve 5-7% reduction in energy by FY 2026: FY 2024 electricity intensity is 11.1% lower than FY 2019 baseline  On track to achieve 2-7% reduction in water by FY 2026: FY 2024 water intensity is 16.9% lower than FY 201

  37. Slide 37: Concluding Remarks

    CDL HOSPITALITY TR USTS. Concluding Remarks 37

  38. Slide 38: Concluding Remarks

    Concluding Remarks Near to Medium Term Drivers / Tailwinds Value-Creation Focused New portfolio assets:  Committed to invest in portfolio  Hotel Indigo Exeter: 2H 2025 expected to be seasonally stronger compared to 1H via selective asset enhancements  Benson Yard: Leasing for AY 2025/2026 continu

  39. Slide 39: Overview of CDL Hospitality Trusts

    Overview of CDL Hospitality Trusts 39

  40. Slide 40: Background on CDLHT

    Background on CDLHT Background Price Performance  IPO on 19 Jul 2006  Listed on SGX $2.00 Mainboard $1.80 COVID-19  Sponsored by Pandemic Announcement of Hotel Millennium & $1.60 Announcement of Brooklyn Acquisition Copthorne Hotels Novotel Brisbane Limited $1.40 Announcement of Divestment Announ

  41. Slide 41: CDLHT Structure

    CDLHT Structure Sponsor Investors ≈29.02% Holdings of Stapled Securities ≈70.98% as at 30 Jun 2025 as at 30 Jun 2025 H-REIT Distributions HBT Acts on behalf of DBS Trustee the holders of H- REIT Units Stapling Deed Management Management services M&C REIT Management Limited services H-REIT HBT Acts o

  42. Slide 42: Blue Chip Sponsor and Parentage

    Blue Chip Sponsor and Parentage Millennium & Copthorne Hotels Limited City Developments Limited  Leading global real estate company with a network  Internationally recognised hospitality and real estate spanning 168 locations in 29 countries and regions group which owns as well as operates and/or

  43. Slide 43: Management Strategy

    Management Strategy Acquisition Growth Asset Management 1 Strategy 2 Strategy  Pursue quality assets with growth  Work closely with master lessees, potential hotel/property managers and/or operators to implement active revenue  Pursue asset class diversification and cost management within the lod

  44. Slide 44: Property Information

    CDL HOSPITALITY TR USTS. Property Information 44

  45. Slide 45: CDLHT Asset Portfolio – Singapore

    CDLHT Asset Portfolio – Singapore Grand Hotel Copthorne Copthorne W Singapore – Claymore Singapore Orchard Hotel M Hotel Studio M Hotel Properties Waterfront King’s Hotel Sentosa Cove Connect Portfolio Hotel Located on One of the Luxury lifestyle Orchard Road, Located in the Located within largest S

  46. Slide 46: CDLHT Asset Portfolio – Overseas

    CDLHT Asset Portfolio – Overseas Hotel Mercure Perth Ibis Perth Grand Millennium Auckland Oceania Portfolio Properties (Australia) (Australia) (New Zealand) Situated in Perth’s CBD and within Located steps away from the Murray One of New Zealand’s largest deluxe Description walking distance to the S

  47. Slide 47: CDLHT Asset Portfolio – Overseas

    CDLHT Asset Portfolio – Overseas Raffles Maldives Hotel MyStays Hotel MyStays Hotel Angsana Velavaru Meradhoo Maldives Portfolio Asakusabashi Kamata Japan Portfolio Properties (Maldives) (Maldives) (Tokyo, Japan) (Tokyo, Japan) Located in central All-suite luxury resort, Tokyo, with easy access Loca

  48. Slide 48: CDLHT Asset Portfolio – Overseas

    CDLHT Asset Portfolio – Overseas Hilton Cambridge City voco Manchester – City Hotel The Lowry Hotel Hotel Indigo Exeter United Kingdom Hotel Centre Centre Properties (United Kingdom) (United Kingdom) Portfolio (United Kingdom) (United Kingdom) 4-star upscale lifestyle hotel Upper upscale hotel and I

  49. Slide 49: CDLHT Asset Portfolio – Overseas

    CDLHT Asset Portfolio – Overseas The Castings Benson Yard Living Assets United Kingdom Living Assets Portfolio (United Kingdom) (United Kingdom) Residential Build-to-Rent property located in Purpose-Built Student Accommodation (PBSA) Piccadilly East, a developing neighbourhood Description located in

  50. Slide 50: CDLHT Asset Portfolio – Overseas

    CDLHT Asset Portfolio – Overseas Hotel Pullman Hotel Munich Hotel Cerretani Firenze EU CDLHT Portfolio Properties (Germany) (Italy) Portfolio 4-star hotel located in close proximity to 4-star hotel boasting an exceptional location Description - - major business districts in the heart of Florence’s h

  51. Slide 51: Summary of Key Leases

    Summary of Key Leases Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel:  Rent: 20% of Hotel's revenue + 20% of Hotel’s gross operating profit, with an annual fixed rent floor of S$26.4 million  Term of 20 years from Listing (19 Jul 2006) with 20-year option  The ma

  52. Slide 52: Summary of Key Leases

    Summary of Key Leases Grand Millennium Auckland: New Zealand  First 3-year term expired on 6 Sep 2019; lease provides for two 3-year renewal terms, subject to mutual agreement Grand Millennium  Lease renewed for third 3-year term from 7 Sep 2022, expiring 6 Sep 2025, on the same terms, except annu

  53. Slide 53: Summary of Key Leases

    Summary of Key Leases voco Manchester – City Centre: United Kingdom  Full repairing and insuring occupational lease, subject to upward-only annual rent revision broadly based on inflation voco Manchester –  Fixed rent of £2.65 million per annum for the period of 7 May 2024 to 6 May 2025  Fixed re

  54. Slide 54: Summary of Key Management Agreements

    Summary of Key Management Agreements W Singapore – Sentosa Cove: Singapore  HBT’s subsidiary is the lessee for the hotel's operations  Operated by Starwood Asia Pacific Hotels & Resorts Pte Ltd, a wholly-owned subsidiary of Marriott International, Inc. W Singapore –  Term of ~20.3 years from 16 S

  55. Slide 55: Summary of Key Management Agreements

    Summary of Key Management Agreements Hotel MyStays Asakusabashi and Hotel MyStays Kamata:  HBT’s subsidiary is the lessee for the hotels’ operations Japan Portfolio  MyStays Hotel Management Co., Ltd. is the hotel manager, appointed by HBT  The hotel management agreements renew on a 3-year auto-r

  56. Slide 56: Summary of Key Management Agreements

    Summary of Key Management Agreements Hilton Cambridge City Centre: United Kingdom  HBT is the asset owner and responsible for the hotel’s operations Hilton Cambridge  Hilton UK Manage Limited (an affiliate of Hilton Worldwide Inc.) is the hotel manager, appointed by HBT  Term of 12.25 years from

  57. Slide 57: Summary of Key Management Agreements (Living Assets)

    Summary of Key Management Agreements (Living Assets) The Castings (Build-to-Rent Property):  HBT is the asset owner United Kingdom  Native Residential Limited is the property manager, appointed by HBT The Castings  Term of 5 years from 4 June 2024, expiring 3 June 2029  Typical management fees a

  58. Slide 58: Green Awards

    Green Awards Name of Award Our Portfolio Name of Award Our Portfolio BCA Green Mark Award Platinum EPC Rating “B” Rating • Copthorne King’s Hotel • The Lowry Hotel • Grand Copthorne Waterfront Hotel • Hilton Cambridge City Centre Gold Plus • voco Manchester - City Centre • Orchard Hotel • Hotel Indi

  59. Slide 59: Location of Properties

    CDL HOSPITALITY TR USTS. Location of Properties 59

  60. Slide 60: Hotels in Strategic Locations

    Hotels in Strategic Locations Singapore Hotels Orchard Hotel & Claymore Connect H Studio M Hotel Grand Copthorne Waterfront Hotel H H H SINGAPORE RIVER MARINA BAY SANDS Copthorne CENTRAL BUSINESS King’s Hotel DISTRICT H M Hotel SENTOSA ISLAND H W Singapore - Sentosa Cove 60

  61. Slide 61: Hotels in Strategic Locations

    Hotels in Strategic Locations New Zealand Hotel Australia Hotels Auckland City Centre Mercure Grand Millennium Ibis Perth Perth Auckland Perth CBD H H H CBD AREA 61

  62. Slide 62: Hotels in Strategic Locations

    Hotels in Strategic Locations Japan Hotels Hotel MyStays Hotel MyStays Asakusabashi Kamata Asakusabashi Kamata H H 62

  63. Slide 63: Hotels in Strategic Locations

    Hotels in Strategic Locations United Kingdom Hotels Cambridge Manchester Exeter H Manchester Art Gallery H Media City UK H Hilton Cambridge City Centre voco Manchester – Hotel Indigo Exeter The Lowry Hotel City Centre 63

  64. Slide 64: Hotels in Strategic Locations

    Hotels in Strategic Locations Germany Hotel Italy Hotel Munich Florence H H Pullman Hotel Munich Hotel Cerretani Firenze - MGallery 64

  65. Slide 65: Resorts in Premium Destination

    Resorts in Premium Destination Angsana Velavaru Malé Atoll 40-min seaplane flight 55-min domestic flight + 15-min R speedboat Raffles Maldives Meradhoo ride (1) South Nilandhe Atoll R Gan International Airport (1) Estimated duration based on non-stop flights from Velana International Airport. 65

  66. Slide 66: Build-to-Rent Property in Up-and-Coming Neighbourhood

    Build-to-Rent Property in Up-and-Coming Neighbourhood The Castings Manchester The Lowry Hotel The B voco Manchester Castings – City Centre Portugal Street East Strategic Regeneration Framework Manchester Piccadilly Station 66

  67. Slide 67: PBSA in Heart of Liverpool City Centre

    PBSA in Heart of Liverpool City Centre Benson Yard Liverpool School of Tropical Medicine Lime Street Station 14-min walk Benson Major transport hub with access to Yard Manchester, Birmingham and London 8-min walk Liverpool John Moores University 7-min walk Central Station Railway hub University of L

  68. Slide 68: THANK YOU

    THANK YOU For investor relations matters, please contact: Tan Jo Lynn Investor Relations Telephone: (65) 6664 8890 Fax: (65) 6734 6785 Email: tanjolynn@cdlht.com 68

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