Why CDL Hospitality Trust should blame its hotel segment for income drop

Property earnings fell 1.7%.

According to DBS, gross revenue and net property income declined by 0.8% and 1.7% y-o-y to S$35.9m and S$33.0m respectively. 

The weaker operational performance was largely coming from  Singapore hotels, which saw RevPAR dipping by c.6.4% to S$191/night, while earnings from its Australia hotels was impacted by a weaker AUD-S$ exchange rate.

Here's more from DBS:

This was somewhat mitigated by the new contribution from Angsana Velavaru (c.S$1.9m), which was acquired back in 1Q13; and higher rental income from Rendezvous Grand Hotel Auckland.

Income available for distribution (after retained income) was 2.2% lower y-o-y at S$25.7m, translating to a DPU of 2.64 Scts (-2.9% y-o-y).

The performance of its Singapore hotels was an improvement on a q-o-q basis, coming mainly
from higher F&B takings which more than offset the average dip in RevPAR (S$191/night vs S$193/night in 2Q13).