Soft market trading drags CDLHT’s FY2025 NPI down 4.1%.

Stronger H2 performance in Japan and Australia offset weaker trading conditions.

CDL Hospitality Trusts (CDLHT) reported a 4.1% year-on-year (YoY) decline in net property income (NPI) to $129.7m for the financial year ended 31 December 2025 (FY2025).

NPI grew 3.5% YoY in H2 2025 due to stronger contributions from Australia, New Zealand and Japan, as well as inorganic contributions from the UK portfolio, which mitigated softer trading conditions in other markets, according to a filing.

Excluding assets undergoing asset enhancement initiatives, adjusted NPI rose 0.3% to $119.3m in FY 2025.

Total distribution fell 8.9% to $60.9m, whilst distribution per stapled security (DPS) declined 9.8% to 4.80 cents.

For the second half, DPS edged up 0.4% to 2.82 cents, with payment due on 27 February this year.

CDLHT’s total portfolio value rose 0.8% to $3.4b as at 31 December 2025.

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