KUALA LUMPUR (July 31): YTL Hospitality Real Estate Investment Trust (REIT) reported a 21.5% increase in net property income(NPI) for the fourth quarter ended June 30, 2018 (4QFY18) to RM58.1 million, from RM47.8 million a year ago, mainly due to contribution from the Majestic Hotel in Kuala Lumpur, acquired last November.

In a filing with the exchange this evening, YTL Hospitality said quarterly revenue grew 4.9% to RM116.6 million in 4QFY18, from RM111.13 million in 4QFY17.

A step-up of 5% in lease rental every five years from the commencement of lease agreement and additional rentals from the Ritz Carlton Suite and Hotel Wing following the completion of the refurbishment in May last year also contributed to the increase in revenue and NPI.

The REIT declared a final distribution per unit (DPU) of 1.9651 sen to be paid on Aug 30, 2018.

For the full FY18, YTL Hospitality reported an 18.7% increase in NPI to RM248.83 million from RM209.62 million in FY17, contributed both by its Australian and Malaysian properties.

On its prospects, the REIT manager said that after considering the strength of the real estate portfolio invested, the group is expected to achieve satisfactory performance for the financial year ending June 30, 2019.

YTL REIT has a total of 14 properties under its portfolio, of which three are in Australia, one in Japan and 10 in Malaysia.

Among the group’s Malaysian properties are the Majestic, JW Marriott Hotel, the Ritz-Carlton Hotel Wing and Suite Wing and the Vistana Hotel in Kuala Lumpur.

In Japan, the group owns the Hilton Niseko Village and in Australia, the Sydney Harbour Mariott, the Brisbane Mariott and the Melbourne Mariott.

YTL Hospitality units closed unchanged at RM1.19 today, for a market capitalisation of RM2 billion.