Rising Operating Expenses Could Weigh on CDL Hospitality Trusts' Net Property Income -- Market Talk

Dow Jones04-30

0726 GMT - Rising operating expenses across CDL Hospitality Trusts' overseas markets may weigh on the Singapore-based REIT, Citi Research analyst Brandon Lee says in a note. These markets, which collectively comprise 28% of the REIT's net property income, include New Zealand, the Maldives, the U.K. and Australia, he says. Citi continues to see a healthy domestic hospitality market, but maintains a sell rating on CDL units with a target price of S$0.85 due to factors, such as CDL's low fixed/hedged debt proportion relative to its peers and higher operating expenses affecting overseas margins, says Lee. Units were recently at S$0.98.(amanda.lee@wsj.com)

(END) Dow Jones Newswires

April 30, 2024 03:26 ET (07:26 GMT)

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