KUALA LUMPUR: Revaluations of YTL Hospitality REIT’s (YTL REIT) full portfolio of real estate assets were recently completed.

“The revaluations increased the unaudited net asset value per unit of the REIT and its subsidiaries from RM1.6395 per unit as at May 31, 2023 (prior to the revaluations) to RM1.728 per unit upon incorporation of the aggregate revaluation increase of RM150.769 million,” it said in a recent stock exchange filing.

The properties were revalued in accordance with the Securities Commission’s rules for listed real estate investment trusts, which provide for revaluing the assets at least once during each fiscal year.

YTL Hospitality REIT was listed on December 15, 2005, on the Main Market of Bursa Malaysia, and as of May 31, 2023, it had a market capitalisation of around RM1.61 billion and a large portfolio of premier hotel assets.

For the three months ended March 31, 2023 (Q1 2023), the REIT reported revenue of RM126.9 million, down from RM130.1 million for the three months prior, ended December 31, 2022.

The first quarter of 2023 saw RM66.9 million in net property income (NPI) and RM26.2 million in distributable income, respectively.

In a report with the stock exchange last month, Tan Sri Francis Yeoh Sock Ping, executive chairman of Pintar Projek Sdn Bhd, the manager of YTL Hospitality REIT, said that the Australian portfolio of hotels showed ongoing improvement due to the reopening of international borders in early 2022, with average daily room rates and average occupancy rates also rising across the portfolio.

The Malaysian and Japanese assets in the rental category returned to normalised rental on July 1, 2022, after the rental deferral plan was completed on June 30, 2022.

YTL Hospitality REIT’s hospitality assets range from business to luxury hotels and are spread across a range of unique locations worldwide.

In Malaysia, these include the JW Marriott Hotel Kuala Lumpur, The Majestic Hotel Kuala Lumpur, The Ritz-Carlton, Kuala Lumpur (hotel and suite wings), the Pangkor Laut, Tanjong Jara, and Cameron Highlands resorts, and the AC Hotels in Kuala Lumpur, Penang, and Kuantan.

YTL Hospitality REIT’s international portfolio comprises Hilton Niseko Village and The Green Leaf Niseko Village in Japan and the Sydney Harbour, Brisbane, and Melbourne Marriott hotels in Australia.