Hotel Property Investments (ASX: $HPI) H1 FY24 Interim Report Overview

Hotel Property Investments (ASX: $HPI) has released its H1 FY24 interim report, revealing a statutory profit of $9.5 million and a final distribution of 9.5 cents per stapled security for the six months ending 31 December 2023. The report highlights a 3.4% increase in rental income to $36.5 million and a decrease in Adjusted Funds From Operations (AFFO) to $18.5 million.

Executive Commentary on HPI's H1 FY24 Interim Report

The Profit after Tax for the six months ended 31 December 2023 was $9.5 million. In addition to the fair value loss on investment properties of $8.1 million, other operating revenues and expenses included rental income from investment properties of $36.5 million, property cost recoveries of $4.7 million, property outgoing costs of $6.8 million, management fees and other trust costs of $2.2 million, and financing costs of $13.6 million.

Summary of Hotel Property Investments (ASX: $HPI) H1 FY24 Interim Report

Hotel Property Investments (HPI) has reported a statutory profit of $9.5 million for the six months ending 31 December 2023, along with a final distribution of 9.5 cents per stapled security. The company's rental income increased by 3.4% to $36.5 million, while Adjusted Funds From Operations (AFFO) decreased to $18.5 million. HPI re-affirms distribution guidance of 19.0 cents per security for FY24. CEO and Managing Director, Don Smith, will require periods of additional leave to achieve a full recovery, during which Blair Strik will act as CEO.