• Rental income up 1.6% to $37.1 million
• AFFO increased by 6.5% to $19.7 million
• Final distribution of 3.3 cents per stapled security

Hotel Property Investments (HPI) has released its interim results for the six months ending 31 December 2024. The company reported a statutory profit of $16.7 million, with rental income up 1.6% to $37.1 million and Adjusted Funds From Operations (AFFO) increasing by 6.5% to $19.7 million. The final distribution for the two months ended 31 December 2024 is 3.3 cents per security, with the total distributions for the half year to 31 December 2024 at 9.8 cents, an increase of 3.2% compared to the prior corresponding period. The company's portfolio was valued at $1,223.7 million, reflecting an average Cap Rate of 5.61%. During the period, HPI refinanced its Common Terms Deed debt facilities, achieving an additional $100 million debt capacity, a reduction in overall costs, an extension of the debt maturity profile, and further diversification of lenders. As at 31 December 2024, the weighted average debt tenor is 3.1 years and the average cost of all debt facilities is 5.17%. The Distribution Reinvestment Plan (DRP) has been suspended for the December 2024 distribution.

HPI re-affirms distribution guidance of 19.7 cents per security for FY25.

On 20 December 2024, the HPI Board recommended that Securityholders accept the Bidders Offer from Charter Hall and Hostplus. As at 3 February 2025, the Bidders have acquired 76.75% of HPI Securities.