CDL Hospitality Trusts reported unaudited consolidated earnings results for the fourth quarter and full year ended December 30, 2011. For the fourth quarter, the company reported gross revenue of SGD 37,804,000 compared to SGD 33,330,000 a year ago. This was mainly attributed to improved hospitality performance across the portfolio, and contribution from Studio M Hotel (acquired in Second Quarter 2011), which accounted for approximately SGD 2.7 million of the gross revenue increase. Net property income was SGD 35,501,000 compared to SGD 31,492,000 a year ago. Income available for distribution was SGD 31,519,000 compared to SGD 28,011,000 a year ago. Income available for distribution per stapled security of 3.27 cents compared to 2.92 cents for the same period last year. Income to be distributed to holders of stapled securities of SGD 28,367,000 compared to SGD 26,610,000 for the same period last year. Income to be distributed per stapled security of 2.94 cents compared to 2.78 cents for the same period last year. Net income for the quarter was SGD 101,143,000 compared to SGD 57,928,000 for the same period last year. Cash generated from operating activities of SGD 34,659,000 compared to SGD 131,116,000 for the same period last year. Capital expenditure on investment properties of SGD 4,355,000 compared to SGD 12,356,000 for the same period last year. For the full year, the company reported gross revenue of SGD 141,107,000 compared to SGD 122,282,000 a year ago. Net property income was SGD 135,191,000 compared to SGD 115,068,000 a year ago. Income available for distribution was SGD 118,132,000 compared to SGD 100,653,000 a year ago. Income available for distribution per stapled security of 12.28 cents compared to 11.18 cents for the same period last year. Income to be distributed to holders of stapled securities of SGD 106,319,000 compared to SGD 91,988,000 for the same period last year. Income to be distributed per stapled security of 11.05 cents compared to 10.20 cents for the same period last year. Net income for the period was SGD 180,789,000 compared to SGD 138,296,000 for the same period last year. Cash generated from operating activities of SGD 32,724,000 compared to SGD 116,261,000 for the same period last year. Capital expenditure on investment properties of SGD 2,394,000 compared to SGD 6,682,000 for the same period last year. Net asset value per H-REIT unit /Stapled Security as of December 31, 2011 was SGD 1.60 against SGD 1.52 as of December 31, 2010. The company announced distribution for the period from July 1, 2011 to December 31, 2011 of 5.33 cents per unit with taxable income and 0.38 cents per unit with tax exempt income compared to 4.71 cents per unit with taxable income and 0.60 cents per unit with tax exempt income for the period from July 1, 2010 to December 31, 2010. It will close the book on February 7, 2012 at 5.00 pm and payable on February 29, 2012.