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Parkway Life REIT Delivers Record DPU In FY 2021

January 25, 2022 – Parkway Life Real Estate Investment Trust announced a Distribution per Unit (DPU) of 3.57 Singapore cents for the fourth quarter ended 31 December 2021, consistent year-on-year; and 14.08 Singapore cents for the full year ended 31 December 2021 (FY 2021), representing an increase of 2.1% Y-O-Y.

Gross revenue rose 0.1% in 4Q 2021 to S$30.6 million due to contribution from nursing homes acquired in December 2020, July 2021 and December 2021, as well as higher rent from the Singapore properties. The higher rent was partially offset by the divestment of P-Life Matsudo on 29 January 2021 and depreciation of the Japanese Yen.

Gross revenue for the year dipped 0.2% year-on-year to S$120.7 million largely attributed to the divestment as mentioned above and the depreciation of Japanese Yen. This was offset by revenue contribution from the acquisitions in 2020 and 2021 as well as higher rent from the hospitals in the Singapore portfolio.

Commenting on the results, Mr. Yong Yean Chau, Chief Executive Officer of the Manager, said: “Although economic uncertainties persisted, we are pleased to have achieve uninterrupted growth in distributions to our unitholders. This was underpinned by greater certainty from the business continuity and sustained rental income stream accrued from the renewal of master lease agreements for our Singapore Hospitals.”

“We also strengthened our Japan portfolio with three nursing home acquisitions in 2021. Healthcare expenditure in Asia remains favourable given demographic trends and PLife REIT will stay prudent and focused on evaluating opportunities that create value for our Unitholders, even as we foster strategic partnerships for collaborative growth and expansion.”

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