Parkway Life REIT DPU Rose By 4% in H1 2021
July 27, 2021 – Parkway Life Real Estate Investment Trust said the distribution per unit (DPU) from its recurring operations continued to grow by 4 percent in the first half of the year to hit 6.95 Singapore cents.
Gross revenue for the periods under review declined marginally by 2.3% and 1.0% to S$29.6 million and S$59.6 million for 2Q 2021 and 1H 2021 respectively.
This was largely due to the loss of income from the divested property and depreciation of the Japanese Yen, offset by the income contribution from a Japan nursing home acquired in December 2020 and higher rent from the Singapore properties.
Commenting on the results, Mr. Yong Yean Chau, Chief Executive Officer of the Manager, said: “We are pleased that amidst continued disruptions worldwide given renewed COVID-19 waves and the emergence of new variants, PLife REIT has delivered another quarter of recurring DPU growth for our Unitholders. During such times of uncertainties, priorities remain in fortifying the growth potential and income sustainability of PLife REIT’s existing core markets and prudent financial and risk management.”
“To further pivot PLife REIT’s growth, we will also selectively seeking out strategic acquisitions and foster stronger partnerships for collaborative growth. The recent proposed extension of the longstanding strategic lease arrangement with our Master Lessee for our Singapore Hospitals is a significant milestone attesting to the progress on this front, and we seek the approval and support of all unitholders for the Proposed Transaction at an extraordinary general meeting to be convened in due course.”
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