Parkway Life REIT H1 DPU Grew 1.5%
August 9, 2022 – Parkway Life Real Estate Investment Trust announced its results for the first half year ended 30 June 2022 (H1 2022), including a Distribution per unit (DPU) of 7.06 Singapore cents for H1 2022, representing an increase of 1.5% year-on-year (“Y-O-Y”).
Gross revenue for 1H 2022 increased 1.0% year-on-year to S$60.2 million due principally to bolt-on contribution from the three nursing homes acquired in July and December 2021 as well as higher rent from the Group’s Singapore properties, partially offset by the loss of income from the divested property and depreciation of the Japanese Yen.
Property expenses increased marginally by 0.7% to S$4.1 million in H1 2022 and consequently, the Group’s net property income increased 1.1% from the first half year ended 30 June 2021 (“H1 2021”) to S$56.0 million.
In H1 2022, the Group registered a realised foreign exchange gain amounting to about $1.3 million from the settlement of Japanese Yen forward contracts which has partially offset the higher management fees and trust expenses. Overall, distributable income to Unitholders grew by 1.5% to S$42.7 million in 1H 2022, as compared with S$42.1 million in the previous corresponding period.
Commenting on the results, Mr. Yong Yean Chau, Chief Executive Officer of the Manager, said: “In the face of increasing macroeconomic uncertainties, interest rate hikes and challenges ahead, the Group’s key priority remains in building PLife REIT’s resilience continuum. As the Group strategically navigates for growth opportunities, relentless efforts remain on proactively managing its portfolio as it engages in prudent capital and financial management to mitigate any potential refinancing, interest rate and foreign exchange risks.
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