Parkway Life Reit posts 10.2% rise in Q2 distributions per unit

SINGAPORE - Parkway Life Real Estate Investment Trust (Parkway Life Reit) said on Monday it will pay 2.90 cents in distributions per unit for its second quarter, up 10.2 per cent from a year ago.

Its income available for distribution likewise gained 10.2 per cent in the three months ended June 30 from the previous year to $17.5 million.

The Singapore-listed healthcare Reit posted a 12.2 per cent rise in revenue to $25.3 million and a 12 per cent climb in net property income to $23.6 million for the second quarter.

"Our strong results this quarter were driven mainly by acquisitions and rental growth of existing properties," said Mr Yong Yean Chau, chief executive of the Reit manager Parkway Trust Management.

"Properties we acquired in Japan in the second half of 2013 and first quarter of 2014 have boosted our revenue, contributing to our healthy and steadfast DPU (distribution per unit) growth that has been on the rise since our IPO in 2007."