Parkway Life Reit raises Q1 distribution per unit by 6.9%

"The seven Japan properties acquired last July and September yielded rental income that largely boosted our revenue growth year-on-year," said Mr Yong Yean Chau, chief executive of Parkway Trust Management, which manages Parkway Life Reit. -- FILE PH
"The seven Japan properties acquired last July and September yielded rental income that largely boosted our revenue growth year-on-year," said Mr Yong Yean Chau, chief executive of Parkway Trust Management, which manages Parkway Life Reit. -- FILE PHOTO: PARKWAY LIFE REIT

SINGAPORE - Healthcare real estate investment trust (Reit) Parkway Life Reit will pay out a distribution per unit of 2.82 cents for the first three months of the year, up 6.9 per cent from a year ago.

The higher payments are mainly due to acquisitions made by the Reit last year and growth in rents of its existing properties, the Reit's manager Parkway Trust Management said on Friday.

Parkway Life Reit's income available for distribution and net property income also increased 6.9 per cent each, to $17.1 million and $23 million respectively.

This was on the back of a 6.8 per cent rise in revenue to $24.6 million, said Parkway Trust Management.

"The seven Japan properties acquired last July and September yielded rental income that largely boosted our revenue growth year-on-year," said Mr Yong Yean Chau, chief executive of Parkway Trust Management.

"Having acquired another three properties in Japan and completed another three asset enhancement initiatives in the first quarter of this year, the Reit is well on track with its proven strategies, as it continues to seek new opportunities that will further enhance value for unitholders," he added.

In March this year, the Reit acquired two nursing homes and an extended-stay facility for the elderly in Osaka, bringing its total portfolio in Japan to 43 properties worth $500.9 million.