Parkway Life Reit to pay out 2.69 cents per unit for fourth quarter, up 9.5%

Healthcare-based Parkway Life Real Estate Investment Trust (PLife Reit) has reported a 9.5 per cent rise to $16.3 million in fourth quarter income available for distribution.

Distribution per unit for the three months to Dec 31 increased to 2.69 cents from 2.47 cents.

This takes distribution to unitholders for the full year to 10.31 cents per unit, up 7.5 per cent compared to 2011.

PLife Reit registered gross revenue of $24 million in the fourth quarter, a 5 per cent increase.

This was primarily due to a full quarter's revenue contribution from the Japan and Malaysia properties acquired in March and August last year respectively.

Revenue growth was further driven by higher rent from PLife Reit's Singapore properties as rent grew by 6.3 per cent.

For the full year, gross revenue rose by 7.2 per cent to $94.1 million, due to revenue contribution from new properties acquired in 2011 and 2012, and higher rent derived from existing properties.

This was partially offset by a weakening of the Japanese Yen in the fourth quarter.

As a result, net property income rose 6.1 per cent and 7.6 per cent year-on-year to $22.1 million and $86.4 million for the fourth quarter and full year respectively.