Parkway Life Reit DPU down 2.9% for Q4

SINGAPORE - Parkway Life Real Estate Investment Trust (Reit) saw distribution per unit (DPU) fall 2.9 per cent to 3.28 cents for the three months ended Dec 31, mainly due to the absence of a one-off divestment gain in the year-ago period.

The gain was attributable to the divestment of four Japan properties in December 2016, which was fully distributed to unitholders over four quarters in fiscal year 2017, Parkway Life Reit said.

The Reit's distributable income for the fourth quarter, entirely from recurring operations, came in at $19.8 million, down from total distributable income of $20.5 million a year earlier.

Nonetheless, excluding the one-off gain, distributable income from recurring operations grew 3.9 per cent from $19.1 million in the preceding year.

For Q4 2018, net property income rose 3.8 per cent to $26.7 million, on the back of a 3.7 per cent rise in gross revenue to $28.6 million.

This was mainly due to higher rent from its Singapore properties, contribution from a nursing rehabilitation facility acquired in February last year, and appreciation of the Japanese yen from a year ago.

For the full-year ended Dec 31, DPU fell 3.5 per cent to $77.8 million, while net property income edged up 2.7 per cent to $105.4 million.

Units in Parkway Life Reit closed at $2.79 each on Monday, up 1.8 per cent, or five cents.