Parkway Life Reit posts 7.4% rise in Q1 DPU to 3.57 cents

SINGAPORE (THE BUSINESS TIMES) - Parkway Life Real Estate Investment Trust (Parkway Life Reit) on Friday (April 23) posted a 7.4 per cent rise in distribution per unit (DPU) to 3.57 Singapore cents for its first quarter ended March 31, 2021, from 3.32 cents the year before.

On an annualised basis, DPU was 14.28 Singapore cents, up 7.4 per cent from 13.28 cents the previous year.

Gross revenue was up 0.4 per cent to $30 million, from $29.9 million the year prior. This was mainly due to rent contributions from a nursing home acquired in December 2020, as well as higher rent from Singapore properties, the manager said in a bourse filing.

Net property income grew 1 per cent on the year to $28 million for the first quarter, from $27.7 million.

Distributable income was up 7.4 per cent year on year to $21.6 million, from $20.1 million the year before.

The distribution will be paid out on May 31, after book closure on May 3.