Healthcare trust Parkway Life Reit (P-Life Reit), on Monday reported that its fourth quarter distribution per unit (DPU) rose by 16.6 per cent on-year.
For the three months ending December, P-Life Reit’s DPU came in at 2.38 cents, higher than the 2.05 cents announced a year ago.
DPU rose as its net property income went up by 19.5 per cent on-year to S$19.7 million.
For the full year, net property income was up 18.8 per cent at S$73.6 million.
P-Life Reit said it saw higher revenue in the fourth quarter primarily due to the contribution from its Japanese properties, which were acquired in November 2009 and also in the middle of last year.
Revenue was also driven further by the higher rent from its Singapore properties.
Going forward, P-Life REIT said it has entered into an agreement to buy a nursing home property located in Fukuoka, Japan for about S$8.9 million.
It added that with an expected net yield of 8 per cent, the property is expected to contribute positively over the long term.
Source : Channel NewsAsia – 24 Jan 2011