Parkway Life REIT posts 13.4% rise in Q2 DPU

Parkway Life REIT (P-Life Reit) posted a 13.4 per cent increase in distribution per unit (DPU) to 2.37 Singapore cents for its second quarter.

That is up from 2.09 cents in the same period last year.

Gross revenue at the healthcare trust rose 14.1 per cent to S$21.4 million, helped by Japan nursing home properties it acquired, and higher rent from existing properties.

Net property income for the quarter was S$19.6 million, a 13.3 per cent growth from last year’s S$17.3 million.

Commenting on the results, CEO of Parkway Trust said: “We are pleased to continue delivering strong results for the first half of 2011, despite uncertainties in the global markets.”

P-Life Reit said it is cautious about its near to medium-term acquisition prospects, in view of the slowing global economy.

“Nonetheless, the long-term outlook of the regional healthcare sector remains robust,” it added in a statement.

“We will continue to see growing demand for quality private healthcare and elderly care services, propelled by rising affluence and fast-ageing populations.”

Source : Channel NewsAsia – 4 Aug 2011

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