Parkway Life REIT posts DPU of 2.07 cents, up 9.7% on-year

Parkway Life REIT said its first quarter distribution per unit rose 9.7 per cent to 2.07 cents, compared to 1.89 cents in the same quarter a year ago.

This came on the back of a 9.7 per cent increase in distributable income to S$12.5 million for the quarter ended March, from S$11.4 million last year.

Net property income for the quarter was 13.4 per cent higher at S$17.2 million.

The higher revenue was due primarily to additional revenue contribution amounting to S$1.8 million from the eight nursing homes it acquired in Japan in the fourth quarter last year.

Revenue was further boosted by the higher rentals collected from its existing properties.

Parkway Life REIT is optimistic about its prospects in the medium- to long-term because it believes it is financially strong and stable.

In addition to Singapore and Japan, the REIT said it will focus on further expanding its reach to other markets that are seeing high growth in the healthcare sector to strengthen its foothold in the region.

Source : Channel NewsAsia – 7 May 2010

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