Parkway Life REIT to distribute 1.71 Singapore cents per unit in Q3

Parkway Life Real Estate Investment Trust (PREIT) said it will distribute 1.71 Singapore cents per unit for its third quarter.

The total distribution of about S$10.3 million is some 10 per cent higher than forecast.

The announcement came as the trust posted strong third quarter results for the year.

Its total net property income came to some S$12.5 million, more than 15 per cent higher than forecast.

PREIT said the better showing was due to improved performances from its current assets and acquisition activities which have yielded positive returns.

In the third quarter, the trust acquired another seven nursing homes in various parts of Japan in the Hyogo, Chiba, Kanagawa, Saitama and Tokyo prefectures for about S$106 million.

PREIT said despite challenging market conditions, it remains optimistic about its medium and long-term prospects.

It is citing factors such as its rental lease structures which protect against downside risk, its low gearing, and full occupancy across its portfolio of properties.

Source : Channel NewsAsia – 4 Nov 2008

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