Parkway Life’s Q2 distribution per unit up 10.9% to 2.09 cents

Singapore-listed Parkway Life Real Estate Investment Trust has reported a second quarter distribution per unit of 2.09 Singapore cents, up 10.9 per cent from a year ago.

Net property income for the three months ended June grew 15.6 per cent to S$17.3 million.

For the first half of the year, net property income was up 14.5 per cent at S$34.5 million.

Parkway Life says the higher revenue was due primarily to higher revenue contribution amounting to S$1.8 million from the eight Japanese nursing homes it acquired in November 2009.

The completion of the acquisition of six more Japanese nursing home and care facilities in June this year also boosted revenue with its half-month rental contribution amounting to S$0.2 million.

Looking ahead, the REIT says it’s firmly positioned for the expected upturn in the real estate sector given its robust balance sheet and strong acquisition pipeline.

It says these factors will provide it with the flexibility to move quickly to capture market opportunities.

Source : Channel NewsAsia – 6 Aug 2010

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