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Parkway Life REIT reports 2.5% higher 2Q20 DPU of 3.36 cents

Felicia Tan
Felicia Tan • 2 min read
Parkway Life REIT reports 2.5% higher 2Q20 DPU of 3.36 cents
This brings 1H20 DPU to 6.68 cents, 1.9% higher than the 6.55 cents a year ago.
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The manager of Parkway Life Real Estate Investment Trust (PLife REIT) reported distribution per unit (DPU) of 3.36 cents for 2Q20 ended June, 2.5% higher than the 3.27 cents in 2Q19.

This brings 1H20 DPU to 6.68 cents, 1.9% higher than the 6.55 cents a year ago.

Gross revenue for 2Q20 grew 4.9% y-o-y to $30.3 million mainly due to revenue contribution from three Japan nursing rehabilitation facilities acquired in 4Q19, higher rent from Singapore properties as well as the appreciation of the Japanese Yen (JPY).

Correspondingly, net property income (NPI) increased by 5.3% y-o-y to $28.2 million.

Amount available for distribution for 2Q20 grew 5.2% y-o-y to $20.9 million.

During the quarter, PLife REIT retained the remaining $850,000 as part of the $1.7 million Covid-19 related relief measures for tenants in 1Q20.

As such, distributable income (DI) for 2Q20 grew 2.5% to $20.3 million.

For the 14th year of lease term commencing from Aug 23 to Aug 22, 2021, PLife REIT says the minimum guaranteed rent for its Singapore properties is set to increase by 1.17% over the total rent payable for the preceding year.

As at June 30, cash and cash equivalents stood at $31.1 million.

PLife REIT owns a portfolio of 53 properties with a total size of some $1.96 billion as at March 31. It owns Mount Elizabeth Hospital, Gleneagles Hospital, and Parkway East Hospital. In addition, it has 49 assets in Japan, as well as strata-titled units in MOB Specialist Clinics Kuala Lumpur in Malaysia.

As at 9.47am, units in PLife REIT are changing hands 3 cents higher, or 0.9% up, at $3.43.

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