ParkwayLife REIT announced a 2.7% rise in DPU to 7.32 cents for the second half year ended December 31, 2022 (2HFY2022) and a 2.1% rise in full year DPU to 14.38 cents.
Gross revenue for 2H2022 and FY2022 increased 14.2% y-o-y to $69.8 million and 7.7% y-o-y to $130.0 million respectively primarily due to higher rent from the properties acquired in 2021 & 2022, adjusted hospital revenue for Parkway East Hospital’s 15th year lease (23 August 2021 - 22 August 2022) outperforming its minimum guaranteed rent, higher rent from the Group’s Singapore hospitals under the new master lease agreements, partially offset by the divestment of P-Life Matsudo in January 2021 and depreciation of the Japanese Yen.
Overall, net property income rose 18% y-o-y in 2HFY2022 to $65.8 million. For FY2022, NPI was 9.6% higher y-o-y to $121.9 million.
PLife REIT’s all in cost of debt was 1.04%, its gearing stood at 36.4% as at Dec 31, 2022, and interest cover was 18.3x.
Yong Yean Chau, Chief Executive Officer of the Manager, said: “For 15 years since its IPO in 2007, the Group has delivered un-interrupted recurring DPU growth underpinned by stable income streams supported by regular rental revision and bolt-on acquisitions. Today, PLife REIT is well-positioned with a diversified portfolio of high quality and yield accretive properties across Singapore, Malaysia and Japan. Helmed by the Group’s focused strategy of targeted investment, proactive asset management and strategic asset recycling and development and supported by the Group’s strong financial standing, the Group is well-positioned to ride the growth of the healthcare sector in the Asia-Pacific region even as it continues to create long-term value for its unitholders.”
