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ParkwayLife REIT reports 3.5% rise in 1Q DPU to 3.28 cents

Stanislaus Jude Chan
Stanislaus Jude Chan • 2 min read
ParkwayLife REIT reports 3.5% rise in 1Q DPU to 3.28 cents
SINGAPORE (Apr 26): The manager of ParkwayLife Real Estate Investment Trust (PLife REIT) has announced distribution per unit (DPU) of 3.28 cents for the 1Q19 ended March, some 3.5% higher than DPU of 3.17 cents in the corresponding quarter a year ago.
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SINGAPORE (Apr 26): The manager of ParkwayLife Real Estate Investment Trust (PLife REIT) has announced distribution per unit (DPU) of 3.28 cents for the 1Q19 ended March, some 3.5% higher than DPU of 3.17 cents in the corresponding quarter a year ago.

Total distributable income to unitholders was 3.5% higher at $19.8 million, compared to $19.2 million a year ago.

The increase was mainly led by an acquisition, rental growth of existing properties, and financing cost savings.

1Q19 gross revenue rose 2.1% to $28.4 million, from $27.8 million a year ago.

The growth was mainly due to revenue contribution from a Japan property acquired in 1Q18, as well as upward minimum guarantee rent revision of Singapore hospitals by 1.38% and the appreciation of the Japanese yen.

Property expenses dipped marginally by 0.3% to $1.8 million during the quarter, compared to $1.9 million a year ago.

Consequently, net property income grew 2.2% to $26.5 million in 1Q19, from $26.0 million a year ago.

Earnings per unit (EPU) rose to 3.30 cents in 1Q19, from 2.80 cents in 1Q18.

As at end March, cash and equivalents stood at $24.7 million.

“We are pleased with the positive start for the year for PLife REIT. We have continued to grow our DPU achieving stable returns for our unitholders even amid uncertain market conditions,” says Yong Yean Chau, CEO of the manager.

“In addition, we have bolstered our capital structure by pro-actively refinancing our JPY loans, optimising our debt profile and cost of borrowings,” he adds.

Looking ahead, the manager says it remain cautious amid macroeconomic uncertainties and will continue to be prudent in managing financial risks, but adds that PLife REIT is well-positioned to benefit from the resilient growth of the healthcare industry.

Units in PLife REIT closed flat at $2.90 on Friday.

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