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Parkway Life Reit Q4 distributable income up 2.9%

PARKWAY Life (PLife) Reit has posted a 2.9 per cent rise in distributable income to S$17.5 million for its fourth quarter as at end Dec 31, 2014, boosted mainly by acquisitions and rental growth of existing properties.

This represents a distribution per unit (DPU) of 2.90 Singapore cents, up 2.8 per cent from 2.82 cents in the same period last year.

Gross revenue rose by 1.5 per cent to S$25.1 million for Q4.

The higher revenue was largely attributable to rental income contributions from Japanese properties acquired in the second half of 2013 and in 2014.

Higher rent from Singapore properties, due mainly to increased growth rate of 2.81 per cent for Year 8 of lease term starting Aug 23, 2014, also lifted revenue growth.

Net property income was S$23.5 million, up 1.3 per cent.