Parkway Life Reit posts 3.5% rise in Q1 DPU to 3.28 Singapore cents

PARKWAY Life Reit on Friday posted a 3.5 per cent increase in distribution per unit (DPU) to 3.28 Singapore cents for its first quarter ended March 31.

The Reit manager attributed this increase to contribution from a new acquisition, rental growth of existing properties and financing cost savings.

Gross revenue rose 2.1 per cent to S$28.4 million, while net property income rose 2.2 per cent to S$26.5 million.

These were mainly due to contribution from one nursing rehabilitation facility acquired in February 2018, higher rent from the Singapore properties and the appreciation of the Japanese Yen as compared to the same period last year.