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Parkway Life Reit's Q2 DPU up 10%

PARKWAY Life Real Estate Investment Trust on Tuesday reported a 10 per cent year-on-year increase in distribution per unit to 3.32 Singapore cents for the second quarter ended June 30.

The Reit attributed this to the asset recycling exercise completed in February 2017, through which divestment gains of S$5.39 million are being distributed equally over the four quarters of the financial year ending Dec 31.

Net property income was S$25.9 million, up 1.4 per cent from last year's S$25.5 million, largely driven by the rent contribution from properties acquired in Q1 '17 and the upward minimum guaranteed rent revision of the Singapore hospital properties, said Parkway Life Reit.

Gross revenue grew 1.1 per cent to S$27.7 million for the quarter.

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