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PLife DPU falls 10.2% in Q2 in absence of distribution gains

PARKWAY Life Real Estate Investment Trust (PLife Reit) on Tuesday posted a 10.2 per cent fall in distribution per unit (DPU) for the second quarter, due to the absence of a one-off distribution of divestment gain, it said.

DPU for the three months ended June 30, 2016, stood at 3.01 Singapore cents, down from 3.35 Singapore cents in Q2 2015.

A year ago, PLife Reit had made a distribution of divestment gains of S$2.28 million, relating to the sale of seven Japan properties in December 2014. The gain was fully distributed to unitholders over four quarters in 2015.

Excluding the one-off gain, DPU from recurring operations for the quarter rose 1.2 per cent from a year ago.

"The long-term prospects of the regional healthcare industry continue to be driven by rising demand for better quality private healthcare services given the fast-ageing populations," said the Reit manager in its financial statement. "However, in the short to medium term, Parkway Life Reit expects challenges in acquisition opportunities given the market volatility."

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PLife Reit owns the largest portfolio of private hospitals in Singapore comprising Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital. It also owns 44 healthcare and healthcare-related assets in Japan and the strata-titled units in Gleneagles Intan Medical Centre, Kuala Lumpur.

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