PLife Reit Q1 DPU falls in absence of one-off distribution

Singapore

PARKWAY Life Reit's distribution per unit (DPU) for the first quarter ended March 31, 2016, fell 7 per cent to 2.99 Singapore cents, from the previous corresponding period's 3.21 Singapore cents, which included a one-off distribution of divestment gains.

"The DPU from recurring operations continues to grow 5.1 per cent year-on-year," said the healthcare Reit. Net property income rose 8.5 per cent to S$25.14 million. Gross revenue rose 8.6 per cent to S$26.9 million, driven primarily by contributions from higher yielding properties acquired from the asset recycling initiative completed in March 2015, higher rent from the Singapore properties, and appreciation of the Japanese yen.