PLife Reit's Q4 DPU up 4.5% at 2.82 cents

Singapore

PARKWAY Life Reit's (PLife Reit's) distribution per unit (DPU) for the fourth quarter ended December rose 4.5 per cent to 2.82 cents, as distributable income went up 4.5 per cent to $17 million. This was driven by recent acquisitions and rental growth from existing properties.

For the quarter under review, net property income (NPI) rose 3.4 per cent to $23.2 million from $22.4 million. Gross revenue rose 3.1 per cent to $24.7 million, mainly due to rental income contribution from properties acquired in July and September. Additionally, higher rent from the Singapore properties - due mainly to the increased growth rate of 4.44 per cent for Year 7 of lease term commencing August - also contributed to the revenue growth. However, this increase was offset by the depreciation in the yen in the quarter.