That said, the drop in revenue will be compensated by the foreign exchange gains from the settlement of the forward contracts, says the REIT manager. The REIT reported 4.0% higher distributable income of $22.9 million during the quarter from Singapore hospitals and some Japanese nursing homes with step-up lease arrangements.
Parkway Life REIT has reported gross revenue of $36.3 million for 1QFY2024 ended March 31, 2.7% lower y-o-y. This was mainly due to depreciation of the Japanese yen, says the REIT manager April 30, partly offset by contribution from the properties acquired in 2023.
Net property income for the quarter is 2.8% lower y-o-y, at $34.3 million.
