Parkway Life REIT (PLife REIT) has reported gross revenue of $89.0 million for the 9MFY2022 ended Sept 30, down 1.3% y-o-y.
The lower gross revenue was due to the depreciation of the Japanese yen (JPY) and the loss of income from the divestment of a non-core asset in early 2021. This was partly offset by contributions from three properties acquired in 2021 and five properties in 2022, as well as higher rent from the REIT’s hospitals in Singapore.
According to the REIT manager, it had hedged its net income from Japan, which means that the drop in income from the depreciation of the JPY will be compensated by the foreign exchange (FX) gains from the settlement of the forward contracts.
During the 9MFY2022, the REIT’s net property income (NPI) increased slightly by 0.1% y-o-y to $82.8 million.
As at Sept 30, the REIT’s total portfolio occupancy stood at 99.7% with a weighted average lease expiry (WALE) of 17.19 years by gross revenue.
With a portfolio size of $2.35 billion, the REIT is one of the largest listed healthcare REITs in Asia.
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As at Sept 30, the REIT’s gearing stood at 34.7% with an interest cover of 18.6x. According to the REIT manager, about 73% of its interest rate exposure is hedged.
Cash and cash equivalents stood at $33.4 million as at Sept 30. The REIT’s net asset value (NAV) per unit stood at $2.38 as at Sept 30.
Units in PLife REIT closed 10 cents higher or 2.56% up at $4 on Oct 31.
