Gross revenue for the quarter increased by 7.3% y-o-y to $39 million due to the contribution from the nursing home acquired in Japan and the 11 nursing homes acquired in France in 2H2024, but was offset by the depreciation of the Japanese yen (JPY). According to the REIT, its principal foreign exchange (forex) risk is mitigated as its acquisitions in Japan are fully funded by JPY loans and a synthetic JPY loan, which provides a natural hedge. Likewise, the REIT mitigates its forex risk for its French portfolio by swapping the Singapore dollar (SGD) proceeds raised to fund the transaction into Euros via the EUR/SGD cross currency swap.
Parkway Life REIT has reported a distribution per unit (DPU) of 3.84 cents for the 1QFY2025 ended March 31, 1.3% y-o-y from an enlarged unit base. The DPU will be paid out in the REIT’s 1HFY2025.
Distributable income rose by 9.1% y-o-y to $25 million due to the acquisitions conducted in 2024. The higher figure was also attributed to the step-up lease arrangements for the REIT’s Singapore hospitals.
