Parkway Life REIT C2PU has reported a distribution per unit (DPU) of 3.65 cents for the 1QFY2023 ended March, 2.5% higher y-o-y.
Amount available for distribution grew by 2.5% y-o-y to $22.1 million.
The DPU for the quarter will be distributed in the 1HFY2023 as the REIT now makes its distributions on a half-yearly basis.
During the quarter, the REIT saw gross revenue grow by 21.7% y-o-y to $37.3 million while total net property income (NPI) grew by 23.5% y-o-y to $35.3 million. The higher gross revenue and NPI were attributed to the contribution from the five nursing homes that were acquired in September 2022. The higher rent from the REIT’s Singapore properties under the new master lease agreements which commenced in August 2022 also contributed to the higher revenue and NPI, though this was partly offset by the depreciation of the Japanese yen (JPY).
Trust expenses during the quarter increased by 2.0% y-o-y to $4.5 million. This was due to higher management fees in line with the higher NPI and enlarged portfolio.
Finance costs surged by 127.1% y-o-y to $2.5 million due to funding of capital expenditures (capex) and new acquisitions in FY2022. Higher interest costs from the Singapore dollar (SGD) debts also led to the higher finance costs though this was offset by the depreciation of the JPY.
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Total committed occupancy as at March 31 stood at 99.7% with 100% occupancy in both the REIT’s Singapore and Japan portfolios while its Malaysia portfolio’s occupancy rate stood at 31%. As at March 31, PLife REIT’s weighted average lease to expiry (WALE) stood at 16.80 years by gross revenue.
As at March 31, PLife REIT’s net asset value (NAV) per unit stood at $2.29 while cash and cash equivalents stood at $42.2 million. Its gearing as at March 31 stood at 37.5%.
As at the same period, the REIT has 61 properties with an enlarged portfolio size of $2.2 billion.
As at 12.27pm, units in PLife REIT are trading 3 cents lower or 0.76% down at $3.93.
