Parkway Life REIT reports 9MFY2023 DPU of 10.99 cents, 2.8% up y-o-y

Parkway Life REIT has reported a distribution per unit (DPU) of 10.99 cents for the 9MFY2023 ended Sept 30, 2.8% higher y-o-y. The REIT’s 3QFY2023 DPU will be distributed as part of its 2HFY2023 distribution.

For the 9MFY2023, the REIT’s gross revenue rose by 24.6% y-o-y to $110.9 million thanks to higher rent received from its Singapore hospitals. The higher rent is due to the straight-lining of rental income over the lease term, as well as additional revenue from the properties acquired in 2022. The increase in gross revenue was offset by the depreciation of the Japanese yen (JPY).