Parkway Life REIT’s net property income rises by 2.4% to $96m

On back of its asset recycling initiatives.

The depreciation of the Japanese Yen proved a small hindrance to the real estate investment trust (REIT) as its Singapore properties registered higher rent to boost its revenue by 2.3% to $102.7m.

According to a press release by Parkway Life REIT, its stellar performance was bolstered by contribution from its higher yielding properties acquired via its asset recycling initiative.

Additionally, the release said net property income also rose by 4.8% to $24.6m in the fourth quarter. Since their initial public offering, the REIT’s distribution per unit (DPU) has grown at a rate of 86.6%.

“This marks the ninth consecutive year of growth since 2007, and once again demonstrates the success of the REIT’s resilient model,” Parkway Life REIT CEO Yong Yean Chau said.

“The income hedge strategy on the Japanese Yen income continues to deliver positive impact, enhancing the stability of distributions to Unitholders. As a result, PLife REIT registered a realised foreign exchange gain of S$0.6 million in 4Q 2015 and S$2.7 million in FY2015,” the press release added.