ParkwayLife REIT Q2 net property income up 1.2% to $26.2m

Revenue was up thanks to the contribution of a new nursing facility.

ParkwayLife REIT’s net property income (NPI) for the second quarter of 2018 grew 1.2% to $26.2m from $25.88m last year. Revenue was up by 1.3% to $28.06m from $27.7m.

According to its financial statement, revenue was up thanks to the contribution from one nursing rehabilitation facility acquired on 14 February 2018 and higher rent from the Singapore properties. They were offset by the depreciation of the Japanese Yen as compared to the same period last year.

Overall, annualised distribution per unit (DPU) dipped by 3.7% to 12.76 cents, mainly due to the absence of one-off distribution of divestment gain, arising from the divestment of four Japan properties in December 2016.

For the first half of the year, gross revenue jumped by 2.3% to $55.9m, thanks to the revenue contribution from the Japan property acquisition in February 2018.