PLife – BT

Parkway Life Reit says Q1 DPU up 8.5% to 2.56 cts

Parkway Life Real Estate Investment Trust (Reit) on Thursday posted a 8.5 per cent rise in distribution per unit (DPU) of 2.56 cents for the first quarter ended March, up from 2.36 cents in the year-ago period.

This works out to an annualised distribution yield of 5.70 per cent, based on Parkway Reit's closing price of $1.795 per unit on March 30, 2012.

Distributable income for Q1 gained 8.5 per cent year-on-year to $15.51 million as a result of the yield-accretive Japan acquisitions, higher rent from the Singapore properties and interest cost savings.

Parkway Life Reit's gross revenue increased 6.0 per cent to $22.78 million from new acquisitions and higher contribution from its Japanese properties, while net property income for the quarter was $20.83 million, up 5.6 per cent from last year.

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