PLife – BT

PLife Reit’s distributable income for Q4 up 3.2% at $14.9m

PARKWAY Life Real Estate Investment Trust’s distributable income for Q42011 increased 3.2 per cent to $14.9 million from a year ago, as a result of yield-accretive acquisitions made in Japan, higher rent from existing properties and savings from lower financing costs.

Accordingly, distributable income per unit (DPU) for Q42011 rose to 2.47 cents from 2.38 cents in the previous year, Parkway Trust Management Ltd, the Reit’s manager, said yesterday. Distribution payment is expected on Feb 29, 2012. Distributable income for FY2011 increased 9.2 per cent to $58.1 million, while DPU for the year grew to 9.60 cents from 8.79 cents.

Said Yong Yean Chau, chief executive officer of the manager: ‘Amid ongoing market uncertainty, we are glad to be able to consistently deliver DPU growth to our unitholders.

‘As we focused on consolidating our Japan business during the year, we remained steadfast in strengthening PLife Reit’s financial position and generating organic growth across the portfolio to sustain earnings stability.’

For Q42011, PLife registered gross revenue of $22.8 million, an increase of 6.3 per cent. This was primarily due to revenue contribution from the Japan nursing home acquired in January 2011 and appreciation of the Japanese yen. Revenue growth was further driven by higher rent from the Singapore hospital properties.

For FY2011, gross revenue increased 9.6 per cent to $87.8 million, mainly due to full year revenue contribution from the properties acquired in 2010 and 2011, and higher rent from existing properties.