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Parkway Life REIT 1QFY2024 gross revenue falls 2.7% y-o-y, DPU up 4.0%

Jovi Ho
·2-min read

As the REIT makes distribution on a semi-annual basis, the DPU will form part of the 1HFY2024 distribution next quarter.

Parkway Life REIT has reported gross revenue of $36.3 million for 1QFY2024 ended March 31, 2.7% lower y-o-y. This was mainly due to depreciation of the Japanese yen, says the REIT manager April 30, partly offset by contribution from the properties acquired in 2023.

Net property income for the quarter is 2.8% lower y-o-y, at $34.3 million.

That said, the drop in revenue will be compensated by the foreign exchange gains from the settlement of the forward contracts, says the REIT manager. The REIT reported 4.0% higher distributable income of $22.9 million during the quarter from Singapore hospitals and some Japanese nursing homes with step-up lease arrangements.

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The distribution per unit (DPU) for the quarter is 4.0% higher y-o-y at 3.79 cents. As the REIT makes distribution on a semi-annual basis, there is no distribution for 1QFY2024. The DPU of 3.79 cents will form part of the 1HFY2024 distribution when the REIT announces its 1HFY2024 results.

As at March 31, the REIT’s committed occupancy stands at 99.7%, with 66 leases and 34 lessees.

As at March 31, the REIT’s cash and cash equivalents are $35.7 million, up from $28.5 million at end-2023. The REIT’s investment properties decreased in value to $2.21 billion from $2.23 billion at the start of the 1QFY2024 quarter.

Net asset value per unit stood at $2.31 at the end of the quarter, down from $2.34 at end-2023.

As at March 31, the REIT’s weighted average debt expiry stands at 3.4 years, with no long-term debt refinancing needs until March 2025. Gearing, meanwhile, rose to 36.4% from 35.6%.

The REIT has a debt headroom of $361.4 million and $629.2 million before reaching 45% and 50% gearing respectively.

Units in Parkway Life REIT are trading 5 cents higher, or 1.41% up, at $3.59 on April 30.

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