Nov 5, 2021
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Year on year, Parkway Life REIT DPU increase by 0.8%, from 3.54 cents to 3.56 cents, in Q3 2021.

Parkway Life REIT saw its distribution per unit (DPU) increase 0.8% to 3.56 Singapore cents in the third quarter ended 30 September 2021, from 3.54 cents over the same period last year.

In Q3 2021, the distributable income also rose 0.8% to $21.6 million, from $21.4 million in Q3 2020.

Gross revenue increased 1.2% to $30.5 million from $30.2 million last year.

The REIT attributed the growth largely “to the higher rent from Singapore properties, revenue contribution from the Japan acquisitions completed in December 2020 and July 2021, and partially offset by the loss of income from the divestment of a non-core property in Japan (P-Life Matsudo) in January 2021 and the depreciation of Japanese Yen”, it said in an SGX filing on Wednesday (3 November).

Net property income, on the other hand, declined 2.9% to $27.3 million in Q3 2021 from $28.1 million in Q3 2020.

On a year-to-date basis, the DPU and distributable income both increased 2.9% to 10.51 cents and $63.6 million, respectively.

Gross revenue and net property income dropped 0.3% and 1.6% to $90.1 million and $82.7 million, respectively.

Meanwhile, the REIT revealed that it has successfully renewed the master leases for its Singapore hospitals, with the unitholders giving their approval on 30 September and the agreements executed on 13 October.

“Secured with clear rent structure, the Singapore hospitals will continue to deliver a steady stream of quality rental income over a long lease term till December 2042,” it said.

“In addition, the group’s overall portfolio weighted average lease to expiry by gross rent (WALE) had been extended to 17.42 years from 5.36 years.”

The group shared that it had also executed a three-year committed loan facility in October to term out its remaining Singapore-dollar loan due next year.

“With this latest refinancing initiative together with a JPY loan due in 2022 that will be termed out in the fourth quarter of 2021, Parkway Life REIT will have no long-term debt refinancing needs till June 2023,” it said.

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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg

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