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Parkway Life Real Estate Investment Trust (PLife REIT), through its manager Parkway Trust, on Thursday (5 November) announced that its distribution per unit (DPU) for the third quarter ended Sept 30 is at 3.36 cents — a 15.6 percent increase from that of 2.9 cents from the same period last year.
It also reported a distributable income of S$20.3 million, up from the S$17.6 million in Q3 2014.
The REIT said, without one-time divestment gains from the completion of the asset recycling initiative in March, DPU from recurring operations grew 2.5 percent year-on-year (y-o-y).
Meanwhile, gross revenue rose to S$26.0 million, up 2.5% from S$25.3 million y-o-y, which was attributed to “higher yielding properties acquired from the asset recycling initiative and higher rent from the Singapore properties.” Net property income rose 2.4 percent y-o-y to S$24.3 million.
PLife REIT said it expects macro headwinds to persist on, but is also committed “to ensure that it maintains its ability to deliver sustained returns.”
“Guarding against potential risks of an environment of rising interest rates, PLife REIT further strengthened its balance sheet and eliminated imminent refinancing risk with the terming out of all its debts due in 2016,” the REIT said.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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