PLife Reit's distributable income up 3.2%

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Parkway Life real estate investment trust (PLife Reit) has announced that distributable income for Q4 2011 climbed 3.2 percent to S$14.9 million, attributed mainly to yield-accretive acquisitions made in Japan as well as to savings from lower financing costs and higher rent from existing properties.

“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,” said Yong Yean Chau, Chief Executive of Parkway Trust Management Ltd, the manager of the trust (pictured).

Meanwhile, PLife recorded gross revenue of S$22.8 million in Q4, up 6.3 percent over the same period last year. This was primarily due to higher contribution of its Japan nursing home, which was acquired in January 2011, as well as higher rent from its hospital properties in Singapore.

In terms of full-year results, gross revenue climbed 9.6 percent to S$87.8 million, boosted by higher rent from existing properties and higher full-year revenue contribution from properties acquired in 2010 as well as in 2011.

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