Singapore-listed Parkway Life real estate investment trust (REIT) has reported a fourth quarter distribution per unit (DPU) of 2.05 Singapore cents, up 11.6 per cent from a year ago.
Net property income for the three months ended December grew 9.2 per cent to S$16.5 million.
For the full year, net property income was up 23.1 per cent at S$61.9 million.
Parkway Life said the higher revenue was due mainly to the full-year revenue impact from the Japan properties acquired in 2008.
It also saw additional revenue contribution, amounting to S$1 million, from eight new nursing homes acquired in November last year.
Looking ahead, the REIT said it is cautiously optimistic due to a favourable rental lease structure, where at least 89 per cent of the total portfolio will see good future rental growth.
Source : Channel NewsAsia – 22 Jan 2010
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