PLife REIT posts 13.4% rise in 2Q DPU to 2.37 cents

Parkway Life Real Estate Investment Trust (PLife REIT) says it registered gross revenue of $21.4 million for the second half ending Jun 30 (2Q 2011), a 14.1% increase from the previous corresponding period (2Q 2010). This was primarily due to revenue contribution from the Japan nursing home properties acquired in June/July 2010 and January 2011 as well as higher rent from the existing properties.

In tandem with portfolio growth, property expenses for 2Q 2011 and 1H 2011 were $1.8 million and $3.5 million respectively, increasing $0.3 million and $0.7 million year-on-year. As a result, net property income rose 13.3% year-on-year to $14.3 million for 2Q 2011.

Distributable income per Unit (DPU) for 2Q 2011 rose from 2.09 cents in the same period last year to 2.37 cents.