Parkway Trust Management, the manager of Parkway Life Real Estate Investment Trust (Parkway Life REIT), said as a result of the yield accretive Japan acquisitions, higher rent from Singapore properties and savings from lower financing costs, distributable income for 2Q 2012 ended 30 June 2012 and 1H 2012 ended 30 June 2012 increased 4.9% and 6.7% respectively to $15 million and $30.5 million.
Distributable income per Unit (DPU) for 2Q 2012 grew from 2.37 cents in the same period last year to 2.48 cents.
Gross revenue of $23.4 million for 2Q 2012, a 9.5% increase from the previous corresponding period (2Q 2011).
This was primarily due to a full quarter’s revenue contribution from the three Japan properties acquired in March 2012, and higher rent from the Singapore properties mainly due to increased growth rate of CPI + 1% (i.e. 5.3%) in Year 5 of the lease term commencing 23 August 2011.
Property expenses for 2Q 2012 and 1H 2012 were $2.0 million, increasing $0.2 million year-on-year in tandem with Parkway Life REIT’s portfolio growth. Net property income rose 9.3% and 7.5% year-on-year to $21.4 million for 2Q 2012.
Finance costs fell 2.5% for 2Q 2012 despite portfolio growth, mainly due to interest cost savings from the lower locked-in hedged rates arising from the extension of interest rate hedges completed in August 2011.
No comments:
Post a Comment