Parkway Life REIT property, Mount Elizabeth Hospital, in Singapore. (Photo: REITsWeek)

Parkway Life REIT has reported a distribution per unit of 3.34 cents for 4Q 2019, and 13.19 cents for the full year FY.

The DPU for 4Q 2019 and FY 2019 represents year-on-year increases of 2.0% and 2.5% respectively.

The healthcare REIT has attributed the increases to contribution from three Japan properties that it acquired in December 2019.

The REIT also saw rental growth at existing properties, as well as cost savings arising from refinancing initiatives completed in 2018 and 2019.

For FY 2019, gross revenue rose 2.1% to SGD115.2 million.

For 4Q 2019, a one-time reclassification of insurance reimbursement received during the year to property expenses resulted in lower gross revenue of SGD28.0 million for the quarter, compared to SGD28.6 million in 4Q 2018.

Excluding the one-off reclassification, 4Q 2019 revenue would have grown by 2.4% over the same period last year.

As a result of the reclassification, property expenses were correspondingly lower as compared to the same quarter in 2018, said the REIT.

Parkway Life REIT’s gearing remained at 37.1% for the quarter.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.