Data from Parkway Life REIT’s latest disclosure has been incorporated into the Singapore REITs table.
Parkway Life REIT (PLife REIT) disclosed on 3 November that it has more than tripled its portfolio weighted average lease expiry (WALE) by gross rent from 5.36 years to 17.42 years.
The disclosure came as the REIT declared a distribution per unit (DPU) of 3.56 cents for its 3Q 2021, an increase of 0.8% year-on-year.
Gross revenue increased by 1.2% year-on-year in 3Q 2021 to SGD30.5 million.
The growth was largely due to the higher rent from Singapore properties, and revenue contribution from the Japan acquisitions completed in December 2020 and July 2021, said the REIT.
Overall distributable income grew marginally by 0.8% to SGD21.6 million.
As at 30 September 2021, approximately 70% of PLife REIT’s interest rate exposure is hedged and its interest coverage ratio was 21.6 times with effective cost of debt at 0.53%.
The REIT saw a net asset valuation uplift of SGD239 million for its Singapore hospitals, with gearing improved from 37.0% to 34.9%.
PLife REIT was last done on the SGX at SGD4.65, which presently implies a distribution yield of 3.06% according to data on the Singapore REITs table.
Related: Parkway Life REIT spells out future acquisition plans