Data from Parkway Life REIT’s latest disclosure is in the Singapore REITs table.

Parkway Life REIT has reported a distribution per unit (DPU) of 14.08 Singapore cents for its financial year ended 31 December 2021.

This represents an increase of 2.1% over the DPU for 2020.

The REIT’s gross revenue rose 0.1% in 4Q 2021 to SGD30.6 million due to contributions from nursing homes acquired in December 2020, July 2021 and December 2021, as well as higher rent from the Singapore properties.

The higher rent was partially offset by the divestment of P-Life Matsudo on 29 January 2021 and depreciation of the Japanese Yen.

However, gross revenue for the year dipped 0.2% year-on-year to SGD120.7 million and this was largely attributed to the divestment of Matsudo.

As at 31 December 2021, the REIT’s all-in cost of debt was at 0.52%, with gearing at 35.4%, and an interest cover of 21.5 times.

Parkway Life REIT was last done on the Singapore Exchange at SGD4.94, which presently implies a distribution yield of 2.85% according to data on the Singapore REITs table.

Related: Parkway Life REIT spells out future acquisition plans

By Shariffa Al-Habshee

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