This is mainly due to a 6% decrease in property expenses.
Parkway Life REIT’s net property income inched up by 0.2% YoY, from $102.43m to $102.65m in 2017.
Property expenses was $0.5m lower than 2016, amounting to $7.23m in 2017, because of the absence of one-off marketing commission paid to the Manager.
Further, Parkway Life REIT’s gross revenue decreased from $110.1m in 2016 to $109.9m in 2017, due to Japanese Yen depreciation.
Distribution per unit (DPU) also increased by 10.2% YoY to 13.35 cents, from 12.12 cents in 2016. This is due to one-off distribution of the gains from the divestment of four Japan properties, which amounts to $5.39m, in December 2016.
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