Parkway Life's Q4 2019 NPI up 2.3% YoY to $27.3m

Whilst, the firm’s revenue fell 1.9% for the quarter.

Parkway Life Real Estate Investment Trust’s (Parkway Life REIT) net property income (NPI) for Q4 2019 jumped 2.3% YoY from $26.72m to $27.32m, according to its bourse filing. The firm’s revenue for the quarter, on the other hand, slid by 1.9% YoY to $28m from $28.57m in the previous year.

The lower gross revenue for the quarter was attributed to the one-time reclassification of insurance reimbursement to property expenses received by the firm during the year. Gross revenue for the quarter also comprised contribution from three nursing rehabilitation facilities acquired on 13 December 2019 and higher rent from the Singapore properties.

The firm’s amount available for distribution in Q4 leapt 1.9% YoY to $20.9m from $20.5m last year, whilst distribution per unit (DPU) grew 2%, from 3.28 cents in Q4 2018 to 3.34 cents in Q4 2019.

The rental growth of the firm’s existing properties and its cost savings from the refinancing initiatives completed in 2018 and 2019 contributed to DPU expansion.