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Commercial Property

Staff Reporter

, Singapore

Published:

1 year ago

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Parkway Life REIT inches up DPU by 1% in FY 2024

Revenue for the period stood at $145.3m.

Parkway Life Real Estate Investment Trust (PLife REIT) reported a 1% year-on-year increase in distribution per unit (DPU) to 14.92 cents for the full year ended 31 December 2024,

Excluding the impact of an enlarged unit base from an equity fundraising exercise, the REIT’s DPU would have risen 2.3% to 15.11 cents, compared to 14.77 cents in 2023.

The steady DPU growth was supported by disciplined capital management, a diversified portfolio, and effective hedging strategies.

The group's revenue for FY 2024 stood at $145.3m, a 1.5% decline from the previous year, mainly due to a weaker Japanese yen. However, contributions from recent acquisitions helped cushion the impact.

The REIT also mitigated foreign exchange risks through hedging, with gains from forward contract settlements offsetting the drop in revenue.

With an asset portfolio valued at $2.46b, PLife REIT said it remains focused on delivering sustainable returns through prudent financial management and strategic growth initiatives.

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