Parkway Life REIT’s NPI up 23.5% YoY in Q1

The real estate firm’s net property income (NPI) grew to $35.2m.

Nursing homes and higher rent from its Singapore properties led to the growth of Parkway Life REIT’s NPI in the first quarter (Q1) of 2023.

In its financial results, its NPI went up 23.5% to $35.2m in Q1 2023 from $28.5m in Q1 2022. Gross revenue increased by 21.7% to $37.3m in Q1 2023 from $30.6m in Q1 2022.

Its distribution per unit grew from 3.56 cents in Q1 2022 to 3.65 cents in Q1 2023.

There were also higher trust expenses due to higher management fees in line with the higher NPI and enlarged portfolio.

Parkway Life said finance costs went up mainly due to funding of Capex and new acquisitions in 2022 and higher interest costs from Singapore dollar debts, which was partially offset by the depreciation of the Japanese yen.