PLife REIT NPI up 25.1% YoY to $70.1m in H1

Its gross revenue rose by 23.6% YoY to $74.4m.

Parkway Life Real Estate Investment Trust (PLife REIT) posted a net property income growth of 25.1% year-on-year (YOY) in the first half of 2023, reaching $70.1m.

In a statement, PLife REIT’s Manager said the company’s gross revenue during the period rose 23.6% YoY to reach $74.4m on the back of contributions from the five Japanese nursing homes it acquired in September 2022 and the higher rent from Singapore properties. 

This was partially offset by the depreciation of the Japanese Yen.

PLife REIT’s property expenses also rose by 4.3% YoY to $4.3m, it said.

The company’s distribution per unit, meanwhile, increase by 3.3% YoY to 7.29 cents.

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“PLife REIT has delivered a sustained performance of higher distributions for our 3 Unitholders. The healthcare industry will remain critically essential in a rapidly aging population with greater demand for better quality healthcare and aged care services,” said Yong Yean Chau, Chief Executive Officer of the Manager. 

“Our portfolio of assets places the Group in a good position to benefit from the resilient growth of the healthcare industry in the Asia Pacific region,” he added.