PLife REIT Q1 DPU rises 15.1% on higher SG hospital rents

However, gross revenue fell 2.1% due to yen depreciation and Japan nursing home exits.

Parkway Life REIT (PLife REIT) posted a 15.1% increase in distribution per unit to 4.42 cents for the first quarter of 2026.

Distributable income rose 15.1% to $28.8m, supported by Singapore hospitals following the end of rent rebates and the implementation of a revised rent formula.

The group expects minimum rent to rise to $99.1m in FY2026, up 24.3% from FY2025, driven by CPI-linked rent adjustments for its Singapore hospital portfolio.

Meanwhile, gross revenue fell 2.1% year-on-year to $38.2m due to yen depreciation and lower rental income from its Japan portfolio following a tenant exit affecting five nursing homes.

The decline was partially offset by contributions from its Singapore assets, the company said in a bourse filing.

Net property income also declined 2.7% to $35.8m over the same period.

PLife REIT’s portfolio stood at about $2.57b as at end-March, comprising 74 properties,

During the quarter, it completed a $350m capital expenditure programme for Mount Elizabeth Hospital, issued a $70m five-year green bond at 2.103% and secured a $70.9m (JPY8.8b) social loan.

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