Parkway Life REIT’s net property income climbs 14.1% to $139.1m in FY23

With improvement in NPI, the REIT recorded a 2.7% YoY higher DPU.

The net property income (NPI) of Parkway Life REIT (PLIFE REIT) rose 14.1% YoY to $139.1m in FY23.

In the same period, the healthcare REIT posted a 13.5% YoY increase in its revenue, to reach $147.5m.

The REIT attributed its improved bottom line to contributions from the properties acquired in 2022 and 2023 and higher rent from the Singapore hospitals under the new master lease agreements.

Its financial growth, however, was partially offset by the depreciation of the Japanese Yen.

With higher NPI, the REIT achieved a distribution per unit of $0.1477 for FY23, a 2.7% increase from FY22.

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