Yen depreciation hurts Parkway Life REIT's quarterly net property income

NPI for the period was down 2.8% YoY.

Parkway Life REIT reported a 2.8% YoY lower net property income (NPI) of $34.3m in 1Q24.

The REIT also saw its gross revenue decline by 2.7% YoY to $36.3m.

The REIT attributed the decline in its NPI and gross revenue to the depreciation of the Japanese Yen.

Contributions from the properties the REIT acquired in 2023, however, offset the decline.

Despite lower gross revenue and NPI, the REIT's distribution per unit rose 4.0% YoY to $0.0379. The REIT will distribute the DPU in 1H24.

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