Parkway Life REIT has reported a distribution per unit of 7.38 cents for its 2HFY2024 ended Dec 31 2024, down 1.3% over the preceding half year. This brings its full-year payout to 14.92 cents, up 1% over FY2023, thereby chalking up 17 straight years of growth in recurring DPU.
If the enlarged unit base due to a recent round of fund-raising from unitholders is excluded, DPU for the whole of FY2024 would be 15.11 cents, up 2.3% over FY2023's 14.77 cents.
In 2HFY2024, the REIT's net property income was down 1.1% y-o-y to $68.2 million, bringing the full-year NPI to $136.6 million, down 1.8% y-o-y.
Gross revenue reached $72.8 million for the second half and $145.3 million for the whole of FY2024.
The REIT now hedges around 87% of its exposure. Its all-in debt cost is 1.48%, 9.8 times interest cover ratio, and has a gearing ratio of 34.8%.
PLife REIT says the recently acquired portfolio of nursing homes in France helps diversify its overall asset base and provide long-term rental income stability.
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Going forward, Plife REIT says it is committed to "strengthening" its core presence in Singapore and "consolidating" its position in Japan and Europe.
"We are pleased with the resilience of our portfolio and the continued growth in FY 2024. The acquisition of the French nursing homes is a significant step in enhancing portfolio diversification and improving long-term income growth and stability," says Yong Yean Chau, CEO of the REIT's manager.
"With a disciplined approach to capital management and a globally diversified portfolio, we are confident in our ability to navigate future opportunities and challenges while delivering long-term sustainable value to our unitholders," he adds.
Parkway Life REIT units closed at $3.94 on Feb 5, up 1.55% for the day and up 9.75% in the past 12 months.
