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SINGAPORE – Parkway Life Real Estate Investment Trust (Reit) saw its unit-to-unit (PSU) distribution drop 3.7% to 3.19 cents for the three months ended June 30, due absence for the second fiscal quarter of a one-time distribution of a divestment gain over the same period a year ago, more than offsetting a 3.1% increase in recurrent transactions DPU .
Reit's second quarter distributable income – fully recurring transactions – million, down from total second quarter 2017 distributable income of $ 20.1 million, but higher than its distributable income of 18.7 millions of recurring operations.
For the second quarter of 2018, net property income increased 1.2% to $ 26.2 million. a 1.3% increase in gross revenue to $ 28.1 million. This increase is mainly attributable to the contribution of the acquisition of properties in Japan in February 2018, the higher-yielding properties acquired through the asset recycling initiative completed in February 2017 and the higher rents in Singapore properties offset by the depreciation of the Japanese yen.
In a statement released on Thursday (July 26th), the group noted that for the 12th year of the lease, from August 23, 2018 to August 22, 2019, the guaranteed minimum rent for properties in Singapore will be revised upwards by The group, which has a portfolio of 46 health facilities in Japan, also extended its JPY net income coverage for an additional year, protecting it from currency volatility until the first quarter of 2023.
As of June 30, the group has no need to refinance its long-term debt until 2019, its exposure to interest rates being largely hedged. The interest coverage ratio is set at 13.5 times, with an optimal debt ratio of 38.1%.
Unitholders will receive their SFP on August 28.
Parkway Life Reit units closed one cent or 0.36% to $ 2.78 on Wednesday before the release of the second quarter results
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