Parkway Life REIT's net income rises 1.1% to $56.0m in H122

The increase was driven by higher rents from its Singapore properties.

Parkway Life Real Estate Investment Trust's (PLREIT) net income rose by 1.1% to $56.0m in H1 2022, its latest financial statement revealed.

The income increase was on the back of the REIT's bigger gross revenue of $60.2m (+1.0% YoY) driven by the bolt-on contribution from the three nursing homes it acquired in July and December 2021 and higher rents from its Singapore properties.

The REIT's Singapore properties include Mount Elizabeth Hospital Property, Gleneagles Hospital Property and Parkway East Hospital Property.

The increase, however, was partially offset by the loss of income from its divested property and the depreciation of the Japanese Yen.

With a higher income, the healthcare REIT's distributable income to unitholders also rose by 1.5% to $42.7m, whilst its distribution per unit increased by 1.5% to $0.0290.