- Parkway Life REIT’s 2H24 revenue and net property income (NPI) slipped 0.3% and 1.1% y-o-y to S$72.8m and S$68.2m, respectively, as JPY weakness was partially offset by contributions from newly acquired properties.
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2H24 DPU dipped 1.3% y-o-y on an enlarged unit base, but overall FY24 DPU was up 1% y-o-y.
- Management shared that the provision relates to a single tenant contributing to ~0.7% of Parkway Life REIT’s annual income. Parkway Life REIT is currently working with the tenant to recover the rental arrears and has a back-up operator in place; given that the full amount of income at risk has been recognized, we are not expecting further significant provisions or losses going forward.
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Robust balance sheet provides significant debt headroom to pursue further growth opportunities.
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