- Parkway Life REIT reported DPU of S$0.0384 for 1Q25, +6.1% q-o-q/+1.3% y-o-y. Growth was underpinned by prior acquisitions and step-up leases, partially offset by enlarged unit base and JPY depreciation.
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- Parkway Life REIT divested its Malaysia exposure at slight premium to sponsor while asset enhancement initiatives (AEI) at Mount Elizabeth Orchard remains on schedule.
Steady operations and prudent capital management
- 1Q25 revenue of S$39m rose 5.9% q-o-q and 7.3% y-o-y. NPI of S$36.8m was up 7.6% q-o-q and 7.5% y-o-y. Top-line growth was driven by acquisitions in Japan and France in 2H24 and step-up leases in Singapore, partially offset by JPY depreciation.
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- 1Q25 distributable income was S$25m. vs S$23.1m in 4Q24 and S$22.9m in 1Q24, a 8.5% q-o-q/9.1% y-o-y increase. Factoring in 7.8% y-o-y increase in unit base, Parkway Life REIT's DPU rose 6.1% q-o-q/1.3% y-o-y.
- Gearing was steady at 36.1% while cost of debt rose to 1.5% (1.48% 4Q24, 1.3% in 1Q24) and coverage ratio was lower at 9.3x (9.8x 4Q24, 11.1x 1Q24).
Focus on AEIs; Patient on larger M&As
- Read more at SGinvestors.io.
