REIT Financial News - 6 MAY 2010: Quarterly Earnings Report for Plife Reit

First quarter 2010 results for Parkway Life Reit:

• Press Release, Financial Statements, and Presentation Slides

Key Points 

• DPU increases 9.7% to 2.07 cents for 1Q 2010.
• Gross revenue increases 14.1% to S$18.6 million.
• Net property income increases 13.4% to S$17.2 million.
• Higher revenue was due primarily to additional revenue contribution amounting to S$1.8 million from the eight nursing homes acquired in Japan in 4Q 2009, as well as higher rent from the existing properties.
• As at 31 March 2010, PLife REIT’s gearing was 28.2%.
• Well-positioned for growth on improving economy and growing regional healthcare demand.

Author's Note
Based on the closing price of the Reit of 1.32 on 6 May 2010, the DPU of 2.07 cents translates to an annualised yield of about 6.27%.

The DPU of 2.07 cents will XD on 12 May 2010 and will be paid on 9 Jun 2010. The DPU for the previous quarter was 2.05 cents.

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