Parkway Life REIT reported Friday its first quarter net property income rose 1.9 percent on-year to S$28.55 million, partly on contributions from acquisitions.
Gross revenue for the January-to-March period increased 2.3 percent on-year to S$30.68 million, the REIT said in a filing to SGX.
The REIT cited the contributions from two nursing homes acquired in July 2021, and one nursing home property acquired in December, as well as higher rent from Singapore properties. That was partly offset by the divestment of the P-Life Matsudo property in January 2021, and the depreciation of the Japanese yen, the REIT said.
Trust expenses for the first quarter rose 12.7 percent on-year to S$4.45 million due to more professional fees, the REIT said.