Parkway Life REIT's NPI dips 2.1% in Q3 on yen depreciation

Its gross revenue also fell.

Parkway Life REIT's net property income (NPI) dipped by 2.1% YoY to $102.4m in Q3 2024.

The REIT also reported a 2.2% YoY drop in gross revenue, totalling $108.5m for the quarter. In a bourse filing, the REIT attributed the decline in NPI and gross revenue to the depreciation of the Japanese Yen.

However, contributions from its nursing home acquired in August 2024 and two nursing homes acquired in October 2024 helped offset some of the impact of the Yen’s depreciation.

Breaking down the NPI, the Singapore portfolio contributed $73.4m, whilst Japan contributed $28.8m, and the Malaysia portfolio added $112,000.

Despite the declines, the REIT’s distribution per unit (DPU) year-to-date rose by 2.8% YoY to $0.1130, with the Q3 DPU to be distributed as part of its H2 2024 distribution.