Parkway Life Real Estate Investment Trust (PLife REIT) has announced a 1% increase in its distribution per unit (DPU) for the full year 2024, reaching 14.92 pence.
This growth comes despite the impact of equity funding raising, which, if excluded, would have resulted in a 2.3% higher DPU compared to the previous year.
The trust remains committed to its Singapore base while strategically diversifying into Europe with the acquisition of 11 nursing homes in France.
The acquisition in France was completed at approximately 3.7% below valuation, marking PLife REIT’s strategic entry into a third key market. This move was fully financed through a successful equity funding raising via a private placement, which raised approximately $180m.
PLife REIT maintains a healthy gearing ratio of 34.8%, with no long-term debt refinancing needs until September 2026. This financial stability supports its ongoing expansion and diversification strategy. The trust’s net asset value per unit increased to $2.41, up from $2.34 the previous year.
The trust’s financial statements reveal a total return after tax of $95.04m for 2024, a slight decrease from $100.47m in 2023. Despite this, the trust’s strategic moves and financial health position it well for future growth.
Looking ahead, PLife REIT’s expansion into Europe signals its commitment to diversifying its portfolio and enhancing returns for unitholders. The trust’s focus on strategic acquisitions and financial prudence continues to underpin its growth trajectory.
