Page 53 - ar2012

On Solid Ground
Stable Revenue Growth
PLife REIT’s gross revenue rose 7.2% from S$87.8 million in FY2011 to S$94.1 million in FY2012. This was primarily driven by
rental revenue contribution from the three Japan nursing home properties acquired in March 2012, and strata titled units/lots
at Gleneagles Intan Medical Centre, Kuala Lumpur which was acquired in August 2012. Revenue increase was also boosted
by the 6.31% increase in minimum guaranteed rent from the Singapore Hospital Properties, under the CPI+1% rental review
mechanism for the sixth year of lease term commencing 23 August 2012.
Net property income grew 7.6% from S$80.3 million in FY2011 to S$86.4 million in FY2012. Accordingly, distributable income
increased 7.5% to S$62.4 million in FY2012.
FINANCIAL REVIEW
Annual Report FY2012 ParkwayLife REIT
51
Breakdown of
FY2012 Gross Revenue Growth
Financial Year 2011
Gross Revenue
Financial Year 2012
Gross Revenue
S$94.1
million
S$87.8
million
7.2%
49.4%
Growth from
Financial Year 2011
49.8%
0.8%
• Acquisition of one nursing home in Japan
FY2011 Investments
• Rent review of Singapore Hospital Properties
• Completion of asset enhancement initiatives
Organic Growth
FY2012 Investments
• Acquisition of three nursing homes in Japan
• Acquisition of strata-titled units/lots at
Gleneagles Intan Medical Centre, Kuala Lumpur
Cash Flow
Cash and cash equivalents for FY2012 decreased
15.5% from S$33.6 million in FY2011 to S$28.4 million
mainly due to the depreciation of the Japanese Yen.
Cash from operating activities for FY2012 increased
10.5% from S$66.8 million in FY2011 to S$73.8 million
for FY2012, mainly due to the additional operating
cash fows from the three Japan nursing homes
acquired in March 2012 and strata-titled units/lots
at Gleneagles Intan Medical Centre, Kuala Lumpur
in August 2012. It also included additional security
deposits received from certain existing properties and
the new properties acquired in 2012.
Cash outfow for investing activities for FY2012
increased substantially to S$60.6 million as compared
toS$11.8million for FY2011, comprisingmainly capital