However, NPI dipped 2% on yen weakness and a tenant exit in Japan.

Parkway Life REIT’s distribution per unit rose 14.6% year-on-year to 8.77 cents in the first half of 2026 (H1), up from 7.65 cents a year earlier.

Distributable income grew by the same rate to $57.2m from $49.9m, according to a bourse filing.

The increase was attributed to higher rental contributions under the Singapore hospitals’ annual rent review formula and step-up lease arrangements in France.

The Singapore hospitals portfolio recorded a $0.8m revenue-sharing uplift for the first quarter after stronger operating performance at Gleneagles Hospital and Parkway East Hospital.

The amount was not included in the first-half distribution and will be distributed in the second half together with any full-year revenue-sharing entitlement, where applicable, the REIT’s manager, Parkway Trust Management Limited, said.

Distributable income also benefited from the absence of a $0.9m tax provision booked for the France portfolio in the corresponding period last year.

However, H1 gross revenue decreased 1.6% to $77.1m, whilst net property income fell 2% to $72.4m.

The manager attributed the decline to the depreciation of the Japanese yen and lower rental income following a tenant’s exit from five nursing home properties in Japan.

Separately, Parkway Life REIT completed the sale of a Japanese nursing home for approximately $9.4m on 30 June. The sale generated a gain of about $0.6m.

The divestment price was 38% above the property’s acquisition cost and 5% higher than its latest independent valuation.