Parkway Life Reit (PLife Reit) on Thursday posted a first-quarter distribution per unit (DPU) of 2.64 Singapore cents, up 2.9 per cent from 2.56 cents a year ago.

Its annualised distribution yield based on the closing market price of S$2.53 on March 28, 2013 is 4.17 per cent.

PLife Reit's distributable income to unitholders for the quarter also rose 2.9 per cent to S$16 million, from S$15.5 million a year ago.

Year-on-year, gross revenue inched up 1.1 per cent to S$23 million, while net property income climbed 1.8 per cent to S$21.5 million.

Parkway Life Real Estate Investment Trust's (PLife REIT) distribution per unit for the fourth quarter ended Dec 31, 2012 rose 9.5 per cent year-on-year to 2.69 Singapore cents from 2.47 Singapore cents.

Gross revenue increased 5 per cent from the previous year quarter to S$23.98 million, boosted by contributions from properties acquired last year and higher rent from its properties in Singapore, as its rent formula is linked to inflation. Net property income in Q4 increased 6.1 per cent year-on-year to S$22.1 millon while income available for distribution was 9.5 per cent higher at S$16.31 million.

For the full year, DPU worked out to 10.31 Singapore cents, up 7.5 per cent from 9.6 Singapore cents a year ago. Gross revenue climbed 7.2 per cent to S$94.07 million as rent from new properties and higher rent from existing ones offset the depreciation of the yen in Q4. Net property income increased 7.6 per cent to S$86.4 million and income available for distribution worked out to S$62.4 million, up 7.5 per cent.

Units in PLife REIT closed at S$2.30 on Friday, up one cent.