DMG downgrades Parkway Life REIT (C2PU.SG) to Neutral vs Buy as $1.66 target price breached. Says, prospects priced in with REIT now trading at 5.4% yield, tad higher than previous 5.5% peak yield. 

Adds, healthcare REIT’s fundamentals intact, with 3Q10 net property income +26.5% on-year at $19.4 million on higher revenue from recently-acquired properties in Japan, plus improved rental revenue from Singapore hospitals.

Says, recent refinancing of JPY13.7 billion ($215 million) loan reduces borrowing costs to 2.1% vs 2.6% in 2Q10. 

 

Stock flat at $1.70.