Parkway Life REIT (PLife REIT)

Parkway Life REIT kept at 'buy' by DBS on strong earnings visibility

SINGAPORE (Oct 26): DBS Group Research is maintaining Parkway Life REIT (PLife REIT) at “buy” given the REIT offers one of the strongest earnings visibility profiles among S-REITs, with a weighted average lease expiry of close to nine years.

See: Parkway Life REIT declares 3Q DPU of 3.23 cents, down 4.1% on absence of one-off gain

Parkway Life REIT posts 3.7% drop in 2Q DPU to 3.19 cents on absence of one-off gains

SINGAPORE (July 26): The manager of Parkway Life REIT (PLife REIT) declared a 2Q18 DPU of 3.19 cents, bringing 1H18 DPU to 6.36 cents, 3.6% lower than 6.60 cents in 1H17.

2Q18 DPU was 3.7% lower compared to 3.32 cents in 2Q17 due to the absence of one-off distribution of divestment gain, which was present in 2Q17.

For 2Q18, total distributable income to unitholders fell 3.7% to $19.3 million from $20.1 million in the previous year.

Gross revenue for 2Q18 was 1.3% higher at $28.1 million from $27.7 million a year ago.

Parkway Life REIT declares 1Q DPU of 3.17 cents, 3.4% lower than a year ago in absence of one-off distribution gain

SINGAPORE (Apr 30): The manager of Parkway Life REIT (PLife REIT) has declared a 1Q18 distribution per unit (DPU) of 3.17 cents, down 3.4% from its 1Q17 DPU of 3.28 cents due to the absence of a one-off distribution of divestment gain in the previous year.

This translates to a 3.4% lower annualised DPU of 12.68 cents compared to 13.12 cents a year ago, as well as an annualised distribution yield of 4.53% based on the REIT’s Mar 29 closing price of $2.80, which is also 3.4% lower from the annualised distribution yield of 4.69% in 1Q17.

Parkway Life REIT acquires nursing facility in Japan for $17.8 mil in sale and leaseback deal

SINGAPORE (Feb 7): The manager of Parkway Life REIT (PLife REIT) is acquiring Konosu Nursing Home Kyoseien, a nursing rehabilitation facility in Japan, from operator Iryouhoujin Shadan Kouaikai for 1.5 billion yen ($17.8 million) under a sale and leaseback deal.

The yield-accretive acquisition will be made at 7.4% below its valuation of JPY1.62 billion as at end 2017, and is expected to generate a net property yield of 6.7%.

Parkway Life REIT kept at 'buy' on strong earnings visibility

SINGAPORE (Jan 29): DBS is keepings its “buy” rating on Parkway Life Real Estate Investment Trust (PLife REIT) with an increased target price of $3.15.

In a Monday report, analyst Rachel Tan says, “PLife REIT offers one of the strongest earnings visibility profiles among SREITs, with a weighted average lease expiry (WALE) of close to nine years.”

On Friday, the REIT announced its 4Q17 results, with its DPU rising 10.6% to 3.38 cents from 3.06 cents due to the one-off distribution of divestment gains, bringing total FY17 DPU to 13.35 cents.

This SREIT has resilient earnings, a robust balance sheet and no immediate refinancing needs

SINGAPORE (April 26): CIMB expects Parkway Life REIT earnings to remain one of the most resilient in the SREIT space, with its deflation-protected Singapore revenue and long-term lease structure in Japan.

In addition, it expects the remaining asset disposal gains of $3.95 million to be paid out in equal instalments over the next three quarters.

With the terming out of its loans due in FY18, PREIT also does not have any refinancing needs till FY19 and balance sheet remains strong with gearing at 37.6%.

Parkway Life REIT sees 9.6% rise in 1Q DPU to 3.3 cents

SINGAPORE (April 25): Parkway Life REIT’s (PLife REIT) manager today posted a distribution per unit (DPU) of 3.28 cents for the first quarter ended March 31, up 9.6% from the 2.99 cents declared a year ago.

Gross revenue for the quarter remained comparable to that of the previous year at $26.9 million, in spite of the REIT’s divestment of four Japan nursing homes in Dec 2016.

Parkway Life REIT’s 3Q results set the stage for further growth

SINGAPORE (Oct 28): CIMB Securities is reiterating its “add” recommendation on Parkway Life REIT (PLife REIT) with an unchanged target price of $2.78 following its release of financial results for 3Q16.

Although the healthcare REIT posted an 8.8% blower 3Q DPU of 3.06 cents compared to 3.36 a year ago, revenue grew 8.2% while net property income (NPI) increased 8% y-o-y.  

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