Basic Profile & Key Statistics
Parkway Life REIT (PLife) invests in healthcare properties which include hospitals, medical centres, nursing homes, and a pharmaceutical product distributing and manufacturing facility. I've classified the distribution and manufacturing facility under the industrial sector.
Lease Profile
Occupancy is at a max capacity of 100%, which is normal for healthcare REIT. WALE is long at 6.12 years where the highest lease expiry of 57.5% falls in the year 2022. Weighted land lease expiry is slightly long at 74.15 years.
Debt Profile
Gearing ratio is slightly high at 38.3%. Cost of debt is very low at 0.6%, which is the lowest among SREITs. Fixed-rate debt is high at 88%. 100% of its debt is unsecured. Interest cover ratio is high at 15.8 times. WADE is short at 2.3 years where the highest debt maturity of 26.9% falls in the year 2021.
Diversification Profile
Top geographical contribution is moderate at 58.1%. Top property, top tenant, and top 10 tenants contributions are high at 36.8%, 8.1%, and 85.3% respectively....