Basic Profile & Key Statistics
Parkway Life REIT (PLIFE) is a healthcare REIT that invests mainly in hospitals, medical centres and nursing homes. PLife owns 54 properties across Singapore, Japan and Malaysia.
Performance Review
Gross revenue and NPI increased YoY by 9% and 4.2% respectively due to contributions from properties acquired in 4Q 2019 and 4Q 2020 as well as upward rent revision. Distributable income and DPU both increased by 6.7% YoY.
Lease Profile
- Occupancy is high at 99.7%.
- WALE is long at 5.74 years where the highest lease expiry of 57.4% falls in 2022.
- Weighted average land lease expiry is slightly long at 73.65 years.
Debt Profile
- Gearing ratio is moderate at 38.5%.
- Cost of debt is low at 0.53%.
- Fixed rate debt % is high at 87%.
- All debts are unsecured debts.
- WADE is long at 3.5 years where the highest debt maturity of 29% falls in 2022.
- Interest coverage ratio is high at 18.1 times.
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