On 1 February 2024, Parkway Life REIT (“PLife”) announced their full year result for the financial year 2023. Given how they have structured their lease, it is not surprising for them to be able to continue increase DPU for FY2023. Furthermore their cost of debt remained relatively low, and as such even though we see finance costs have doubled in FY2023, the increase is not as substantial as the increase in property income.
Although in the presentation slides management have indicated their intention to build a third pillar, there are no news on this and in 2023 they have continued to acquire two nursing homes in Japan which adds on to their current portfolio of nursing homes. It is something to take note and look out for although there is no harm in waiting given their current business has been consistent.
Website: Financial Statements And Related Announcement::Full Yearly Results
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