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ParkwayLife Reit
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PLife REIT
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taromochi129
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19-Jan-2022 10:36
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Parkway Trust Management Limited, as manager of Parkway Life Real Estate Investment Trust (&ldquo Parkway Life REIT&rdquo ), will be announcing Parkway Life REIT&rsquo s full year unaudited financial results for the financial year ended 31 December 2021 after trading hours on Monday, 24 January 2022. By Order of the Board Parkway Trust Management Limited (Company registration no. 200706697Z) As manager of Parkway Life Real Estate Investment Trust Chan Wan Mei Chan Lai Yin Company Secretaries 18 January 2022 |
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PhillipTan
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12-Dec-2021 15:06
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S-Reits with healthcare and China assets outshine in NovemberGlobal Reit markets dipped over the last 3 sessions of November, as investors grappled with the unknowns of the Covid Omicron variant.Similarly, the 3 sessions saw the iEdge S-Reit Index shave off 3.8 per cent in total returns, ending November with a 2.4 per cent decline. The top 5 performers over the month of November were firstly, S-Reits with healthcare assets - First Reit First Reit (12.2 per cent in total returns) and ParkwayLife Reit (6.6 per cent) - and secondly, S-Reits with assets located in China - Sasseur Reit (4.7 per cent), EC World Reit (3.1 per cent) and (2.9 per cent). As uncertainty over the Omicron variant eased gradually, the iEdge S-Reit Index regained 1.2 per cent over the first 7 sessions of December, bringing its total returns since the start of November to a decline of 1.2 per cent. S-Reits with healthcare and China-based assets continued to be the top performers over the extended period from the start of November to Dec 9, 2021. These S-Reits were: First Reit (18.0 per cent in total returns), BHG Retail Reit (15.4 per cent), ParkwayLife Reit (8.9 per cent), Sasseur Reit (4.7 per cent) and Mapletree North Asia Commercial Trust (4.5 per cent). |
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Joelton
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11-Dec-2021 11:27
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Parkway Life Reit to buy Japanese nursing home for 3.2b yen
Parkway Life Real Estate Investment Trust (Parkway Life Reit) ParkwayLife Reit: C2PU +0.6% is buying a nursing home in Japan' s Greater Tokyo Region for 3.2 billion yen (S$38.4 million), the manager announced on Friday (Dec 10).
The 150-bed property in Kisarazu city in Chiba was built in 2017 and will be leased for 20 years to a subsidiary of nursing home operator Habitation Group, at an annual gross rental of about 197.2 million yen.
The acquisition will be funded by yen-denominated debt, raising the gearing of Parkway Life Reit from 34.9 per cent to 36 per cent, the manager disclosed.
The deal is projected to be accretive for the Reit' s distribution per unit (DPU), with an estimated net property yield of 5.9 per cent, and will increase the weighted average lease expiry by gross revenue for Parkway Life Reit' s portfolio from 17.42 years to 17.47 years.
The price tag, which was reached on a " willing-buyer, willing-seller" basis, marks a 7 per cent discount against an independent valuation of the property of 3.44 billion yen.
The Reit manager added that the transaction is not expected to have any material impact on the Reit' s consolidated net tangible assets or DPUs for the period to Dec 31, 2021.
The purchase has been made through a silent partnership agreement, similar to Parkway Life Reit' s previous acquisitions in Japan, and is expected to be completed by year' s end. The Reit' s Japanese portfolio would then comprise 52 properties, valued at about S$804 million.
Said Yong Yean Chau, chief executive of the manager, said: " The acquisition delivers immediate yield growth and enhances the resiliency of our portfolio with a long stable lease."
He added that the Reit plans to build on its long-term working relationship with Habitation Group and to optimise its growth strategy in Japan, which he dubbed " our valued core market" .
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Joelton
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15-Nov-2021 09:08
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Parkway Life
On Nov 5, Parkway Trust Management non-executive director Joerg Ayrle acquired 29,000 units of Parkway Life Reit ParkwayLife Reit: C2PU -0.82% (PLife Reit) at S$4.70 per unit for a consideration of S$136,000.
This was Ayrle' s first acquisition of units in PLife Reit since his appointment to the board on Apr 23, 2021.
He was also appointed the group chief financial officer of IHH Healthcare on Feb 1, 2021.
With a wealth of international experience from the United States, Germany, Singapore, China and Thailand, he is responsible for providing financial leadership and strategic guidance for IHH Healthcare.
IHH Healthcare maintained a 35.60 per cent deemed interest in PLife Reit as of a substantial shareholder filing on Apr 5, 2021.
Prior to joining IHH Healthcare, Ayrle was the group chief financial officer of Thai Union Group and steered the company' s financial transformation journey, winning multiple awards including Best CFO Asia by Corporate Treasurer in 2016.
Prior to this role, he had a successful career with tech giants Osram and Siemens.
As of Sep 30, PLife Reit, which primarily invests in healthcare and healthcare-related real estate and real estate-related assets, maintained a total portfolio size of 55 properties.
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Joelton
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04-Nov-2021 09:27
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Parkway Life Reit Q3 DPU up 0.8% to S$0.0356
PARKWAY Life Reit&rsquo s ParkwayLife Reit: C2PU +0.43% distribution per unit (DPU) rose 0.8 per cent to 3.56 Singapore cents for the third quarter ended Sep 30, the manager of the real estate investment trust (Reit) said in a results release on Wednesday (Nov 3) night.
Distributable income rose 0.8 per cent to S$21.6 million, compared to S$21.4 million in the year-ago quarter.
This was despite net property income falling 2.9 per cent to S$27.3 million, from S$28.1 million before. The Reit said the fall was due to the provision of a one-off allowance for doubtful debts.
Gross revenue rose 1.2 per cent to S$30.5 million, from S$30.2 million before, due mainly to higher rent from Singapore properties and revenue contribution from Japan acquisitions completed in December 2020 and July 2021.
This was partly offset by the lost of income from the divestment of a non-core property in Japan, and the depreciation of the yen.
The latest results take the year-to-date DPU to S$0.1051, up 2.9 per cent from the year-ago period.
But year-to-date gross revenue is still down 0.3 per cent at S$90.1 million, compared to S$90.3 million before.
Parkway Life Reit highlighted that it has renewed the master leases for its Singapore hospitals, after unitholders gave their approval at an extraordinary general meeting in September,and the agreements were executed on Oct 13.
" Secured with clear rent structure, the Singapore hospitals will continue to deliver a steady stream of quality rental income over a long lease term till December 2042," said the Reit.
The group' s overall portfolio weighted average lease to expiry, by gross rent, has been extended to 17.42 years, from 5.36 years before.
In October, the group also executed a 3-year committed loan facility to term out a remaining Singapore-dollar loan due in 2022. With this, and a Japanese yen loan due in 2022 that will be termed out in Q4 2021, the Reit will have no long-term debt refinancing needs till June 2023.
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taromochi129
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11-Oct-2021 14:36
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Should be hovering at support level :) next div Nov right | ||||
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Lobster
Elite |
11-Oct-2021 13:43
Yells: "Even Adam Khoo believes in the Black Market!" |
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Wow, as low as $4.43 this morning... don' t tell me, they are really tempting people like me?
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Lobster
Elite |
04-Oct-2021 17:38
Yells: "Even Adam Khoo believes in the Black Market!" |
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Closed $4.53, lowest since its high of $4.94. No hurry. I m expecting it to go below 4 by year end.
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taromochi129
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04-Oct-2021 17:23
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Any idea why is it dropping for a few days already? Seems like a good time to nibble | ||||
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PhillipTan
Supreme |
01-Oct-2021 15:08
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Currently the div payout rate is only 2% plus If it goes up to 4% or more, either share price drop (maybe due to market down) or if they increase the dividends then I will pick up more I only bought a few lots for fun at $1.23 when it IPO-ed and kind of ignore it right now, i am just watching the price going up lol
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Lobster
Elite |
01-Oct-2021 11:56
Yells: "Even Adam Khoo believes in the Black Market!" |
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AREIT I hv a lot. all the 10 ten REITS, I have and will always have, except this bugger...
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PhillipTan
Supreme |
01-Oct-2021 11:49
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Can consider AREIT, now that the price has dipped below $3 PLife is also good too, but IMO went up a bit too high in share price and divs are not catching up I would consider taking in more and keep for long, if the divs do go up steadily alongside the share price But their divs payout amount is like quite stagnant, hence their payout rate keeps dropping Now PLife' s divs is one of the lowest among all the REITs
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Lobster
Elite |
01-Oct-2021 10:16
Yells: "Even Adam Khoo believes in the Black Market!" |
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Watching this one like a hawk..... For some strange reason, I never own this blue chip reit ever in my life. Maybe there' s a way in this time ..... |
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PhillipTan
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01-Oct-2021 02:28
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ParkwayLife REIT' s unitholders vote overwhelmingly in favour of new master leaseAt an EGM held at 10 am on Sept 30, 99.99% of ParkwayLife REIT' s unitholders voted for the proposed entry into the new master lease agreements with IHH Healthcare for Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital and for the Renewal Capex Agreement.The new master lease agreements will lift rents by 39.6% at the end of Year 4 of the renewal term versus the estimated rent for Year 15 of the IPO master lease agreement. The new portfolio weighted average lease to expiry (WALE) is raised to 16.6 years compared to just 5.7 years, providing stability of income for the long term, with the three hospitals fully leased till 2042. ParkwayLife REIT will inject $150 million of Renewal Capex to improve and upgrade the hospitals, most of which will be spent on Mount Elizabeth. In addition, the manager has obtained a right of first refusal for Mount Elizabeth Hospital Novena. This would be DPU and yield accretive based on ParkwayLife REIT' s DPU yield of 2.98% as at Sept 29. |
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Lobster
Elite |
31-Aug-2021 23:08
Yells: "Even Adam Khoo believes in the Black Market!" |
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I am surprised nobody posted these
10 S-Reits yielding long-term annualised returns |
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PhillipTan
Supreme |
28-Jul-2021 23:17
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Accretive acquisitions may boost Parkway Life REIT' s share priceAs Parkway Life REIT registered another quarter of growth in the 2QFY2021 ended June, CGS-CIMB Research analysts Lock Mun Yee and Eing Kar Mei have kept " add" on the REIT with an unchanged target price of $5.05.The REIT' s 1HFY2021 distribution per unit (DPU) of 6.95 cents stood within their expectations at 49.2% of their FY2021 forecast, they write in a July 27 report. The analysts have also kept their DPU estimates for the FY2021 to FY2023 unchanged. " We like Parkway Life REIT for its stability, backed by its defensive income structure with inbuilt escalation features," they write. " Potential re-rating catalysts include accretive acquisitions, while downside risks include deflationary periods, whereby Singapore rent revisions would revert to 1%," they add. In addition, Lock and Eing say they expect to see a h-o-h increase in the REIT' s Japan rental income from its recent purchases of two nursing homes in July. " These properties are expected to add $3.2 million (around 6.6%) of gross rental income to Parkway Life REIT' s Japan income stream. Parkway Life REIT' s balance remains robust with a gearing of 37% at end 2QFY2021 and weighted average debt maturity of 4.1 years. Assuming a 45% gearing limit, Parkway Life REIT has further debt headroom of $292.4 million to fund potential new purchases," they say. Units in Parkway Life REIT closed flat at $4.69 on July 28, or 2.38 times P/BV, according to CGS-CIMB' s estimates. |
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Joelton
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28-Jul-2021 09:28
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Parkway Life Reit posts 0.7% rise in Q2 DPU to 3.38 S cents
PARKWAY Life Real Estate Investment Trust posted a 0.7 per cent rise in distribution per unit (DPU) to 3.38 Singapore cents for the second quarter ended June 30, 2021, from 3.36 cents the year before.
Annualised DPU for Q2 was 13.52 cents, up 0.7 per cent from 13.44 cents the previous year.
In its regulatory filing on Tuesday, the Reit' s manager attributed this to contribution from the existing portfolio and the absence of one-off Covid-19-related relief measures that were provided to tenants a year ago.
However, gross revenue for Q2 fell by 2.3 per cent to S$29.6 million, from S$30.3 million a year ago.
The Reit' s manager said this was due to the loss of income from divested property and depreciation of the Japanese yen.
Net property income (NPI) also fell by 2.8 per cent to S$27.4 million for the same period, from S$28.2 million the year before.
Distribution income for the quarter ended June 30, 2021 rose by 0.7 per cent to S$20.5 million, from S$20.3 million the previous year.
The Q2 2021 distribution will be paid out on Aug 31, after books closure on Aug 4.
Meanwhile, for the half year ended June 30, 2021, the Reit posted a 4 per cent rise in DPU to 6.95 cents, from 6.68 cents the year before and distributable income rose by 4 per cent to S$42.1 million. Gross revenue was down 1 per cent to S$59.6 million for the same period, while NPI eased 0.9 per cent to S$55.5 million.
To strengthen its growth potential and income sustainability, Parkway Life Reit' s manager noted that the new master lease agreements it earlier entered into with Parkway Hospitals Singapore on July 14 will have an extended term of about 20.4 years, and increase its weighted average lease to expiry by gross revenue from 5.7 years to 16.6 years.
Furthermore, the Reit manager noted that the minimum guaranteed rent for Singapore hospitals will increase by nearly 1.7 per cent for the lease term commencing from Aug 23, 2021 to Aug 22, 2022, underpinned by its rental revision formula at the Singapore hospitals, and will serve to provide sustained organic growth and rental income stream for the Reit.
Its hospital properties in Singapore accounted for 59.5 per cent of its gross revenue as at June 30.
As for its properties in Japan, Parkway Life Reit announced the implementation of its third asset recycling initiative on June 30. This was done through the divestment of its non-core property, P-Life Matsudo, at a sale yield of 4.3 per cent, with the proceeds going towards the acquisition of two nursing homes at higher property yield of 5.7 per cent.
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PhillipTan
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27-Jul-2021 09:10
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Parkway Life REIT posts 0.7% higher 2Q21 DPU of 3.38 cents 4% higher 1H21 DPU of 6.95 centsParkway Life REIT (PLife REIT) has posted 2QFY2021 ended June distribution per unit (DPU) of 3.38 cents, up 0.7% y-o-y from 3.36 cents previously.This brings its 1HFY2021 DPU to 6.95 cents, up 4% y-o-y from 6.68 cents previously. Gross revenue declined by 2.3% y-o-y in the 2QFY2021 to $29.6 million and by 1% y-o-y in the 1HFY2021 to $59.6 million. The manager attributes the decline to the loss of income from the divestment of non-core property in Japan in January, as well as the depreciation of the Japanese yen. Given the lower revenue, net property income (NPI) decreased by 2.8% y-o-y for the 2QFY2021 to $27.4 million and by 0.9% y-o-y for the 1HFY2021 to $55.5 million. However, distributable income was up 0.7% y-o-y in the 2QFY2021 to $20.5 million and up 4% y-o-y in the 2HFY2021 to $42.1 million, which the manager attributes to the contribution from the acquisition of a Japanese nursing home in December 2020, as well as the absence of one-off Covid-19 related relief measures retained in FY2020. In the press release accompanying the results, PLife REIT' s manager highlights its initiatives to grow in its key markets of Singapore and Japan. On July 14, the REIT had announced new master lease agreements for its Singapore hospitals, including an extended term of 20.4 years, which will increase PLife REIT' s weighted average lease to expiry from 5.7 to 16.6 years, a renewal capital expenditure agreement of $150 million, and a right of first refusal for the Mount Elizabeth Novena Hospital. " The clear rental step-up structure and rent review formula of the new lease agreements will serve to provide sustained organic growth and rental income stream of PLife REIT," says the manager. For the 15th year of lease term commencing from August 23 to Aug 22, 2022, the minimum guaranteed rent for the Singapore hospitals is set to increase by 1.66% over the total rent payable for the preceding year. The proposed entry into the new master lease agreements will require the approval of PLife REIT' s Unitholders which will be sought at an extraordinary general meeting to be convened in due course. On the Japan front, PLife REIT had announced the implementation of its third asset recycling initiative with the acquisition of two freehold nursing homes in Japan, while non-core property P-Life Matsudo was divested at a sale yield of 4.3% with the divestment proceeds channelled to acquire the nursing homes at higher property yield of 5.7%. " With the two Japan nursing homes secured with fresh 20-year master lease agreements, the quality of PLife REIT' s Japan portfolio is also enhanced as it further diversify its geographical spread and tenant base," says the manager. As part of its debt management, PLife REIT, has also refinanced its remaining JPY loan due in 2022 with a 5-year committed loan facility. With that, the weighted average debt term to maturity has extended from 3.3 years as at June 30 to 4.1 years. Commenting on the results, Yong Yean Chau, CEO of the manager, says: " We are pleased that amidst continued disruptions worldwide given renewed Covid-19 waves and the emergence of new variants, PLife REIT has delivered another quarter of recurring DPU growth for our unitholders," . According to Yong, PLife REIT will remain focused on sustaining income, fortifying growth, and financial and risk and management. " To further pivot PLife REIT' s growth, we will also selectively seeking out strategic acquisitions and foster stronger partnerships for collaborative growth," he adds. Units in PLife REIT closed 5 cents or 1.07% higher at $4.72 on July 26. |
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PhillipTan
Supreme |
15-Jul-2021 14:16
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Analysts positive on PLife Reit' s master lease renewals, raise TPsAnalysts are positive on Parkway Life Real Estate Investment Trust' s (PLife Reit) proposed master lease renewals with sponsor IHH Healthcare and a S$150 million renewal capital injection to revamp three hospitals.The Reit is also receiving the right of first refusal (ROFR) for Mount Elizabeth Novena Hospital, for a period of 10 years, its manager announced on Wednesday. These moves are expected to benefit PLife Reit' s distribution per unit (DPU) and net asset value (NAV) per unit, as well as raise the valuation of its properties, said the analysts. Research teams from CGS-CIMB, DBS and UOB Kay Hian have raised their target prices on the counter to S$5.05, S$5.75 and S$4.72 respectively. This implies an upside of 2.9 per cent, 17 per cent and downside of 3.9 per cent respectively from the Reit' s trading price of S$4.91 as at 11.26am on Thursday. The counter was up 2.9 per cent or S$0.14 by then. While CGS-CIMB and DBS have maintained their calls at " add" and " buy" respectively, UOBKH has downgraded PLife Reit to " hold" as unit price performance has been " spectacular" . PLife Reit' s manager is proposing the entry into new master lease agreements (MLAs) for three of its hospitals - Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital. The new MLAs extend the term by about 20 years to Dec 31, 2042, with an option to renew for a further 10 years. CGS-CIMB estimates the new MLAs and renewal capex agreement to boost PLife Reit' s pro forma DPU by 32.4 per cent by FY2026 versus FY2020. Meanwhile, pro forma NAV could rise by 27 per cent over the same period. The MLAs will also lengthen the Reit' s portfolio weighted average lease expiry to 16.6 years, which will provide long-term income certainty and an inbuilt growth structure. Meanwhile, the renewal capex will improve the properties' operational performance and asset values and enable IHH to ride the growth potential of the Singapore healthcare industry, CGS-CIMB added. DBS said the renewals imply PLife Reit' s intention to remain Singapore-centric as well as display the support its sponsor lends. It believes rental upliftment from the master lease renewal is " just the start of a new chapter of growth" . " PLife Reit is now in a better position of focusing on inorganic growth via asset recycling strategies, venturing into a new market and exercise the ROFR from its sponsor," DBS added. Echoing the sentiment, UOBKH said the comprehensive package fosters future collaborations with IHH Healthcare. On top of the possibility of acquiring Mount Elizabeth Novena Hospital, there is also potential for partnership with IHH in overseas expansion where IHH acquires healthcare operators while the Reit acquires the assets. PLife Reit' s manager is seeking unitholder approval for these proposed transactions at an extraordinary general meeting to be convened. It will issue a circular on these transactions " in due course" , it said on Wednesday. The three hospitals account for 60.2 per cent of PLife Reit' s portfolio by asset value, and 58.9 per cent by net property income. The existing 15-year leases of the hospital expire on Aug 22, 2022. |
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PhillipTan
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15-Jul-2021 01:12
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Parkway Life Reit, IHH Healthcare extend lease agreements for 20 years, with S$150m capex injectionParkway Life Real Estate Investment Trust (Reit) and IHH Healthcare Berhad are extending their collaboration for another 20 years, with Parkway Life Reit also injecting up to S$150 million in renewal capital expenditure, and receiving the right of first refusal (ROFR) for Mount Elizabeth Novena Hospital.Parkway Life Reit trustee HSBC Institutional Trust Services (Singapore) has entered into new master lease agreements for Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital with Parkway Hospitals Singapore Pte Ltd, a unit of IHH Healthcare unit Parkway Holdings. The three hospitals account for 60.2 per cent of Parkway Life Reit' s portfolio by asset value, and 58.9 per cent by net property income. The existing 15-year leases of the hospital expire on Aug 22, 2022. The new master lease agreements extend the term by about 20 years to Dec 31, 2042, with an option to renew for a further 10 years. Annual rent payable, rental escalation and other conditions were negotiated on an arm' s-length basis and based on normal commercial terms. The initial rent for FY2023 is S$97.2 million, with guaranteed rent step-ups till FY2025, of 2 per cent for the interim period through end-2022, and 3 per cent for the following three financial years. The extension maintains IHH Healthcare' s ability to continue operating the three hospitals, and provides a steady stream of rental income for Parkway Life Reit, both parties said in a joint statement on Wednesday. As part of the arrangement, Parkway Life Reit will inject a one-time renewal capital expenditure of up to S$150 million to revamp the hospitals. These renewal capex works are estimated to take three years, with the target being for work to start no later than Jan 1, 2023. A tiered rent rebate totalling S$60.9 million will be granted during this downtime. The proposed entry into the new master lease agreements, and the renewal capex agreement, will require the approval of Parkway Life Reit' s unitholders at an extraordinary general meeting. In conjunction with this proposed transaction, Parkway Holdings will grant Parkway Life Reit the ROFR for the sale, assignment or transfer of its ownership interest - or any part thereof - of Mount Elizabeth Novena Hospital, for a period of 10 years from the date of the ROFR. Units in Parkway Life Reit closed flat at S$4.77, and shares in IHH Healthcare close down S$0.01 or 0.55 per cent at S$1.80 on Wednesday before the news. |
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