Parkway Life built to last

Recurring DPU growth for Q3 is stable at 2.5%. Plife is really stable and steady!

Competitive advantage remains
Singapore Hospitals

• Suuuuuuuuuper long master leases (15+15 years, from 2007)
• Fully committed (Gleneagles, Mount Elizabeth, Parkway East)
• Downside protection: CPI + 1% rent review guarantees a minimum 1% upside even if CPI is negative

Japan nursing homes

• 70% of revenue with "up-only" rental revision
• 5.9% of revenue with annual revision linked to Japan CPI (downside protection like Singapore)
• 5.3% of revenue with fixed rental for 9 years (from 2007)
• Japan = aging population
• Properties covered with earthquake insurance
• Protected from forex risk (hedged)

Revenue segmental breakdown
Singapore 61% Japan 38%

Downside Protection risk
93% of revenue with protection scheme in place

Good debt management
Gearing ratio:   35.8%
Cost of debt:     1.5%
No debt financing until 2017
78% of debts are interest rate hedged


Looooong WALE

9.9 years. YUP. That long!

Acquisition coming up?


Since the last asset recycling done (and the yummy special dividends distributed equally in 2015), it's likely that Plife REIT will look for new opportunities in Japan and diversify their asset class (apart from Hospitals & Nursing home).

Sleep well at night

Parkway Life is one of the few counters I have which I've almost ZERO worries. It's stable, the competitive lease structures are strong, the distributable income received from them is "recurring". There's great visibility in their earnings and earnings will be in line with inflation of Singapore.

One of the few gems left in the stock exchange.