Parkway Life REIT (aka Plife Reit)

[Nuthing03]

I think what zerobeta is referring to since "Parkway Life REIT owns 56.71% of the total share value of the strata lots in Mount Elizabeth Hospital Development, representing the Mount Elizabeth Hospital which has 345 beds, 30 Strata units and 363 car park lots." (http://www.plifereit.com/portfolio/mountelizabeth.asp), is the NBV in the b/s item(investment properties) is stated at 100% of mount elizabeth or not.

[Nick]

No reason for them to state the value of the place at 100%. It just values their stake.

[Dividend Warrior]

Seems like asset recycling is progressing well.

Strong Start to 2015

(Not vested)

[pumpkin]

Anyone has any idea of how they protect their Japan properties? Many of these nursing home may be inside the earth quake zone.

[cyclone]

Parkway Life Real Estate Investment Trust Divest Four Nursing Homes in Japan
Highlights :
* The sale of four nursing homes in Japan for a total sale consideration of ¥3.72 billion (approximately S$48.9 million)
* Sale price represents approximately 34.4% premium over original purchase price
* The Divestment Properties :

1. Bon Sejour Ibaraki, located at Ibaraki City, Osaka Prefecture
   
2. Legato Higashi Sumiyoshi, located at Osaka City, Osaka Prefecture
   
3. Legato Katano, located at Katano City, Osaka Prefecture
   
4. Royal Residence Gotenyama, located at Hirakata City, Osaka Prefecture
   

More details in http://infopub.sgx.com/FileOpen/Divestme...eID=433936

[cyclone]

Parkway Life Reit Posts Its Tenth Years of Sustained Growth with 10.1% DPU Increase YoY to 3.37 Cents for 3Q 2017

1. Gross revenue of S$27.7 million for 3Q 2017, representing a 1.4% decrease over 3Q 2016
2. Net Property Income of S$25.89 million for 3Q 2017, representing a 1.2% decrease over 3Q 2016
3. Overall DPU of 3.37 cents for 3Q 2017, representing a 10.1% increase over 3Q 2016
4. DPU increase of 2.8% (3Q YoY) from recurring operations
5. Annualised distribution yield based on closing market price of S$2.70 as at 29 September 2017 was 4.99%
6. Completion of two AEIs for Japan Portfolio drives value
7. 100% shield against JPY currency volatility till 1Q 2022 with the extension of JPY net income hedges

More details in :
1. http://infopub.sgx.com/FileOpen/PLIFE%20...eID=477458
2. http://infopub.sgx.com/FileOpen/PLife%20...eID=477460
3. http://infopub.sgx.com/FileOpen/Parkway%...eID=477459

[cyclone]

Update on Properties following Earthquake in Osaka

Following the 5.9 magnitude earthquake which struck Osaka, Japan on 18 June 2018, Parkway Life Real Estate Investment Trust ("PLife REIT") informed that its Japan asset managers, operators and residents at its Japan healthcare facilities are accounted for with no reported injuries.

PLife REIT owns 46 properties in Japan of which 8 are located in Osaka.

PLife REIT wishes to assure Unitholders that all of its Japan properties comply with strict seismic safety standards, and are covered by fire, earthquake, volcanic eruption and tsunami insurance.

[cyclone]

Financial Results for the Financial Quarter Ended 30 June 2018 ("2Q 2018")

Highlights :
1. DPU from recurring operations for the quarter grew 3.2% year-on-year despite overall DPU decline due to absence of one-off divestment gain
2. Improved capital structure with JPY net income hedge extended till 1Q 2023
3. Minimum Guaranteed Rent for Singapore Hospitals to increase by 1.38% for 12th year of lease term commencing 23 August 2018
4. Gross revenue for the periods under review registered a y-o-y growth of 1.3% and 2.3% for 2Q 2018 and 1H 2018 respectively
5. As at 30 June 2018, there were no long-term debt refinancing needs for the Group till 2019 and its interest rate exposure was largely hedged
6. The interest coverage ratio stood healthy at 13.5 times, with optimal gearing at 38.1%
7. Distribution per Unit ("DPU") of 3.19 cents for 2Q 2018
8. DPU for the first half ended 30 June 2018 (“1H 2018”) stood at 6.36 cents.

More details in :
1. http://infopub.sgx.com/FileOpen/PLIFE%20...eID=517572
2. http://infopub.sgx.com/FileOpen/20180718...eID=517574
3. http://infopub.sgx.com/FileOpen/PLife%20...eID=517573

[weijian]

In general, Healthcare REITs have the lowest risk levels in terms of revenue generation. But there is also the inflexibility risks per say - Due to regulations, there is little chance of changing the asset usage or even the operator (ie. customer of the REIT). Finally, one also can't kick out the patients or the residents in the aging home (ie. customers of the customer of the REIT), like you would to a defaulting tenant who rented your shoplot, factory space or AirBnB.

ANNUAL GENERAL MEETING ON 21 APRIL 2025 RESPONSES TO THE SUBSTANTIAL AND RELEVANT QUESTIONS

When the tenant encountered financial difficulties initially, the REIT had worked out a catchup payment plan to provide a temporary cash flow relief for the tenant to ensure no disruption to the services provided to the senior residents staying in the properties. The tenant had initially made payment in line with the payment plan but subsequently fall behind. The REIT promptly took tough action and filed bankruptcy against the tenant when they lagged behind in their payments. The court has already sentenced bankruptcy on the tenant and bankruptcy proceedings have commenced.

As the REIT has fully utilised the three months’ security deposit against the rent arrears, an allowance for doubtful debt of
S$472,000 on the remaining rent arrears for the two properties (Kikuya Warakuen and Sanko) of about six months was provided as of 31 December 2024.

Currently, a replacement operator has been secured and ready to take over the operations. The REIT is negotiating with the various stakeholders to ensure that the transfer of operations can be carried out without disruption to the residents. A provision has been made for prudence as the transfer of nursing home operations is subject to the bankruptcy proceedings and approval from the local government.

The REIT regularly monitors the financial health of the operators. When the operators face issues, the REIT will work closely with them to help them and also ensure that the lease obligations continue to be fulfilled. On the other hand, the REIT also engages with potential replacement operators to take over the nursing home operations if necessary. Given that the Japan nursing home market is mature with many operators, it is always possible to find another operator willing to take over. Upon agreement between the current operator, replacement operator and the landlord, approval from the relevant authority will be sought to effect the transfer of operation.

https://links.sgx.com/FileOpen/QA%20Anno...eID=840801