Parkway Life REIT - UOB Kay Hian 2024-07-30: 1H24 Results In Line With Expectations

• Parkway Life REIT (SGX:C2PU) reported DPU of 7.54 cents for 1H24 (+3.5% y-o-y), which is in line with our expectations.

Growth from renewed master leases.

• Gross revenue and NPI declined 2.7% and 2.5% y-o-y respectively in 1H24 due to a depreciation of the Japanese yen, which was partially offset by:
  1. - Read this at SGinvestors.io -
  2. higher rents from Singapore hospitals under the new master lease agreements.
• The decline in revenue was offset by forex gains from the settlement of forward contracts due to its hedging of Japanese yen-denominated income from Japan.

Enhancing scale of Japan portfolio.

• Parkway Life REIT acquired two new nursing homes in the Osaka Prefecture, namely HIBISU Shirokita Koendori and HIBISU Suita, for a total consideration of ¥1,766.4m (S$16.4m) on 27 Oct 23. The two freehold properties are well-located in residential areas near central Osaka City. They have a long average lease term of 29 years.
• - Read this at SGinvestors.io -
• Parkway Life REIT’s portfolio of nursing homes in Japan has expanded to 59 properties.

Coping with higher cost of debt.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-11-25 Parkway Life REIT - Healthcare Provides Variable Rent And Sustainable Growth.

Previous report by UOB:
2025-08-18 Parkway Life REIT - Geographical Diversification Enhanced With The Addition Of France.

Price targets by other brokers at Parkway Life REIT Target Prices.

Listing of research reports at Parkway Life REIT Analyst Reports.

Relevant links:
Parkway Life REIT Share Price History,
Parkway Life REIT Announcements,
Parkway Life REIT Dividend Payout Dates & Corporate Actions,
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