- Parkway Life REIT (SGX:C2PU) provided a 3Q25 business update – Gross revenue and net property income (NPI) for 9M25 increased 8.2% and 8.1% y-o-y to S$117.3m and S$110.7m, respectively, buoyed by newly acquired nursing homes and marginal JPY appreciation.
- - Read this at SGinvestors.io -
- 9M25 Parkway Life REIT's DPU includes distributable income that had previously been withheld for tax purposes in 1H25, and PLIFE is still in the midst of pursuing tax exemption on foreign-sourced interest income for its remaining four French properties.
Cost of debt trajectory likely to be a marginal increase rather than decline.
- - Read this at SGinvestors.io -
- All-in cost of debt increased 7bps to 1.57% over the quarter, with 86% of interest rate exposure hedged. Overall credit metrics remain healthy, in our view. Unlike many other S-REITs which are guiding for lower financing costs going into FY26, management is expecting a marginal increase in cost of debt given upcoming financing of maturing JPY loans and rolling off of earlier interest rate hedges.
- There may not be as much room as we had previously anticipated for Parkway Life REIT to benefit from lower S$ rates given the high proportion of interest rate exposure that has been hedged, as well as limited exposure to S$- denominated debt.
Revised Fair Value estimate of S$4.82.
- Read more at SGinvestors.io.
