ParkwayLife REIT FY2025: Portfolio S$2.57B, DPU +2.5% to 15.29c — 18th Year of Uninterrupted Growth

ParkwayLife REIT (PLife REIT) FY2025 (year ended 31 Dec 2025) delivered its 18th consecutive year of DPU growth, a track record unmatched in Singapore's REIT sector. DPU rose 2.5% to 15.29 Singapore cents, supported by 7.6% gross revenue growth to S$156.3M and 8.0% NPI growth to S$147.5M. Portfolio value rose 4.5% to S$2.57B.

Singapore Hospitals (S$1.74B, 67.8% of portfolio): All three hospitals maintained 100% committed occupancy. PLife REIT benefited from a guaranteed 3% fixed rent step-up in FY2025 under the master lease renewal terms. Valuations surged: Mount Elizabeth Hospital +7.7% to S$1,014.6M (first time crossing S$1B), Gleneagles +8.7% to S$595.9M, Parkway East +17.7% to S$133.0M. Combined SG hospital gross revenue S$79.7M. Project Renaissance — the S$350M capex upgrade of Mount Elizabeth Hospital — is ongoing, with rent to increase to S$99.1M in 2026 (+24.3% YoY).

Japan (S$650.0M, 25.3% of portfolio): 60 high-quality nursing homes across 17 prefectures with 97.7% committed occupancy. Revenue approximately 30.4% of total. Contributed ~S$44.6M to distributable income. Contributing approximately S$650M in portfolio value.

France (S$177.8M, 6.9% of portfolio): First full-year contribution from 11 freehold nursing homes acquired Dec 2024. Leased to DomusVi, third-largest aged care operator in Europe, under 12-year leases with indexed rent escalations. 100% committed occupancy. IRAS/MOF approved tax exemption on foreign-sourced dividend and interest income from this portfolio — annual tax saving ~S$1.7M.

Malaysia Divestment: MOB Specialist Clinics divested to Pantai Holdings for RM20.1M (S$6.1M), a 5% premium over last appraised value. Exit from Malaysia sharpens focus on Singapore, Japan and France.

FINANCIAL DISCIPLINE: Gearing 33.4%; issued inaugural S$70.0M 5-year green bond + JPY8.8B (~S$72M) 10-year social loan; ample debt headroom of S$557.6M to 45% threshold.

PLife REIT remains Singapore's pre-eminent defensive healthcare REIT. Its combination of triple-net leases on Singapore's top hospitals (with 3%–CPI rent escalation), a well-diversified Japan nursing home portfolio, and a growing European presence creates a uniquely resilient income base. The upcoming S$99.1M Singapore base rent in 2026 (+S$19.3M YoY) will be a meaningful earnings catalyst. Risk factors: JPY depreciation pressure on Japan NPI (partially hedged), rising Japanese interest rates, and macro uncertainty from Middle East/trade tensions.