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ParkwayLife REIT
Annual Report FY2012
expenditure on existing properties
as well as the acquisition costs of
the properties acquired in March
and August 2012.
Cash outfow from fnancing
activities for FY2012 are mainly
from distributions to Unitholders
offset by the loans drawn down
to fund the 2012 acquisitions. The
buy-back of S$35.75 million of
foating rate notes and repayment
of short term borrowings is offset
by the drawdown of long term
facility.
Assets and Asset Valuation
As at 31 December 2012,
PLife REIT’s property portfolio
comprised 37 high quality healthcare assets worth
approximately S$1.4 billion
1
.
Net Asset Value as at 31 December 2012 was S$1.57
per unit. On 19 July 2012, Fitch Ratings issued
its rating report maintaining PLife REIT’s “BBB”
investment grade credit rating.
Leverage and Borrowings
PLife REIT has put in place ample funding from
diversifed sources to support future acquisitions
and growth opportunities, including a S$500 million
Multicurrency Medium Term Note Programme
established since 2008 and a four-year S$80.0 million
committed and unsecured revolving credit facility in
June 2012.
As at 31 December 2012, PLife REIT’s total debt was
S$484.1 million, with a weighted average term to
maturity of 2.45 years. Its gearing ratio of 32.9% is
well within the 60% limit set by the Monetary Authority
of Singapore for property trusts in Singapore with a
credit rating, representing further debt headroom of
S$322.9 million before reaching 45% gearing.
Unit Price Performance
Despite uncertainty and headwinds in the global
economy over the last few years, PLife REIT’s unit
price had grown steadily, outperforming the STI and
the S-REIT Index.
This bears testament to investors’ continued
confdence in the underlying strength and resilience of
PLife REIT, its growth strategies as well as the positive
long-term prospects of the regional healthcare sector.
52
FINANCIAL REVIEW
300.00
250.00
200.00
150.00
100.00
50.00
Feb
10
Aug
10
Feb
11
Aug
11
Feb
12
Aug
12
Aug
10
Oct
10
Aug
11
Oct
11
Apr
12
Oct
12
Jun
10
Dec
10
Jun
11
Dec
11
Jun
12
Dec
12
PLife REIT
S-REIT Index
(FTSE ST)
1
STI Index
2
1
FTSE ST: Real Estate Investment Trust Index
2
STI Index: Straits Times Index
Source: Bloomberg
PLife REIT 182.89%
S-REIT 107.95%
STI 73.09%
As at 31 December 2012
3.0
2.7
2.4
2.1
1.8
1.5
4Q
2007
DPU
(cents)
1.59 1.62 1.66 1.71
1.84 1.89 1.89 1.91 2.05
2.07 2.09
2.25
2.38 2.36 2.37
2.40 2.47 2.56
2
2.48
2.58
2.69
Note:
1
Accumulated DPU payout since IPO is 45.54 cents (inclusive of 3Q 2007 pro-rated payout).
2
For FY2012, S$3 million amount available for distribution was retained for capital expenditure (S$0.75 million per quarter)
2Q
2008
4Q
2008
2Q
2009
4Q
2009
2Q
2010
4Q
2010
2Q
2011
1Q
2008
3Q
2008
1Q
2009
3Q
2009
1Q
2010
3Q
2010
1Q
2011
3Q
2011
4Q
2011
1Q
2012
2Q
2012
3Q
2012
4Q
2012
+69.2%
1
Period Open:
Period High:
Volume of Trade for the Financial Year (‘million) : 131.7
Period Close:
Period Low:
S$1.79 (3 January 2012)
S$2.19 (18 October 2012)
S$2.15 (31 December 2012)
S$1.72 (8 February 2012)
Unit Price Statistics (1 January 2012 to 31 December 2012)
1
According to independent valuations by CB Richard Ellis (Pte Ltd), Colliers Halifax, DTZ and International Appraisals Incorporated as at 31 December 2012 and based on an exchange rate of
S$1.00 to JPY70.18.
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