Page 86 - ar2012

ParkwayLife REIT Annual Report FY2012
84
The accompanying notes form an integral part of these fnancial statements.
Description of property
Tenure
of land
Term of
lease
Remaining
term of
lease Location
(years) (years)
Trust
Singapore
The Mount Elizabeth Hospital Property (1) Leasehold 67 62 3 Mount Elizabeth,
Singapore 228510
The Gleneagles Hospital Property (1) Leasehold 75 70 6 Napier Road, Singapore
258499; and 6A Napier Road,
Singapore 258500
The Parkway East Hospital Property (1) Leasehold 75 70 319 Joo Chiat Place, Singapore
427989; and 321 Joo Chiat
Place, Singapore 427990
Investment properties, at valuation
Other assets and liabilities (net)
Net assets
(1) These properties are leased to Parkway Hospitals Singapore Pte. Ltd., a related corporation of the Manager of the Trust under separate
master lease agreements, which contain an initial term of 15 years from 23 August 2007 with an option to extend the lease of each
of these properties for a further term of 15 years. On 31 December 2012, the appraised value of these properties was determined by
Knight Frank Pte. Ltd., using capitalisation and discounted cash fow approaches.
(2) On 31 December 2012, independent valuations of these properties were undertaken by International Appraisals Incorporated and K.K.
Halifax Associates (Colliers International) using direct income, cost and discounted cash fow approaches.
(3) On 28 February 2012, the Group executed an agreement to participate as an investor in relation to the acquisition of three nursing
homes from several third parties for a total consideration of JPY3.12 billion (approximately $48.1 million) which is leased back to
the vendor for a term of 20 years. On 31 December 2012, the appraised value of these properties was determined by International
Appraisals Incorporated using direct income, cost and discounted cash fow approaches.
Portfolio statements
As at 31 December 2012