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
60 3 Mount Elizabeth,
Singapore 228510
The Gleneagles Hospital Property
(1)
Leasehold
75
68 6 Napier Road,
Singapore 258499;
and 6A Napier Road,
Singapore 258500
The Parkway East Hospital
Property
(1)
Leasehold
75
68 319 Joo Chiat Place,
Singapore 427989;
and 321 Joo Chiat Place,
Singapore 427990
Investment properties, at valuation
Other assets and liabilities (net)
Net assets
The accompanying notes form an integral part of these financial statements.
PORTFOLIO
STATEMENTS
As at 31 December 2014
(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 2014, the appraised value of these properties was
determined by CBRE Pte. Ltd., using capitalisation and discounted cash flow approaches.
(2)
On 31 December 2014, independent valuations of these properties were undertaken by International Appraisals Incorporated, DTZ
Debenham Tie Leung K.K. and Colliers International using direct income, cost and discounted cash flow approaches.
(3)
On 13 March 2014, the Group executed three agreements to participate as an investor in relation to the acquisition of two nursing
homes and one extended-stay lodging facility from a third party for a total consideration of JPY3.0 billion (approximately $37.4
million). On 31 December 2014, the appraised value of these properties was determined by International Appraisals Incorporated
using direct income, cost and discounted cash flow approaches.
(4)
On 28 November 2014, the Group executed an agreement to participate as an investor in relation to the acquisition of a nursing home
from a third party for a consideration of JPY3.535 billion (approximately $39.3 million). On 31 December 2014, the appraised value
of the property was determined by Colliers International using direct income, cost and discounted cash flow approaches.
(5)
On 31 December 2014, the appraised value of the property was determined by Jones Lang Wootton using capitalisation and direct
comparison approaches.
(6)
These properties were divested on 26 December 2014.
The Manager of the Trust believes that the independent valuers have appropriate professional qualifications and recent experience in
the location and category of the properties being valued. The net change in fair value of the properties has been taken to the Statement
of Total Return.
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PA R K WAY L I F E R E I T
