- Main Sector(s): Healthcare
- Country(s) with Assets: Singapore, Japan & Malaysia
- No. of Properties (exclude development/associate/fund): 56
Performance Highlight
Related Parties Shareholding
- REIT sponsor's shareholding: Above median for more than 20%
- REIT manager's shareholding: Below median for more than 20%
- Directors of REIT manager's shareholding: Above median for more than 20%
Lease Profile
- Occupancy: ± 5% from median
- WALE: Above median for more than 20%
- Highest lease expiry within 5 years: Below median for more than 20%; Falls in 2026
- Weighted average land lease expiry: ± 10% from median
Debt Profile
- Gearing ratio: ± 10% from median
- Cost of debt: Below median for more than 20%
- Fixed rate debt %: Above median for more than 10%
- Unsecured debt %: 100% Unsecured Debt
- WADM: Above median for more than 20%
- Highest debt maturity within 5 years: Below median for more than 20%; Falls in 2026
- Interest coverage ratio: Above median for more than 20%
Diversification Profile
- Top geographical contribution: Above median for more than 10%
- Top property contribution: Above median for more than 20%
- Top 5 properties' contribution: ± 10% from median
- Top tenant contribution: Above median for more than 20%
- Top 10 tenants' contribution: Above median for more than 20%
Key Financial Metrics
- Property yield: ± 10% from median
- Management fees over distribution: ± 10% from median; $6.62 distribution for every dollar paid
- Distribution on capital: Above median for more than 10%
- Distribution margin: Above median for more than 20%
Trends
- Uptrend: DPU, NAV per Unit, Interest Coverage Ratio
- Flat: Distribution Margin
- Downtrend: Property Yield, Distribution on Capital
Relative Valuation
- P/NAV: Average for 1y; Above average for 3y; Above +1SD for 5y
- Dividend Yield: Average for 1y; Below -1SD for 3y & 5y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| High REIT Sponsor's Shareholding | Low REIT Manager's Shareholding |
| High Directors of REIT Manager's Shareholding | High Top Geographical Contribution |
| High Occupancy | High Top Property Contribution |
| Long WALE | High Top Tenant & Top 10 Tenants Contributions |
| No Major Lease Expiry within 5 Years | Property Yield Downtrend |
| Low Cost of Debt | Distribution on Capital Downtrend |
| High Fixed Rate Debt % | |
| 100% Unsecured Debt | |
| Long WADM | |
| Well Spread Debt Maturity | |
| High Interest Coverage Ratio | |
| High Distribution on Capital | |
| High Distribution Margin | |
| DPU Uptrend | |
| NAV per Unit Uptrend | |
| Interest Coverage Ratio Uptrend |
Despite the depreciation of JPY (which started in March 2022), PLIFE is able to maintain a sight performance growth. From the latest annual report, PLIFE has extended hedging of the Japanese Yen forward exchange contracts till 3Q 2026. This should minimize the forex risk of income from Japanese properties, which accounted for around 40% of income.
You could also refer below for more information:
SREITs Dashboard - Detailed information on individual Singapore REIT
SREITs Data - Overview and Detail of Singapore REIT
REIT Analysis - List of previous REIT analysis posts
Singapore REITs Post Telegram Channel - Join to receive posts for Singapore REITs
REIT-TIREMENT Patreon - Support my work and get exclusive contents
REIT-TIREMENT Facebook Page - Support by liking my Facebook Page
REIT Investing Community - Facebook Group where members share and discuss REIT topic
*Disclaimer: Materials in this blog are based on my research and opinion which I don't guarantee accuracy, completeness, and reliability. It should not be taken as financial advice or a statement of fact. I shall not be held liable for errors, omissions and loss or damage as a result of the use of the material in this blog. Under no circumstances does the information presented on this blog represent a buy, sell, or hold recommendation on any security, please always do your own due diligence before any decision is made.
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