The REIT enjoyed higher contributions from newly-acquired nursing homes in Japan and higher rent from the Singapore hospitals under the new master lease agreements. However, the takings were partially offset by the yen's depreciation versus the Singdollar.
Ada Lim of OCBC Investment Research has kept her "buy" call and $4.27 fair value estimate on Parkway Life REIT, following a robust FY2023 driven by both organic and inorganic drivers.
For its 2HFY2023 ended December, PLife REIT grew its gross revenue by 4.7% y-o-y to $73.1 million and net property income (NPI) by 4.8% y-o-y to $69 million.
