PREIT clocked the 17th year of uninterrupted DPU growth in 2024 despite dilution from its recent equity fund-raising (EFR) in November 2024. FY2024 ended December 2024 DPU came in 1% higher y-o-y at 14.92 cents. Excluding the EFR, DPU would have come in at 15.11 cents, 2.3% up y-o-y.
UOB Kay Hian continues to rate Parkway Life REIT (PREIT) a “buy”, but with a lower target price of $4.85 from $5.12 previously, on higher cost of equity.
“PREIT appeals to risk-averse investors who value PREIT’s defensive strength due to its healthcare orientation and long WALE of 15.3 years,” says analyst Jonathan Koh.
