PLife REIT NPI up 8% in H1

Gross revenue also rose 8.1% to $78.3m.

Parkway Life REIT (PLife REIT) reported an 8% year-on-year increase in net property income (NPI) to $73.8m for the first half ended 30 June 2025 (1H 2025), driven by stable growth from its Singapore hospitals and full-period contributions from newly acquired assets in France and Japan.

Gross revenue rose 8.1% to $78.3m, whilst distributable income to unitholders increased 9.5% to $49.9m.

Distribution per Unit (DPU) rose 1.5% to 7.65 cents, up from 7.54 cents in 1H 2024, despite an enlarged unit base.

The NPI growth was driven primarily by steady rental income from PLife REIT’s three Singapore hospitals, which continue to operate under long-term master leases with fixed 3% annual rental step-ups through FY2025.

Contributions from the Group’s newly acquired overseas assets also played a key role. In France, PLife REIT’s portfolio of 11 freehold nursing homes—acquired in December 2024—contributed $5.8m in gross revenue for the period.

These assets are secured under favourable 12-year leases with fixed and indexed rental escalations, offering a stable and growing income stream.

In Japan, the REIT’s portfolio of 60 nursing homes generated $21.6m in gross revenue for the existing properties, with additional contribution from a nursing home acquired in August 2024. Gains in Japan were partially offset by the depreciation of the Japanese Yen.

As of 30 June 2025, PLife REIT’s portfolio stood at 75 properties across Singapore, Japan, Malaysia, and France, valued at $2.46b.

In July 2025, PLife REIT secured tax exemption approval from IRAS for foreign-sourced dividend and interest income from its France portfolio. This will save an estimated $1.26m in tax annually, equivalent to 0.19 cents per unit or 1.3% of FY2024’s recurrent DPU.

PLife REIT remains focused on income stability, driven by long-term leases, fixed rental escalations, and diversification into mature healthcare markets.

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