24 Key Numbers Investors Should Know About Parkway Life REIT

Parkway Life REIT  (SGX: C2PU) is one of the many companies and real estate investment trusts (REITs) in Singapore’s stock market that have released their annual reports over the past few months.

The annual report is a great place to learn more about a company or trust. In the case of Parkway Life REIT, its latest 2015 Annual Report had a chockful of interesting numbers. Here are 24 figures that may be worth noting:

At the end of 2015, Parkway Life REIT had a total of 47 properties across Singapore, Japan, and Malaysia. The portfolio was valued at around S$1.6 billion as at 31 December 2015, placing the REIT as one of the largest healthcare REITs in the region.
Singapore accounted for 63% of gross revenue in 2015, followed by Japan at 36.5%. The remainder came from Malaysia.
Parkway Life REIT’s distribution per unit (DPU) was 13.29 Singapore cents in 2015. This is an 86.6% jump from its initial annualised DPU of 6.32 cents seen in 2007. The accumulated DPU from the REIT’s IPO (initial public offering) up till the fourth-quarter of 2015 is 81.1 cents. Parkway Life REIT’s IPO price was $1.28 per unit.
Parkway Life REIT entered the Japan market in 2008. Since then, it has been able to build up a portfolio of 43 healthcare properties in Japan that are worth a total of S$590 million.
During the year, Parkway Life REIT acquired seven new Japanese nursing homes. This allowed the REIT to make its first foray into the Aichi Prefecture in Japan. This followed its maiden divestment made in late 2014, when seven other Japan nursing homes were sold off for a profit of $9.11 million.
Parkway Life REIT has a fairly healthy debt profile. The REIT has a weighted average term to loan maturity of 3.5 years and a gearing of around 35.3% at the end of 2015. There is no year in which more than 32% of its total debt will come due.
On Parkway Life REIT’s leases, 64% of its gross revenue has a CPI-linked revision formulae. Furthermore, 98% of its leases (by nett lettable area) comes with a rent review provision. At the end of 2015, Parkway Life REIT had a weighted average lease term to expiry of 9.12 years. Only 2.5% of its leases will expire between 2016 and 2020.
Parkway Life REIT also presented some stats on the healthcare sector. The global population aged 60 and above will rise to almost 22% by 2050, up from 12.3% today. Closer to home, the number of Singaporeans aged 65 and above has doubled to 440,000 in 2015 over the past 15 years. This is expected to more than double to 900,000 by 2030. As a result, Singapore’s healthcare spending is expected to reach more than S$13 billion in 2020.
There could be competition for medical tourism. The medical tourism market in Malaysia has nearly doubled since 2010. Meanwhile, revenue growth for Thailand’s hospitals was up to 15% year-on-year. Singapore, though, remains popular for high-end treatment.

我買日本 Reits的原因

1) 分散地域風險,亞太區雖是增長最好的地方,個別地區,不同sector表現仍有很大分別!如新加坡及香港酒店業表現向下,日本澳洲則較佳。

2) 日本旅遊業增長勢頭甚佳,預料海外遊客會由現時2000萬增長至2020年奧運會的4000萬!但酒店的增長數目緩慢,入住率不斷攀升。

3) Office辦公室的表演也不錯,使用率長期穩定地維持在較高水平。空置率預料會由現時的4%跌至2017年的3%,Office workers的數目在主要商業地區如東京、神奈川県、千葉縣、埼玉縣等也上升,對辦公室的需求增加。




文章‘’12 things Learned from Ascendas Hospitality Trust’s FY2016 AGM‘’的讀後感

與Ascendas hospitality Trust(AHT)隻reits。AHT 80%達23%!()(operational business),入(passive income)以AHT了business trust有2店under reit的9under business trust.到reit做stapled security.2‘’‘’使
By  on July 11, 2016 article link
 Hospitality Trust (SGX: Q1P) (A-HTrust) is a stapled group comprising Ascendas Hospitality Real Estate Investment Trust and Ascendas Hospitality Business Trust. The group invests in and manages a portfolio of hospitality properties across Asia Pacific.
The author attended the trust’s most recent AGM to find out more about its prospects in the face of a weakening global economy and flat tourism sector in some countries.
Here are 12 things I learned from Ascendas Hospitality Trust’s FY2016 AGM:
  • A-HTrust’s portfolio comprises 11 hotels across seven cities in four countries – Singapore, Australia, China, and Japan. The trust’s entire portfolio is worth $1.5 billion – an increase of 11% year-on-year. Australia accounts for the largest proportion at 41% but the trust’s exposure down under is spread out evenly among six properties. The trust’s largest property, Park Hotel Clarke Quay in Singapore, accounts for 21% of the portfolio.
  • A-HTrust’s current yield is 7.55%. The figure is near the trust’s historical low yield in 2015. Its historical high yield is 9.22% in 2013.
  • Gross revenue and net property income (NPI) increased in same currency terms but decreased 5.3% and 2.7% respectively in Singapore dollar terms. This was mainly due to a weaker Yen and Australian dollar. Australia accounted for the largest proportion of NPI at 54.5% while Japan saw the largest increase in NPI year-on-year at 13.2%.
  • Master leases accounted for 37.5% of NPI. The management revealed it aims to have master leases account for at least 50% of NPI for longer-term stability.
  • Distribution per stapled security rose 6.9% year-on-year despite 5% retention of income by the trust. The increase was mainly due to a $2 million contribution from the divestment proceeds of a property – Pullman Cairns International.
  • Average occupancy rates, average daily rates and revenue per available room (RevPAR) were all largely flat year-on-year in Australia and China. Only Oakwood Apartments Ariake Tokyo in Japan saw a large increase in RevPAR year-on-year at 23.3%. The rest of the trust’s properties are anchored by master lease agreements.
  • A-HTrust’s gearing ratio decreased to 32.7% from 37.2% a year ago. As far as possible, the trust aims to borrow in the local currency where its properties are located to achieve a natural hedge. So for example, Australia accounts for 41% of the portfolio and, accordingly, 42.5% of the trust’s debt is in Australian dollars. To minimize exposure to interest rate volatility, 91.2% of borrowings are at fixed interest rates.
  • Australia and Japan are seeing steady growth in international tourist arrivals. Australia saw 6.9 million tourists visit the country in 2015 – an 8% growth from the previous year. Japan saw even better numbers with 19.7 million tourists – a 47% growth from the previous year! International arrivals in Japan are forecasted to reach 40 million in 2020 with the Olympics being held in Tokyo that year. On a side note, one shareholder remarked that he thoroughly enjoyed his stay in one of A-HTrust’s recently refurbished hotels, Hotel Sunroute Osaka Namba, and recommended everyone to give it a try if in Osaka.
  • Singapore and Beijing’s international arrivals remain flat. Singapore only saw 1% growth in tourist arrivals in 2015. While the flat tourist numbers will drag the trust’s performance in Singapore, Park Hotel Clarke Quay is anchored by a master lease with a high proportion fixed income paid to the AH-Trust. Beijing’s international arrivals have been falling from 5.2 million in 2011 to 4.2 million in 2015 – one of the reasons being the city’s bad air pollution. However, China’s domestic travel remains robust; 269 million domestic travelers visited their country’s capital in 2015 which has been growing at 7% per annum since 2011.
  • A-HTrust has partnered with NASDAQ-listed Chinese hotel operator Huazhu Hotels Group to operate the trust’s Beijing hotels and tap on their local experience and knowledge in the Chinese market. Huazhu manages/operates over 2,700 hotels in 352 cities in China and has over 49 million members in its loyalty programme. CEO Tan Juay Hiang mentioned that Ibis Beijing Sanyuan has gotten good traction from Huazhu’s loyalty programme and is expecting good results from the partnership moving forward.
  • In November 2015, A-HTrust announced that it received an expression of interest from an undisclosed party to acquire the entire trust. The management hired appointed a slew of advisors – JP Morgan, Wong Partnership, KPMG Corporate Finance, and Ernst & Young – to provide financial, legal and tax advice on the viability of the proposal. In the end, the board decided not to proceed with the transaction because they believed it was not in the best interests of shareholders. One well-known local activist investor was not impressed and questioned why so many high-powered advisors were needed to consider a non-binding expression of interest and which party bore the cost of the advisors. The CEO replied that the cost was borne by the trust. Another shareholder pressed to know the total costs involved and the CEO revealed that it was the region of $600,000. A number of shareholders then voiced their displeasure with the board that so much money was wasted for an exercise that eventually amounted to nothing.
  • Our activist investor asked why the trust decided to structure itself as a stapled security: a REIT and a business trust. He pointed out that there are tax benefits for REITs – when a REIT pays out at least 90% of distributable income to unitholders – and questioned why A-HTrust would place only two hotels under its REIT and the other nine hotels under its business trust. He carried on to say that most stapled securities use a business trust to undertake property developments (where REITs have a limitation), after which they move the property to the REIT to be more tax efficient. The CEO replied A-HTrust has a stapled structure because a REIT in Singapore is only allowed to earn passive income (rent) and is not allowed to have an operational business. For A-HTrust, some of its hotels are not under a master lease and run on management contracts instead – and therefore can’t be placed under the REIT. In other words, the trust operationally runs the hotel business for some of its hotels. The CEO continued and said that while running a hotel operation means taking on more business risk compared to a master lease, there is also an upside when demand and room rates increase.


Frasers Centrepoint Trust最新派息及歷年紀錄

FCT剛公佈2016年第3季派SGD$3.04cents,符合預期。收入雖因商場裝修及個別小商場occupation rate下降而減少,派息卻略有增加。下圖表可以看到




我一向有用開耀x,輝x的戶口買賣港股。這兩家也有提供環球證券買賣和收息服務。自然首先考慮它們的收費。以星加坡REITS來說,耀X收0.16%(最低20坡元),佣金較平。輝X則收0.28%至0.38%(最低33坡元)。我最後選擇了耀x購入第一批新加坡REITS。結算時驚訝地發覺他們報的匯率和我在yahoo網上得的有很大出入,所以直接和盤房聯絡,要求同時報Bid 和Ask。居然spread有2%之多!忍痛結匯之餘也想想將來可能換馬,一出一入影響很大,所以又去輝x詢問他們的結匯報價,可能輝x是新加坡公司,差價合理很多。總計支出也平過耀x。



1)非美股,即港股和星加坡股收0.08%佣金(最低收HK$18或2.5坡元),澳洲日本佣金亦是0.08%,買美國REITS ETF VNQ也是US$1佣金,方便全球佈局。


3)Almost 所有香港和新加坡REITS margin融資可做到70%,比私銀還要好

4)Margin 融資利率低,借美金坡紙比我用開的私銀還要低
HKD 借$0 - 780,000 2.555% (BM + 2.5% )
$780,000.01 - 7,800,000 2.055% (BM + 2% )
$7,800,000.01 - 780,000,000 1.555% (BM + 1.5%)

SGD 借 $0 -150,000 (1.5% (BM + 1.5% ))
 $150,000.01 -1,500,000(1% (BM + 1%))
 $1,500,000.01 -150,000,000 ,(0.5% (BM + 0.5%))

USD 借$0 -100,000  --------------1.9% (BM + 1.5% )
$100,000.01 -1,000,000 ----1.4% (BM + 1%)
$1,000,000.01 - 3,000,000--0.9% (BM + 0.5% )
$3,000,000.01 - 200,000,000-----Greater of 0.5% or(BM+ 0.25%)








我的新Reits 組合


買入Frasers Centrepoint Trust (Singapore)

試探式買入新加坡的Frasers Centrepoint Trust@2.1(SGD),小試牛刀。買的原因是所有商場都不是位於市中心,卻在交通便捷的民生區。受經濟週期影響較少。且保持多年派息增長,yield有5.6%,也算不錯。現P/E=11.8,P/B=1.1,借貸率只28%,還有很大空間收購合適商場,提高回報率!
Frasers Centrepoint Trust 公司網站