Financial Statements And Related Announcement: : Full Yearly Results

PARKWAY LIFE REAL ESTATE INVESTMENT TRUST

INTERIM FINANCIAL STATEMENTS FOR THE FULL YEAR ENDED 31 DECEMBER 2024

Table of Contents

A. Consolidated statements of total return …………..……………………………….……...…… 3

B. Consolidated statements of financial position ………………………………........................ 6

C. Consolidated statements of movement in unitholders' funds

7

D. Portfolio statements

8

E. Consolidated statement of cash flows

23

F. Selected notes to the financial statements

24

G. Other information required by Listing Rule Appendix 7.2

30

2H

2H

Inc/

2024

2023

Inc/

2024

2023

(Dec)

(Dec)

$'000

$'000

$'000

$'000

%

%

Gross revenue

72,848

73,065

(0.3)

145,268

147,467

(1.5)

Property expenses

(4,606)

(4,065)

13.3

(8,671)

(8,383)

3.4%

Net property income

68,242

69,000

(1.1)

136,597

139,084

(1.8)

Management fees

(7,350)

(7,179)

2.4

(14,511)

(14,491)

0.1

Trust expenses

(1,693)

(1,213)

39.6

(3,569)

(3,008)

18.7

Net foreign exchange gain

2,029

3,946

(48.6)

7,159

7,525

(4.9)

Interest income

929

21

4323.8

1,066

37

2781.1

Finance costs

(6,559)

(5,708)

14.9

(12,147)

(10,803)

12.4

Non-property expenses

(12,644)

(10,133)

24.8

(22,002)

(20,740)

6.1

Total return before changes in fair

55,598

58,867

(5.6)

114,595

118,344

(3.2)

value of financial derivatives and

investment properties

(3,010)

(4,006)

(24.9)

5,178

1,173

341.4

Net change in fair value of financial

derivatives

(6,014)

2,456

n.m.

(18,037)

(11,249)

60.3

Net change in fair value of

investment properties

Total return for the period before

46,574

57,317

(18.7)

101,736

108,268

(6.0)

tax and distribution

(3,361)

(4,261)

(21.1)

(6,695)

(7,803)

(14.2)

Income tax expense

Total return for the period after tax

43,213

53,056

(18.6)

95,041

100,465

(5.4)

before distribution

Earnings per unit (cents)

6.96

8.77

15.51

16.61

Basic and diluted

Distribution Statements

2H

2H

Inc/

2024

2023

Inc/

Note

2024

2023

(Dec)

(Dec)

$'000

$'000

$'000

$'000

%

%

Amount available for

45,609

44,084

3.5

45,264

44,314

2.1

distribution to Unitholders at

the beginning of the period

Total return for the period

43,213

53,056

(18.6)

95,041

100,465

(5.4)

Distribution adjustments

A

4,097

(6,396)

n.m.

(624)

(8,221)

(92.4)

Rollover adjustment

-

97

n.m.

2

97

(97.9)

Amount retained for capital

B

(1,500)

(1,500)

-

(3,000)

(3,000)

-

expenditure

45,810

45,257

1.2

91,419

89,341

2.3

Distributable income to

Unitholders

Amount available for

91,419

89,341

2.3

136,683

133,655

2.3

distribution to Unitholders

Distributions to Unitholders

during the period:

- Distribution of 7.32 cents per

-

-

-

44,286

unit for period from 1 July

2022 to 31 December 2022

- Distribution of 7.29 cents per

-

44,105

-

44,105

unit for period from 1 January

2023 to 30 June 2023

- Distribution of 7.48 cents per

-

-

45,254

-

unit for period from 1 July

2023 to 31 December 2023

- Distribution of 7.54 cents per

45,617

-

45,617

-

unit for period from 1 January

2024 to 30 June 2024

- Distribution of 5.00 cents per

30,250

-

30,250

-

unit for period from 1 July

2024 to 31 October 2024

75,867

44,105

121,121

88,391

Rounding adjustment

10

28

-

-

Amount available for

15,562

45,264

(65.6)

15,562

45,264

(65.6)

distribution to Unitholders at

C

the end of the period

Number of units entitled to

652,371

605,002

652,371

605,002

distribution ('000)

Distribution per unit based on

7.38

7.48

14.92

14.77

Distributable income to

Unitholders (cents)

Note:

A. Distribution adjustments comprise:

2H

2H

Inc/

2024

2023

Inc/

2024

2023

(Dec)

(Dec)

$'000

$'000

$'000

$'000

%

%

Non-tax deductible items/(non-

taxable):

Trustee's fees

194

186

4.3

380

371

2.4

Finance costs

D

2,990

2,323

28.7

5,570

4,152

34.2

Management fees paid/payable in

E

63

-

n.m.

63

-

n.m.

units

3,010

4,006

(24.9)

(5,178)

(1,173)

341.4

Net change in fair value of

financial derivatives

7,421

(260)

n.m.

20,706

14,814

Net change in fair value of

39.8

investment properties (net of

deferred tax impact)

(12,047)

(13,318)

(9.5)

(24,063)

(27,012)

Effects of recognising rental

(10.9)

income on a straight-line basis

over the lease terms

2,959

573

416.4

2,501

674.3

Foreign exchange loss

323

Others

(493)

94

n.m.

(603)

304

n.m.

Net effect of distribution

4,097

(6,396)

n.m.

(624)

(8,221)

(92.4)

adjustments

Group

Group

Trust

Trust

Note

31/12/24

31/12/23

31/12/24

31/12/23

$'000

$'000

$'000

$'000

Current assets

8,632

6,316

6,958

2,831

Trade and other receivables

Financial derivatives

5

32,724

1,341

32,724

1,341

Cash and cash equivalents

29,471

28,499

4,461

4,651

Advance payment

-

27,740

-

27,740

Non-current assets

70,827

63,896

44,143

36,563

3

2,464,764

2,230,981

1,603,000

1,506,000

Investment properties

Interests in subsidiaries

-

-

744,964

733,702

Trade and other receivables

-

-

168,811

-

Financial derivatives

5

15,556

39,257

15,556

39,257

2,480,320

2,270,238

2,532,331

2,278,959

Total assets

2,551,147

2,334,134

2,576,474

2,315,522

Current liabilities

5

-

1,820

-

1,820

Financial derivatives

Trade and other payables

40,356

30,723

34,484

24,138

Current portion of security deposits

472

440

-

-

Lease liabilities

15

15

-

-

Loans and borrowings

4

17,797

53,544

17,797

53,544

Non-current liabilities

58,640

86,542

52,281

79,502

5

677

3,572

677

3,572

Financial derivatives

Non-current portion of security deposits

16,058

16,889

-

-

Lease liabilities

2,054

2,069

-

-

Loans and borrowings

4

866,243

772,843

866,243

772,843

Deferred income

1,279

1,506

-

-

Deferred tax liabilities

36,244

36,156

-

-

922,555

833,035

866,920

776,415

Total liabilities

981,195

919,577

919,201

855,917

Net assets

1,569,952

1,414,557

1,657,273

1,459,605

Represented by:

1,569,952

1,414,557

1,657,273

1,459,605

Unitholders' funds

Units in issue ('000)

6

652,371

605,002

652,371

605,002

Net asset value per unit ($)

7

2.41

2.34

2.54

2.41

Group

Group

2024

2023

$'000

$'000

Unitholders' funds at beginning of period

1,414,557

1,410,486

Operations

95,041

100,465

Total return after tax

Translation transactions

Net movement in foreign currency translation reserve

1,987

(618)

Hedging reserve

(6,769)

Net movement in hedging reserve

2,742

Cost of hedging reserve

(616)

Net movement in cost of hedging reserve

(637)

Unitholders' transactions

(88,391)

Distribution to Unitholders 1

(121,121)

Issue of new units pursuant to Private Placement 2

180,002

-

Issue expenses

(2,619)

-

Unitholders' funds at end of period

1,569,952

1,414,557

Remaining

Tenure

Term of

term of

Existing

At valuation

Percentage of Net Assets

Description of property

of land

lease

lease

Location

use

31/12/24

31/12/23

31/12/24

31/12/23

Group

(years)

(years)

$'000

$'000

%

%

Singapore

The Mount Elizabeth Hospital

Leasehold

67

50

3 Mount Elizabeth,

Hospital and

942,000

897,000

60.0

63.4

Property (1)

Singapore 228510

medical centre

The Gleneagles Hospital

Leasehold

75

58

6 Napier Road,

Hospital and

548,000

512,000

34.9

36.2

Property (1)

Singapore 258499;

medical centre

and

6A Napier Road,

Singapore 258500

The Parkway East Hospital

Leasehold

75

58

319 Joo Chiat Place,

Hospital and

113,000

97,000

7.2

6.9

Property (1)

Singapore 427989;

medical centre

and

321 Joo Chiat Place,

Singapore 427990

1,603,000

1,506,000

102.1

106.5

Remaining

Tenure

Term of

term of

Existing

At valuation

Percentage of Net Assets

Description of property

of land

lease

lease

Location

use

31/12/24

31/12/23

31/12/24

31/12/23

Group

(years)

(years)

$'000

$'000

%

%

Japan

Bon Sejour Yokohama

Freehold

N.A.

N.A.

2-12-55 Shin

Nursing home

15,224

15,531

1.0

1.1

Shin-Yamashita (2)

Yamashita, Naka-Ku,

with care

Yokohama City,

service

Kanagawa Prefecture,

Japan

More Habitation Akashi (2)

Freehold

N.A.

N.A.

486, Yagi, Okubo-cho, Nursing home

15,916

17,019

1.0

1.2

Akashi City,

with care

Hyogo Prefecture,

service

Japan

More Habitation Suma Rikyu (2)

Freehold

N.A.

N.A.

1-5-23, Chimori-cho,

Nursing home

9,342

9,951

0.6

0.7

Suma-ku, Kobe City,

with care

Hyogo Prefecture,

service

Japan

Senior Chonaikai

Freehold

N.A.

N.A.

5-370-4, Makuhari-cho,Nursing home

16,348

17,298

1.0

1.2

Makuhari Kan (2)

Hanamigawa-ku,

with care

Chiba City,

service

Chiba Prefecture,

Balance carried forward

Japan

56,830

59,799

3.6

4.2

Remaining

Tenure

Term of

term of

Existing

At valuation

Percentage of Net Assets

Description of property

of land

lease

lease

Location

use

31/12/24

31/12/23

31/12/24

31/12/23

Group

(years)

(years)

$'000

$'000

%

%

Japan (cont'd)

Balance brought forward

56,830

59,799

3.6

4.2

Smiling Home Medis

Freehold

N.A.

N.A.

5-5-6, Shikatebukuro,

Nursing home

7,361

7,793

0.5

0.6

Musashi Urawa (2)

Minami-ku, Saitama

with care service

City, Saitama

Prefecture, Japan

Smiling Home Medis

Freehold

N.A.

N.A.

2-2-5,

Nursing home

14,446

15,345

0.9

1.1

Koshigaya Gamo (2)

Gamonishimachi,

with care service

Koshigaya City,

Saitama

Prefecture, Japan

Sompo no le Nakasyo (2)

Freehold

N.A.

N.A.

923-1 Aza Miyata,

Nursing home

6,323

6,808

0.4

0.5

Hirata, Kurashiki City,

with care service

Okayama Prefecture,

Japan

Maison des Centenaire

Freehold

N.A.

N.A.

2-1-9, Hamadera

Nursing home

8,373

9,068

0.5

0.6

Ishizugawa(2)

Ishizuchonishi,

with care service

Nishi-Ku,Sakai City,

Osaka Prefecture,

Japan

Maison des Centenaire Haruki (2)

Freehold

N.A.

N.A.

12-20, Haruki-

Nursing home

6,167

6,696

0.4

0.5

Miyakawacho,

with care service

Kishiwada City,

Osaka Prefecture,

Balance carried forward

Japan

99,500

105,509

6.3

7.5