ParkwayLife Reit C2PU
SGD 4.05
+0.49% +0.02 Updated 21 Oct 2026, 16:46 SGT
Financials
Annual Report 2025
Explore the statements
14 tablesStatements of Financial Position — monetary amounts
26 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Investment properties$’000 | 2,573,340 | 2,464,764 | 1,743,500 | 1,603,000 | PDF p. 145 |
| Interests in subsidiaries$’000 | – | – | 737,868 | 744,964 | PDF p. 145 |
| Trade and other receivables$’000 | – | – | 174,153 | 168,811 | PDF p. 145 |
| Financial derivatives$’000 | 22,659 | 15,556 | 22,659 | 15,556 | PDF p. 145 |
| Subtotal$’000 | 2,595,999 | 2,480,320 | 2,678,180 | 2,532,331 | PDF p. 145 |
| Current assets | |||||
| Financial derivatives$’000 | 3,790 | 32,724 | 3,790 | 32,724 | PDF p. 145 |
| Trade and other receivables$’000 | 5,418 | 8,632 | 7,009 | 6,958 | PDF p. 145 |
| Cash and cash equivalents$’000 | 47,771 | 29,471 | 12,475 | 4,461 | PDF p. 145 |
| Subtotal$’000 | 56,979 | 70,827 | 23,274 | 44,143 | PDF p. 145 |
| Assets | |||||
| Total assets$’000 | 2,652,978 | 2,551,147 | 2,701,454 | 2,576,474 | PDF p. 145 |
| Current liabilities | |||||
| Financial derivatives$’000 | 8,333 | – | 8,333 | – | PDF p. 145 |
| Trade and other payables$’000 | 33,473 | 40,356 | 27,473 | 34,484 | PDF p. 145 |
| Current portion of security deposits$’000 | 390 | 472 | – | – | PDF p. 145 |
| Loans and borrowings$’000 | 166,665 | 17,797 | 166,665 | 17,797 | PDF p. 145 |
| Lease liabilities$’000 | 14 | 15 | – | – | PDF p. 145 |
| Subtotal$’000 | 208,875 | 58,640 | 202,471 | 52,281 | PDF p. 145 |
| Non-current liabilities | |||||
| Financial derivatives$’000 | 3,444 | 677 | 3,444 | 677 | PDF p. 145 |
| Non-current portion of security deposits$’000 | 14,477 | 16,058 | – | – | PDF p. 145 |
| Loans and borrowings$’000 | 716,783 | 866,243 | 716,783 | 866,243 | PDF p. 145 |
| Deferred tax liabilities$’000 | 35,952 | 36,244 | – | – | PDF p. 145 |
| Deferred income$’000 | 1,050 | 1,279 | – | – | PDF p. 145 |
| Lease liabilities$’000 | 2,040 | 2,054 | – | – | PDF p. 145 |
| Subtotal$’000 | 773,746 | 922,555 | 720,227 | 866,920 | PDF p. 145 |
| Liabilities | |||||
| Total liabilities$’000 | 982,621 | 981,195 | 922,698 | 919,201 | PDF p. 145 |
| Net assets | |||||
| Net assets$’000 | 1,670,357 | 1,569,952 | 1,778,756 | 1,657,273 | PDF p. 145 |
| Represented by | |||||
| Unitholders’ funds$’000 | 1,670,357 | 1,569,952 | 1,778,756 | 1,657,273 | PDF p. 145 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 145 ↗
The statement says: “The accompanying notes form an integral part of these financial statements.”
Statements of Financial Position — units in issue
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Represented by | |||||
| Units in issue and to be issued at the end of the year (’000)’000 units | 652,653 | 652,371 | 652,653 | 652,371 | PDF p. 145 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 145 ↗
Statements of Financial Position — net asset value per unit
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Represented by | |||||
| Net asset value per unit ($)$ per unit | 2.56 | 2.41 | 2.73 | 2.54 | PDF p. 145 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 145 ↗
Statements of Total Return — monetary amounts
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Statement of total return | |||||
| Gross revenue$’000 | 156,294 | 145,268 | 112,026 | 113,964 | PDF p. 146 |
| Property expenses$’000 | (8,810) | (8,671) | (4,204) | (3,721) | PDF p. 146 |
| Net property income$’000 | 147,484 | 136,597 | 107,822 | 110,243 | PDF p. 146 |
| Management fees$’000 | (15,699) | (14,511) | (14,484) | (13,277) | PDF p. 146 |
| Trust expenses$’000 | (5,879) | (3,569) | (2,735) | (2,776) | PDF p. 146 |
| Interest income$’000 | 541 | 1,066 | 10,044 | 1,409 | PDF p. 146 |
| Finance costs$’000 | (14,642) | (12,147) | (14,424) | (11,887) | PDF p. 146 |
| Other income$’000 | 31 | – | 31 | – | PDF p. 146 |
| Foreign exchange gain, net$’000 | 8,128 | 7,159 | 52,597 | 52,583 | PDF p. 146 |
| Subtotal$’000 | (27,520) | (22,002) | 31,029 | 26,052 | PDF p. 146 |
| Total return before changes in fair value of financial derivatives and investment properties, and gain on disposal of investment property$’000 | 119,964 | 114,595 | 138,851 | 136,295 | PDF p. 146 |
| Net change in fair value of financial derivatives$’000 | (3,785) | 5,178 | (12,115) | 10,600 | PDF p. 146 |
| Net change in fair value of investment properties$’000 | 42,026 | (18,037) | 52,891 | (7,556) | PDF p. 146 |
| Gain on disposal of investment property$’000 | 123 | – | – | – | PDF p. 146 |
| Total return before income tax$’000 | 158,328 | 101,736 | 179,627 | 139,339 | PDF p. 146 |
| Income tax expense$’000 | (5,538) | (6,695) | – | – | PDF p. 146 |
| Total return for the year$’000 | 152,790 | 95,041 | 179,627 | 139,339 | PDF p. 146 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 146 ↗
The statement says: “The accompanying notes form an integral part of these financial statements.”
Statements of Total Return — earnings per unit
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Earnings per unit | |||||
| Basiccents per unit | 23.42 | 15.51 | 27.53 | 22.73 | PDF p. 146 |
| Dilutedcents per unit | 23.41 | 15.51 | 27.52 | 22.73 | PDF p. 146 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 146 ↗
Statements of Movements in Unitholders’ Funds
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Opening balance | |||||
| Unitholders’ funds at beginning of year$’000 | 1,569,952 | 1,414,557 | 1,657,273 | 1,459,605 | PDF p. 149 |
| Operations | |||||
| Total return for the year$’000 | 152,790 | 95,041 | 179,627 | 139,339 | PDF p. 149 |
| Unitholders’ transactions | |||||
| Issue of new units pursuant to Private Placement$’000 | – | 180,002 | – | 180,002 | PDF p. 149 |
| Units issued/issuable as settlement of management fees$’000 | 1,130 | – | 1,130 | – | PDF p. 149 |
| Issue expenses$’000 | – | (2,619) | – | (2,619) | PDF p. 149 |
| Distribution to Unitholders$’000 | (65,436) | (121,121) | (65,436) | (121,121) | PDF p. 149 |
| Total increase in Unitholders’ funds before movement in other reserves$’000 | 88,484 | 151,303 | 115,321 | 195,601 | PDF p. 149 |
| Other reserves | |||||
| Net movement in hedging reserve$’000 | 5,936 | 2,742 | 5,936 | 2,742 | PDF p. 149 |
| Net movement in cost of hedging reserve$’000 | 3,307 | (637) | 226 | (675) | PDF p. 149 |
| Exchange differences on hedge of net investment in foreign operations$’000 | 22,107 | 50,587 | – | – | PDF p. 149 |
| Translation differences arising on consolidation of foreign operations$’000 | (19,429) | (48,600) | – | – | PDF p. 149 |
| Net increase in other reserves$’000 | 11,921 | 4,092 | 6,162 | 2,067 | PDF p. 149 |
| Closing balance | |||||
| Unitholders’ funds at end of year$’000 | 1,670,357 | 1,569,952 | 1,778,756 | 1,657,273 | PDF p. 149 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 149 ↗
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Cash Flows
35 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Total return before income tax$’000 | 158,328 | 101,736 | PDF p. 168 |
| Cash flows from operating activities; Adjustments for: | |||
| Interest income$’000 | (541) | (1,066) | PDF p. 168 |
| Finance costs$’000 | 14,642 | 12,147 | PDF p. 168 |
| Net change in fair value of financial derivatives$’000 | 3,785 | (5,178) | PDF p. 168 |
| Net change in fair value of investment properties$’000 | (42,026) | 18,037 | PDF p. 168 |
| Straight-line rental adjustments$’000 | (22,680) | (24,063) | PDF p. 168 |
| Deferred income recognised$’000 | (201) | (243) | PDF p. 168 |
| Allowance for doubtful debts$’000 | – | 472 | PDF p. 168 |
| Management fees paid/payable in units$’000 | 1,067 | – | PDF p. 168 |
| Gain on disposal of investment property$’000 | (123) | – | PDF p. 168 |
| Cash flows from operating activities | |||
| Operating income before working capital changes$’000 | 112,251 | 101,842 | PDF p. 168 |
| Cash flows from operating activities; Changes in working capital: | |||
| Trade and other receivables$’000 | 3,850 | (3,068) | PDF p. 168 |
| Trade and other payables$’000 | 352 | 652 | PDF p. 168 |
| Security deposits$’000 | (853) | 524 | PDF p. 168 |
| Cash flows from operating activities | |||
| Cash generated from operations$’000 | 115,600 | 99,950 | PDF p. 168 |
| Income tax paid$’000 | (3,770) | (4,164) | PDF p. 168 |
| Cash flows generated from operating activities$’000 | 111,830 | 95,786 | PDF p. 168 |
| Cash flows from investing activities | |||
| Interest received$’000 | 505 | 1,042 | PDF p. 168 |
| Capital expenditure on investment properties$’000 | (75,698) | (49,103) | PDF p. 168 |
| Cash outflow on purchase of investment properties (including acquisition related costs) (Note A)$’000 | – | (191,873) | PDF p. 168 |
| Net proceeds from disposal of investment property (including divestment related costs)$’000 | 5,986 | – | PDF p. 168 |
| Cash flows used in investing activities$’000 | (69,207) | (239,934) | PDF p. 168 |
| Cash flows from financing activities | |||
| Interest paid$’000 | (12,846) | (10,348) | PDF p. 168 |
| Distributions to Unitholders$’000 | (65,436) | (121,121) | PDF p. 168 |
| Proceeds from issuance of new units pursuant to Private Placement$’000 | – | 180,002 | PDF p. 168 |
| Payment of issue expenses$’000 | (361) | (2,605) | PDF p. 168 |
| Proceeds from loans and borrowings$’000 | 537,418 | 379,205 | PDF p. 168 |
| Repayment of loans and borrowings$’000 | (477,454) | (275,857) | PDF p. 168 |
| Borrowing costs paid$’000 | (1,303) | (1,890) | PDF p. 168 |
| Repayment of lease liabilities$’000 | (32) | (32) | PDF p. 168 |
| Cash flows generated (used in)/ from financing activities$’000 | (20,014) | 147,354 | PDF p. 168 |
| Cash and cash equivalents reconciliation | |||
| Net increase in cash and cash equivalents$’000 | 22,609 | 3,206 | PDF p. 168 |
| Cash and cash equivalents at beginning of year$’000 | 29,471 | 28,499 | PDF p. 168 |
| Effects of exchange differences on cash balances$’000 | (4,309) | (2,234) | PDF p. 168 |
| Cash and cash equivalents at end of year$’000 | 47,771 | 29,471 | PDF p. 168 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 168 ↗
The accompanying notes form an integral part of these financial statements.
Cash outflow on purchase of investment properties (including acquisition related costs)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Note A | |||
| Investment properties$’000 | – | 179,177 | PDF p. 169 |
| Acquisition related costs$’000 | – | 12,696 | PDF p. 169 |
| Cash outflow/cash consideration paid$’000 | – | 191,873 | PDF p. 169 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 169 ↗
Note A: Cash outflow on purchase of investment properties (including acquisition related costs).
Cash outflow on purchase of investment properties (including acquisition related costs) is set out below:
The accompanying notes form an integral part of these financial statements.
Distribution Statements
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Distribution reconciliation | |||||
| Amount available for distribution to Unitholders at beginning of the year$’000 | 15,562 | 45,264 | 15,562 | 45,264 | PDF p. 147 |
| Total return for the year$’000 | 152,790 | 95,041 | 179,627 | 139,339 | PDF p. 147 |
| Distribution adjustments$’000 | (50,046) | (624) | (76,883) | (44,922) | PDF p. 147 |
| Rollover adjustment$’000 | 37 | 2 | 37 | 2 | PDF p. 147 |
| Amount retained for capital expenditure$’000 | (3,000) | (3,000) | (3,000) | (3,000) | PDF p. 147 |
| Income for the year available for distribution to Unitholders$’000 | 99,781 | 91,419 | 99,781 | 91,419 | PDF p. 147 |
| Amount available for distribution to Unitholders$’000 | 115,343 | 136,683 | 115,343 | 136,683 | PDF p. 147 |
| Distributions to Unitholders during the year | |||||
| Distribution of 7.48 cents per unit for period from 1 July 2023 to 31 December 2023$’000 | – | 45,254 | – | 45,254 | PDF p. 147 |
| Distribution of 7.54 cents per unit for period from 1 January 2024 to 30 June 2024$’000 | – | 45,617 | – | 45,617 | PDF p. 147 |
| Distribution of 5.00 cents per unit for period from 1 July 2024 to 31 October 2024$’000 | – | 30,250 | – | 30,250 | PDF p. 147 |
| Distribution of 2.38 cents per unit for period from 1 November 2024 to 31 December 2024$’000 | 15,526 | – | 15,526 | – | PDF p. 147 |
| Distribution of 7.65 cents per unit for period from 1 January 2025 to 30 June 2025$’000 | 49,910 | – | 49,910 | – | PDF p. 147 |
| Distribution reconciliation | |||||
| Rounding adjustment$’000 | (36) | – | (36) | – | PDF p. 147 |
| Amount available for distribution to Unitholders at end of the year$’000 | 49,871 | 15,562 | 49,871 | 15,562 | PDF p. 147 |
| Distribution denominator | |||||
| Number of units entitled to distribution (’000)’000 units | 652,487 | 652,371 | 652,487 | 652,371 | PDF p. 147 |
| Per-unit distribution | |||||
| Distribution per unit (cents)1cents per unit | 15.29 | 14.92 | 15.29 | 14.92 | PDF p. 147 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 147 ↗
Footnote 1: Distribution per unit relates to distributions in respect of the relevant financial year. 2024 included an advanced distribution of $30.3 million or 5.00 cents per unit, declared 1 November 2024 and paid 26 November 2024.
Note A — Distribution adjustments
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Note A — Distribution adjustments | |||||
| Trustee’s fees$’000 | 409 | 380 | 409 | 380 | PDF p. 148 |
| Finance costs$’000 | 6,953 | 5,570 | 6,936 | 5,553 | PDF p. 148 |
| Net overseas income not distributed to the Trust$’000 | – | – | 22,481 | 19,412 | PDF p. 148 |
| Management fees paid/payable in units$’000 | 1,067 | 63 | 1,067 | 63 | PDF p. 148 |
| Foreign exchange (gain)/loss, net$’000 | (376) | 2,501 | (45,833) | (42,932) | PDF p. 148 |
| Net change in fair value of financial derivatives$’000 | 3,785 | (5,178) | 12,115 | (10,600) | PDF p. 148 |
| Net change in fair value of investment properties (net of deferred tax impact)$’000 | (40,472) | 20,706 | (52,891) | 7,556 | PDF p. 148 |
| Effect of recognising rental income on a straight- line basis over the lease terms$’000 | (22,680) | (24,063) | (21,865) | (24,186) | PDF p. 148 |
| Gain on disposal of investment property$’000 | (123) | – | – | – | PDF p. 148 |
| Others$’000 | 1,391 | (603) | 698 | (168) | PDF p. 148 |
| Net effect of distribution adjustments$’000 | (50,046) | (624) | (76,883) | (44,922) | PDF p. 148 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 148 ↗
Note B — Income available for distribution
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Note B — Unitholders’ distributions | |||||
| from operations$’000 | 74,424 | 71,146 | 74,424 | 71,146 | PDF p. 148 |
| f rom Unitholders’ contributions$’000 | 25,357 | 20,273 | 25,357 | 20,273 | PDF p. 148 |
| Total Unitholders’ distributions$’000 | 99,781 | 91,419 | 99,781 | 91,419 | PDF p. 148 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 148 ↗
Five-year financial highlights
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group; financial highlights | 2022Group; financial highlights | 2023Group; financial highlights | 2024Group; financial highlights | 2025Group; financial highlights | Source |
|---|---|---|---|---|---|---|
| Five-year financial highlights | ||||||
| Gross RevenueSGD thousands | 120,705 | 129,972 | 147,467 | 145,268 | 156,294 | PDF p. 32 |
| Net Property IncomeSGD thousands | 111,234 | 121,868 | 139,084 | 136,597 | 147,484 | PDF p. 32 |
| Distributable IncomeSGD thousands | 85,178 | 87,004 | 89,341 | 91,419 | 99,781 | PDF p. 32 |
| Distribution Per UnitSingapore cents per unit | 14.08 | 14.38 | 14.77 | 14.92 | 15.29 | PDF p. 32 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 32 ↗
DPU footnote 4: enlarged unit base following equity fundraising completed in Q4 FY2024.
Five-year portfolio comparison
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group; financial highlights | 2022Group; financial highlights | 2023Group; financial highlights | 2024Group; financial highlights | 2025Group; financial highlights | Source |
|---|---|---|---|---|---|---|
| Portfolio history | ||||||
| Number of Propertiesproperties | 56 | 61 | 63 | 75 | 74 | PDF p. 32 |
| Portfolio Value (S$ billion)SGD billion | 2.29 | 2.20 | 2.23 | 2.46 | 2.57 | PDF p. 32 |
| Number of Lesseeslessees | 32 | 34 | 34 | 35 | 31 | PDF p. 32 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 32 ↗
Portfolio value is based on latest appraised values and excludes right-of-use asset adjustments (footnotes 1–2). FY2021 includes the disposal of a Japanese industrial property; FY2025 includes disposal of the Malaysia portfolio (footnote 3).
Financial overview key metrics
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; financial overview as at 31 December 2025 | Source |
|---|---|---|
| Financial overview as at 31 December 2025 | ||
| GEARING% | 33.4 | PDF p. 33 |
| TOTAL ASSETSS$ billion | 2.57 | PDF p. 33 |
| WEIGHTED AVERAGE DEBT TERM TO EXPIRYyears | 3.0 | PDF p. 33 |
| EFFECTIVE ALL-IN COST OF DEBT% | 1.59 | PDF p. 33 |
No matching metrics in this statement. Try another term or clear the search.
Definitions & sources
Original report: PDF p. 33 ↗
The financial overview labels S$2.57 billion as “Total assets” (PDF p. 33). The audited statement of financial position reports Group total assets of S$2,652,978 thousand (PDF p. 145). These source figures are retained separately; the overview number also matches the rounded portfolio value on PDF p. 32.
Where the money comes from
Segment information
By business
Operating segments by business/sector (Hospitals and Medical Centres, Nursing Homes, Total) 17 lines
| Item / unit | 2025Hospitals and Medical Centres | 2024Hospitals and Medical Centres | 2025Nursing Homes | 2024Nursing Homes | 2025Total | 2024Total | Source |
|---|---|---|---|---|---|---|---|
| Revenue and expenses | |||||||
| Gross revenue$'000 | 101,751 | 101,864 | 54,543 | 43,404 | 156,294 | 145,268 | PDF p. 233 |
| Net property income$'000 | 97,437 | 98,011 | 50,047 | 38,586 | 147,484 | 136,597 | PDF p. 233 |
| Interest income$'000 | 323 | 1,041 | 218 | 25 | 541 | 1,066 | PDF p. 233 |
| Foreign exchange (gain)/loss, net$'000 | (978) | 202 | 9,106 | 6,957 | 8,128 | 7,159 | PDF p. 233 |
| Non-property expenses$'000 | (12,139) | (12,072) | (9,441) | (6,013) | (21,580) | (18,085) | PDF p. 233 |
| Finance costs$'000 | (6,507) | (5,624) | (8,135) | (6,523) | (14,642) | (12,147) | PDF p. 233 |
| Other income$'000 | 31 | – | – | – | 31 | – | PDF p. 233 |
| Total return before changes in fair value of financial derivatives and investment properties, and gain on disposal of investment property$'000 | 78,167 | 81,558 | 41,795 | 33,032 | 119,962 | 114,590 | PDF p. 233 |
| Net change in fair value of financial derivatives$'000 | – | – | (3,785) | 5,178 | (3,785) | 5,178 | PDF p. 233 |
| Net change in fair value of investment properties$'000 | 52,891 | (7,781) | (10,865) | (10,256) | 42,026 | (18,037) | PDF p. 233 |
| Gain on disposal of investment property$'000 | 123 | – | – | – | 123 | – | PDF p. 233 |
| Total return before income tax$'000 | 131,181 | 73,777 | 27,145 | 27,954 | 158,326 | 101,731 | PDF p. 233 |
| Income tax expense$'000 | (37) | (16) | (5,501) | (6,679) | (5,538) | (6,695) | PDF p. 233 |
| Total return after income tax$'000 | 131,144 | 73,761 | 21,644 | 21,275 | 152,788 | 95,036 | PDF p. 233 |
| Assets and liabilities | |||||||
| Reportable segment assets$'000 | 1,763,137 | 1,617,925 | 889,792 | 933,173 | 2,652,929 | 2,551,098 | PDF p. 233 |
| Reportable segment liabilities$'000 | 257,883 | 201,746 | 724,729 | 779,442 | 982,612 | 981,188 | PDF p. 233 |
| Other segment information | |||||||
| Capital expenditure$'000 | 65,744 | 80,370 | 5,266 | 4,153 | 71,010 | 84,523 | PDF p. 233 |
Notes
Group engaged in a single business of investing in healthcare and/or healthcare-related investment properties; four reportable geographical segments: Singapore, Japan, France and Malaysia.
Segment capital expenditure is the total cost incurred on additions to investment properties that are expected to be used for more than one year.
Reconciliations of reportable segment revenue, total return before income tax, assets and liabilities 10 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| Total revenue for reportable segments$'000 | 156,294 | 145,268 | PDF p. 234 |
| Total return before income tax | |||
| Total return for reportable segments$'000 | 158,326 | 101,731 | PDF p. 234 |
| Other unallocated amounts$'000 | 2 | 5 | PDF p. 234 |
| Consolidated return before income tax$'000 | 158,328 | 101,736 | PDF p. 234 |
| Assets | |||
| Total assets for reportable segments$'000 | 2,652,929 | 2,551,098 | PDF p. 234 |
| Other unallocated amounts$'000 | 49 | 49 | PDF p. 234 |
| Consolidated total assets$'000 | 2,652,978 | 2,551,147 | PDF p. 234 |
| Liabilities | |||
| Total liabilities for reportable segments$'000 | 982,612 | 981,188 | PDF p. 234 |
| Other unallocated amounts$'000 | 9 | 7 | PDF p. 234 |
| Consolidated total liabilities$'000 | 982,621 | 981,195 | PDF p. 234 |
Notes
Unallocated items comprise mainly assets and expenses of the subsidiary providing financial and treasury services which were not allocated to an identified segment.
By geography
Geographical information 10 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| Singapore$'000 | 101,583 | 101,583 | PDF p. 234 |
| Japan$'000 | 42,760 | 43,032 | PDF p. 234 |
| France$'000 | 11,783 | 372 | PDF p. 234 |
| Malaysia$'000 | 168 | 281 | PDF p. 234 |
| Revenue total (unlabelled)$'000 | 156,294 | 145,268 | PDF p. 234 |
| Non-current assets* | |||
| Singapore$'000 | 1,743,500 | 1,603,000 | PDF p. 234 |
| Japan$'000 | 652,025 | 692,797 | PDF p. 234 |
| France$'000 | 177,815 | 163,107 | PDF p. 234 |
| Malaysia$'000 | – | 5,860 | PDF p. 234 |
| Non-current assets total (unlabelled)$'000 | 2,573,340 | 2,464,764 | PDF p. 234 |
Notes
* Non-current assets presented consist of investment properties
Total rows are unlabelled in the source.
Debt
Borrowings
Terms and debt repayment schedule (interest rate, year of maturity, face value and carrying amount)
| Item / unit | 2025Face value, $'000 | 2025Carrying amount, $'000 | 2024Face value, $'000 | 2024Carrying amount, $'000 | Source |
|---|---|---|---|---|---|
| Terms and debt repayment schedule | |||||
| JPY variable rate loan (Bank’s cost of fund, maturity 2025)$'000 | – | – | 17,797 | 17,797 | PDF p. 201 |
| JPY variable rate loan (Bank’s cost of fund, maturity 2026)$'000 | 24,286 | 24,286 | – | – | PDF p. 201 |
| S$ floating rate loans (SORA + margin, maturity 2026)$'000 | 70,000 | 69,967 | 151,875 | 151,712 | PDF p. 201 |
| JPY floating rate loan (TONA + margin, maturity 2026)$'000 | 72,512 | 72,412 | 76,120 | 75,905 | PDF p. 201 |
| S$ floating rate loan (SORA + margin, maturity 2027)$'000 | 60,000 | 59,862 | 60,000 | 59,794 | PDF p. 201 |
| JPY medium term note (0.51%, maturity 2027)$'000 | 27,192 | 27,177 | 28,545 | 28,518 | PDF p. 201 |
| JPY floating rate loans (TONA + margin, maturity 2027)$'000 | 150,695 | 150,378 | 158,194 | 157,653 | PDF p. 201 |
| S$ floating rate loan (SORA + margin, maturity 2028)$'000 | 90,000 | 89,659 | 37,900 | 37,445 | PDF p. 201 |
| JPY medium term note (0.85%, maturity 2028)$'000 | 41,200 | 41,160 | 43,250 | 43,196 | PDF p. 201 |
| JPY medium term note (0.97%, maturity 2029)$'000 | 49,770 | 49,716 | 52,246 | 52,178 | PDF p. 201 |
| JPY floating rate loan (TONA + margin, maturity 2029)$'000 | 17,304 | 17,207 | 18,165 | 18,044 | PDF p. 201 |
| JPY medium term note (1.28%, maturity 2030)$'000 | 28,840 | 28,792 | 30,275 | 30,217 | PDF p. 201 |
| JPY floating rate loan (TONA + margin, maturity 2030)$'000 | 109,806 | 109,252 | 115,269 | 114,583 | PDF p. 201 |
| JPY floating rate loan (TONA + margin, maturity 2031)$'000 | 93,112 | 92,473 | 97,745 | 96,998 | PDF p. 201 |
| JPY floating rate loan (TONA + margin, maturity 2032)$'000 | 51,500 | 51,107 | – | – | PDF p. 201 |
| Total (unlabelled)$'000 | 886,217 | 883,448 | 887,381 | 884,040 | PDF p. 201 |
Notes
SORA denotes Singapore Overnight Rate Average
TONA denotes Tokyo Overnight Average
Nominal interest rate column: 'Bank’s cost of fund', 'SORA + margin', 'TONA + margin' or fixed % as printed in row labels. Currency denomination (S$ / JPY) is shown in row labels. Total row has no printed label.
Contractual maturities of financial liabilities and lease liabilities – Group
| Item / unit | 2025Carrying amount, $'000 | 2025Contractual cash flows, $'000 | 2025Within 1 year, $'000 | 20251 to 5 years, $'000 | 2025More than 5 years, $'000 | 2024Carrying amount, $'000 | 2024Contractual cash flows, $'000 | 2024Within 1 year, $'000 | 20241 to 5 years, $'000 | 2024More than 5 years, $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-derivative financial liabilities | |||||||||||
| S$ unsecured bank loans$'000 | 219,488 | (228,143) | (73,759) | (154,384) | – | 248,951 | (272,211) | (9,454) | (262,757) | – | PDF p. 214PDF p. 215 |
| JPY unsecured bank loans$'000 | 517,115 | (535,846) | (101,491) | (288,058) | (146,297) | 480,980 | (496,750) | (21,074) | (261,145) | (214,531) | PDF p. 214PDF p. 215 |
| JPY medium term notes$'000 | 146,845 | (151,884) | (1,359) | (150,525) | – | 154,109 | (160,866) | (1,427) | (128,943) | (30,496) | PDF p. 214PDF p. 215 |
| Lease liabilities$'000 | 2,054 | (2,924) | (31) | (126) | (2,767) | 2,069 | (2,956) | (31) | (126) | (2,799) | PDF p. 214PDF p. 215 |
Notes
Cash flows include estimated interest payments and exclude the impact of netting agreements. Table also includes security deposits, trade payables and derivatives not extracted here.
Cash flows include estimated interest payments and exclude the impact of netting agreements.
Borrowing notes 3 tables
Loans and borrowings (current and non-current, unsecured)
| Item / unit | 2025$'000 | 2024$'000 | Source |
|---|---|---|---|
| Current liabilities | |||
| Unsecured bank loans$'000 | 166,798 | 17,797 | PDF p. 200 |
| Unamortised transaction costs$'000 | (133) | – | PDF p. 200 |
| Current loans and borrowings total (unlabelled subtotal)$'000 | 166,665 | 17,797 | PDF p. 200 |
| Non-current liabilities | |||
| Unsecured bank loans$'000 | 572,417 | 715,268 | PDF p. 200 |
| Unsecured medium term notes$'000 | 147,002 | 154,316 | PDF p. 200 |
| Unamortised transaction costs$'000 | (2,636) | (3,341) | PDF p. 200 |
| Non-current loans and borrowings total (unlabelled subtotal)$'000 | 716,783 | 866,243 | PDF p. 200 |
Notes
All borrowings are unsecured; no secured borrowings are printed. Subtotal rows have no printed label.
Reconciliation of liabilities arising from financing activities – loans and borrowings and lease liabilities
| Item / unit | 20251 January 2025 balance, $'000 | 2025Financing cash flows, $'000 | 2025Foreign exchange movement, $'000 | 2025Interest expense, $'000 | 2025Transaction costs related to loans and borrowings, $'000 | 2025Other changes, $'000 | 202531 December 2025 balance, $'000 | Source |
|---|---|---|---|---|---|---|---|---|
| 2025 reconciliation | ||||||||
| Loans and borrowings$'000 | 884,040 | 58,661 | (60,236) | – | 983 | – | 883,448 | PDF p. 203 |
| Lease liabilities$'000 | 2,069 | (32) | – | 17 | – | – | 2,054 | PDF p. 203 |
Notes
Footnote 1 on the 2024 loans and borrowings financing cash flow: Net proceeds from loans and borrowings and medium term notes, includes repayment of loans and borrowings, redemption of medium term notes and payment of borrowing costs. 2024 comparative reconciliation (loans and borrowings 826,387 to 884,040) is printed on the same page but not tabulated here.
Interest rate profile of interest-bearing instruments (Group and Trust)
| Item / unit | 2025Nominal amount, $'000 | 2024Nominal amount, $'000 | Source |
|---|---|---|---|
| Fixed rate instrument | |||
| Medium term notes$'000 | (147,002) | (154,316) | PDF p. 221 |
| Variable rate instruments | |||
| Loans and borrowings$'000 | (739,215) | (733,065) | PDF p. 221 |
Notes
Variable rate instruments also include interest rate swaps, interest rate caps and cross currency interest rate swap (not extracted).
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution policy | The Trust has a distribution policy to distribute at least 90.0% of its taxable income and net overseas income with the actual level of distribution to be determined at the Manager’s discretion, other than gains from the sale of real estate properties that are determined by IRAS to be trading gains. | Trust | PDF p. 188 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution per unit (cents) | 15.29 cents per unit | Group and Trust, FY2025 | PDF p. 147 |
| Distribution per unit (cents) | 14.92 cents per unit | Group and Trust, FY2024 (comparative) | PDF p. 147 |
| Distribution of 7.65 cents per unit for | 7.65 cents per unit | Group and Trust, paid during 2025, period 1 January 2025 to 30 June 2025 | PDF p. 147 |
| Distribution of 2.38 cents per unit for | 2.38 cents per unit | Group and Trust, paid during 2025, period 1 November 2024 to 31 December 2024 | PDF p. 147 |
| Distribution of 5.00 cents per unit | 5.00 cents per unit | Group and Trust, paid during 2024, period 1 July 2024 to 31 October 2024 (advanced distribution) · As at 2024-10-31 | PDF p. 147 |
| Distribution of 7.54 cents per unit for | 7.54 cents per unit | Group and Trust, paid during 2024, period 1 January 2024 to 30 June 2024 | PDF p. 147 |
| Distribution of 7.48 cents per unit for | 7.48 cents per unit | Group and Trust, paid during 2024, period 1 July 2023 to 31 December 2023 | PDF p. 147 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Healthy gearing6 of | 33.4% | As at 31 December 2025 (comparative 2024: 34.8% per note on p.226) · As at 2025-12-31 | PDF p. 33 |
| interest coverage ratio (ICR) | 8.6 times | FY2025, as at 31 December 2025 · As at 2025-12-31 | PDF p. 36 |
| effective all-in cost of debt | 1.59% | FY2025, as at 31 December 2025 · As at 2025-12-31 | PDF p. 36 |
| total interest rate exposure was hedged | 93% | End of FY2025 | PDF p. 36 |
| WEIGHTED AVERAGE LEASE TERM TO EXPIRY | 14.49 years | As at 31 December 2025, by gross revenue · As at 2025-12-31 | PDF p. 38 |
| valued at approximately | S$2.57 billion | As at 31 December 2025 (31 December 2024: 2.46 S$ billion) · As at 2025-12-31 | PDF p. 32 |
| Net asset value per unit ($) | 2.56 $ | Group, as at 31 December 2025 (2024: 2.41) · As at 2025-12-31 | PDF p. 145 |
| 100% committed occupancy | 100% committed occupancy | Singapore properties, as at 31 December 2025 · As at 2025-12-31 | PDF p. 39 |
| committed occupancy | 97.7% | Japan properties, as at 31 December 2025 · As at 2025-12-31 | PDF p. 39 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | KPMG LLP | Group and Trust, FY2025 | PDF p. 144 |
| Engagement partner | Sarina Lee | Group and Trust, FY2025 | PDF p. 144 |
| Auditors' report date | 26 February 2026 | Group and Trust · As at 2026-02-26 | PDF p. 144 |
| Opinion | present fairly, in all material respects | Group and Trust, year ended 31 December 2025 | PDF p. 141 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties | Investment properties are stated at fair values based on independent external valuations. | Group, as at 31 December 2025 | PDF p. 142 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
The report presents Statements of Total Return, distributions and movements in Unitholders’ funds, without a separate comprehensive-income statement. The consolidated cash flow statement covers the Group; no separate Trust cash flow statement is presented.
FY2024 and FY2025 DPU use the enlarged unit base following equity fundraising completed in Q4 FY2024 (PDF p. 32, footnote 4).
The financial overview labels S$2.57 billion as “Total assets” (PDF p. 33). The audited statement of financial position reports Group total assets of S$2,652,978 thousand (PDF p. 145). These source figures are retained separately; the overview number also matches the rounded portfolio value on PDF p. 32.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.