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The Colours We Bring to Life Annual Report 2012 the Colours We Bring to Life

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The Colours We Bring to Life Annual Report 2012 the Colours We Bring to Life The COLOURS We Bring to Life annual report 2012 The COLOURS We Bring to Life In FY2012, ParkwayLife REIT (“PLife REIT”) continued to steadily enhance and grow its portfolio of healthcare properties in the region, catering to a broad spectrum of end users. Amidst the challenges of 2012, PLife REIT turned in a sterling performance and continued to give its best to all Unitholders. Driven by its strategies of proactive asset management, selective and strategic acquisitions, and dynamic financial management, PLife REIT remains steadfast in its commitment towards achieving long-term sustainable growth and stable distributions for its Unitholders. CONTENTS 02 Corporate Profile GreeninG Realising 03 Trust Structure our pastures 19 Portfolio in Focus Golden opportunities 51 Financial Review 25 Our Properties In the pink of health 53 Corporate Governance 05 Our Reach 67 Financial Contents 06 Financial Highlights Laying the 08 Significant Events yellow brick road 45 Our Growth Strategy Like well-polished silver 47 Investor Relations 10 Message to Unitholders 48 Market Review and Outlook 12 Board of Directors 16 Management Team ParkwayLife REIT Annual Report FY2012 CORPORATE PROFILE PLife REIT is one of Asia’s largest listed healthcare REITs. It invests in income-producing real estate and real estate-related assets used primarily for healthcare and healthcare-related purposes. As at 31 December 2012, PLife REIT’s total portfolio size stands at 37 properties totaling approximately S$1.4 billion. Mission Statement We aim to deliver regular and stable distributions and achieve long- term growth for our Unitholders. 02 Annual Report FY2012 ParkwayLife REIT TRUST STRUCTURE Structure of PLife REIT The following diagram illustrates the relationship between PLife REIT, the Manager, the Trustee and the Unitholders: UNITHOLDERS Holding of Units Distributions Management Fee Acts on Behalf of and Other Fees Unitholders THE TRUSTEE THE MANAGER HSBC Institutional Parkway Trust Trust Services Management (Singapore) Limited Limited ParkwayLife Management Trustee’s Fee and Other Services REIT Net Property Ownership Income/Dividends THE PROPERTIES1 Note: 1 Refers to properties acquired by the Trust whether directly or indirectly held through the ownership of special purpose vehicles. In Japan, the ownership of the properties is held through the Tokumei Kumiai (“TK”) structure. 03 In the PINK of health A healthy portfolio delivering a healthy performance Despite challenging market conditions, PLife REIT recorded a strong set of results for the year. DPU for 4Q 2012 once again reached a historical high and has grown 69.2% since listing. The success of its growth efforts bears testament to its strategy to bolster the strength of its property portfolio whilst effectively managing its finances. Annual Report FY2012 ParkwayLife REIT OUR REACH Fortifying Long-Term Growth and Sustainability PLife REIT continued to progress steadily in 2012 through a multi-pronged approach of focusing on deploying prudent financial management strategies, whilst seeking organic and inorganic growth opportunities in both new and established markets. Over the year, PLife REIT acquired three Japan nursing home properties. It also made its first foray into Malaysia where it acquired strata-titled units/lots at Gleneagles Intan Medical Centre, Kuala Lumpur. These brought PLife REIT’s total portfolio to 37 healthcare properties valued at S$1.4 billion as at 31 December 2012. With a diversified portfolio of high-quality and value-generating assets, PLife REIT has a keen eye on opportunities in growing healthcare markets in the region. It remains well-positioned as a key beneficiary and player in the Asia Pacific healthcare industry, for the long term. Number of Properties Portfolio Number of Lessees 3 S$831.6 million 13 1 S$1.05 billion 8 2007 21 2008 S$1.15 billion 14 2009 2010 2011 2012 32 S$1.3 billion 18 33 S$1.38 billion 18 37 S$1.4 billion 21 05 ParkwayLife REIT Annual Report FY2012 FINANCIAL HIGHLIGHTS Steady Revenue and DPU Growth PLife REIT continued to deliver steady income stream and growing Distribution Per Unit (“DPU”) during the year. FY2012 gross revenue and DPU grew by 7.2% and 7.5% year-on-year respectively, driven mainly by positive contribution from yield- accretive acquisitions made in the year, higher revenue from existing properties and interest cost savings as a result of prudent financial management. Gross Revenue (S$ ’000) FY2011 87,763 FY2012 FY2010 80,048 94,074 increased 7.2% FY2009 from FY2011 66,679 Net property income (S$ ’000) FY2011 80,308 FY2012 FY2010 (S$ ’000) 86,426 Distributable income 73,625 increased 7.6% FY2011 FY2009 58,051 from FY2011 FY2012 61,983 FY2010 53,173 62,405 increased 7.5% FY2009 from FY2011 46,716 Distribution per unit (cents)1 FY2011 9.60 FY2012 FY2010 10.31 8.79 increased 7.5% FY2009 from FY2011 7.74 1 The number of units used to calculate the DPU comprise of units in issue and issuable as at 31 December of 2012, 2011, 2010 and 2009 respectively. 06 Annual Report FY2012 ParkwayLife REIT Robust Financial Position PLife REIT maintained its strong financial position in FY2012 with a series of prudent and pre-emptive capital management measures. In June, PLife REIT has completed the pre-emptive refinancing exercise to ensure it has no refinancing needs for its existing debt portfolio until FY2014. It has put in place a four-year S$80.0 million committed and unsecured Revolving Credit Facility (the “Facility”) to term out short-term loan facilities. Concurrently, the Facility has been utilised to pre-emptively purchase and cancel S$35.75 million of the outstanding S$50 million Floating Rate Notes (“FRN”) maturing in FY2013. The S$14.25 million of the FRN will be term out using the Facility when the FRN falls due in March 2013. Attributed to its prudent financial risk management, PLife REIT has not been affected by the volatility in Japanese Yen exchange rate in FY2012. PLife REIT’s natural hedge strategy adopted since its first investment in Japan in 2008 to borrow loans denominated in Japanese Yen for its investments in Japan insulates it from exposure to foreign currency fluctuations. In 1Q 2012, in view of the increasingly volatile Japanese Yen exchange rate, PLife REIT has pro-actively extended its Japanese Yen denominated net income forward hedge for another five years till 1Q 2017. These proactive financial risk management measures have strengthened PLife REIT’s resiliency against foreign exchange risks, thereby enabling it to maintain a stable net asset value and distributable income to Unitholders. As at 31 December 2012, PLife REIT’s gearing level stood at a healthy 32.9%. With a “BBB” investment grade credit rating from Fitch Ratings and further debt headroom of S$322.9 million before reaching gearing level of 45%, PLife REIT’s robust balance sheet strengthens its resilience against market uncertainties and provides it with access to attractively-priced funding to support its future growth. Prudent Financial Risk Management Ample Debt Headroom of Diversified S$322.9 Million Funding Before 45% Sources Gearing Level Investment Grade Healthy Credit Rating Gearing of BBB of 32.9% Low Effective Healthy Weighted All-in Debt Cost Average Term of 1.62% to Loan Maturity of 2.45 Years 07 ParkwayLife REIT Annual Report FY2012 SIGNIFICANT EVENTS 25 January 2013 Announced 4Q 2012 results: Gross revenue increased 5.0% year-on-year to S$23.99 million. Distributable income (net of amount retained for capital expenditure) increased 9.5% year-on-year to S$16.31 million. DPU of 2.69 cents for the period declared. Achieved revaluation gains amounting to S$49.7 million. Announced completion of its sixth Asset Enhancement Initiative (“AEI”) for Japan Portfolio involving the creation of a central kitchen at Sawayaka Obatake Nibankan to facilitate the catering and preparation of food for other K.K. Sawayaka Club facilities in the vicinity. Achieved ROI of 10.0% with gross rent for the unexpired lease term increasing by 5.04%. 8 November 2012 Announced 3Q 2012 results: Gross revenue increased 8.5% year-on-year to S$23.9 million. Distributable income (net of amount retained for capital expenditure) increased 7.1% year-on-year to S$15.57 million. DPU of 2.58 cents for the period declared. 2 August 2012 Announced 2Q 2012 results: Gross revenue increased 9.5% year-on-year to S$23.40 million. Distributable income (net of amount retained for capital expenditure) increased 4.9% year-on-year to S$15.01 million. DPU of 2.48 cents for the period declared. Announced the 6.31% increase in Minimum Guaranteed Rent for sixth year of lease term commencing 23 August 2012 for Singapore Hospital Properties, under the CPI+1% rental revision formula. Announced the completed acquisition of strata-titled units/lots within Gleneagles Intan Medical Centre, Kuala Lumpur. Announced the roll-out of its new “Refurbishment AEI” concept at Maison des Centenaire Ishizugawa to yield a 2.0% increase in gross rent for unexpired lease term and ROI of 18.5%. 25 June 2012 Completed the pre-emptive refinancing exercise to ensure PLife REIT has no refinancing needs for its existing debt portfolio until FY2014. Put in place a four-year S$80.0 million committed and unsecured Revolving Credit Facility (the “Facility”) to term out short-term loan facilities. Concurrently, the facility has been utilised to pre-emptively purchase and cancel S$35.75 million of the outstanding S$50.0 million Floating Rate Notes (“FRN”) maturing in FY2013. The remaining S$14.25 million of the FRN will be term out using the Facility when the FRN falls due in March 2013. 3 May 2012 Announced 1Q 2012 results: Gross revenue increased 6.0% year-on-year to S$22.78 million.
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