PLife REIT

PLife REIT: 2Q14 DPU and distributable income rose 10.2% y/y to 2.9¢ and $17.5m, gross revenue and rose 12% to $25.3m and 23.6m respectively driven mainly by acquisitions and rental growth of existing properties. WALE stood at 13.75 years. Aggregate leverage stood at 35.3% with all-in cost of debt of 1.46% and average debt term to maturity of 3.48 years. Management is optimistic on medium term acquisition outlook, as well as long term structural outlook of regional healthcare industry, in light ageing population growth. In addition, in its 47 asset portfolio, 91% of the assets have downside revenue protection, while 64% of total is pegged to CPI-linked revision formula ensure revenue growth and stability. NAV stood at $1.63, translating to 1.5x P/B, with 4.8% yield.