PLifeREIT

PLifeREIT: 3Q14 DPU and distributable income rose 8.9% y/y to 2.9¢ and $17.6m respectively. Revenue rose 8.5% to $25.3m while NPI rose 8.6% to $23.7m, contributed by Japan properties acquired in 2H13 and 1Q14, offset by the Yen depreciation. Revenue was also driven by higher CPI adjusted rent renewals. Aggregate leverage stood at 34.6% with all-in cost of debt of 1.43%. No major refinancing needs till FY16. Debt headroom of $297.3m before hitting 45% aggregate leverage mark. Management remains sanguine on the long-term prospects of the regional healthcare industry. 91% of its Singapore and Japan portfolios have downside revenue protection whilst 66% of the total portfolio is pegged to CPI-linked revision formulae. BVPS of $1.63 translates to 1.44x P/B. Annualized 3Q14 yield is 4.9%