Parkway Life Real Estate Investment Trust (C2PU) Q3 2025 earnings summary

Executive summary

• Gross revenue for YTD 3Q 2025 rose 8.2% year-over-year to S$117.3 million, driven by acquisitions in Japan and France and currency appreciation.

• Distributable income increased 10.4% to S$75.4 million, with DPU up 2.3% to 11.56 cents, reflecting an enlarged unit base.

• Portfolio expanded to 74 properties across Singapore, Japan, and France, with a total appraised value of S$2.46 billion.

• Completed divestment of Malaysia portfolio and secured long-term refinancing, extending debt maturity.

Financial highlights

• Net property income for YTD 3Q 2025 was S$110.7 million, up 8.1% year-over-year.

• Total return after tax before distribution was S$64.1 million, down 5.5% year-over-year due to higher finance costs and fair value losses.

• Distribution per unit (DPU) for YTD 3Q 2025 was 11.56 cents, a 2.3% increase year-over-year.

• NAV per unit remained at S$2.41, with unit price at S$4.12, representing a 71% premium to NAV.

Outlook and guidance

• Focus on organic growth through step-up lease arrangements and indexed rent escalations.

• Strategic foray into Europe with further expansion in France and potential entry into other European markets.

• Singapore remains the core market, with continued asset enhancement and long-term lease certainty.