Parkway Life Real Estate Investment Trust (C2PU) Q3 2026 TU earnings summary

Executive summary

• YTD 3Q 2026 distribution income (DI) reached $85.5m, up 13.4% YoY; DPU was 13.10 cents, also up 13.4%, based on minimum rent.

• Singapore hospital rent growth supported distributions, while Japan revenue was pressured by yen depreciation and tenant exits at five nursing homes.

• France expansion advanced with a €38.8m agreement for three DomusVi nursing homes; JPY refinancing was arranged for debt due in 2027.

Financial highlights

• YTD 3Q 2026 gross revenue was $115.080m, down 1.9% YoY; NPI was $108.047m, down 2.4%.

• Total return after tax before distribution was $77.645m, up 21.2%; amount available for distribution was $85.535m, up 13.4%.

• Net FX gain was $5.456m versus $5.942m; finance costs rose 6.2% to $10.968m, mainly from capex funding and higher JPY debt costs.

• Revenue-sharing uplift from Singapore hospitals was $1.7m for 1H 2026; it was retained pending full-year determination, with any distribution expected in 2H 2026.

Outlook and guidance

• Singapore minimum rent is set to rise to $99.1m for FY2026 from $79.7m in FY2025 under CPI-linked escalation; further upside depends on hospital revenue-sharing results.

• Potential 2H 2026 distribution may include the Singapore hospitals’ full-year revenue-sharing entitlement, subject to final revenue determination.

• The three-property France acquisition is expected to complete by December 2026, subject to conditions precedent.

• After the JPY refinancing, no long-term debt refinancing needs are expected until December 2027; weighted average debt maturity is expected to extend from 3.3 to 4.0 years.