Company Name: PARKWAYLIFE REIT
Research House: DBS Vickers
Parkway Life REIT (C2PU.SG) is flat at $1.70, holding steady after its 2.3% fall Friday after the healthcare REIT Sunday said most of its properties are located in the Kansai and Kyushu regions of Japan -- relatively less affected by Friday’s earthquake, while investigations indicated that none of its properties have been structurally affected, including those nearer to the earthquake zone.
DBS Vickers, which has a Buy rating and S$1.90 target price, says the Japan earthquake “did not have an direct impact on P-Life REIT’s assets there, as we have earlier expected.”
It notes, P-Life REIT has 38% gross revenue from Japan and its nursing homes are not within the Sendai area, the nearest being in Akita, about 200km away and on west side of Honshu island.
The house notes, “management and staff of the REIT, operators and residents are accounted for with no reported injuries.” DBSV adds, management will continue to monitor the situation and developments closely and will provide updates when available.
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