Parkway Life REIT - Successful capital recycling | I3investor

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Parkway Life REIT - Successful capital recycling

StockFanatic

Publish date: Wed, 29 Apr 2015, 02:20 PM

PREIT's 1QFY15 DPU was in line at 23% of our full-year estimate. Recurring income grew 0.7% yoy despite the divestments of 7 Japan nursing homes while disposal gains grew the DPU by 14% yoy. We like management's recent capital-recycling initiative, which created value and improved the portfolio in terms of tenant concentration and WALE. Maintain our Add rating, with an unchanged DDM-based target price. PREIT's stable portfolio and good management track record justify a premium over peers, in our view. Its FY15 dividend yield of 5.6% is comparable to office and retail S-REITs of 5.5-5.9%.

ParkwayLife Reit (C2PU)

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