Financial Statements And Related Announcement :: First Quarter Results

22 April 2020

Disclaimer

• This Presentation is focused on comparing actual results for the period from 1 January 2020 to 31 March 2020 ("1Q 2020") versus the period from 1 January 2019 to 31 March 2019 ("1Q 2019"). This shall be read in conjunction with PLife REIT 2020 First Quarter Unaudited Financial Statement and Distribution Announcement in SGXNet.
• This Presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, shifts in expected levels of property rental income, changes in operating expenses, property expenses and governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view of future events.

2

Agenda
1	1Q 2020 Key Highlights
2	Financial Review
3	Capital and Financial Management
4	Appendix - Portfolio Highlights
	3
	("PLife REIT")
1. 1Q 2020 Key Highlights
	4

1Q 2020 Key Highlights

• DPU Growth of 1.4% for 1Q 2020
• • Amount available for distribution income1 grew by 5.7% (Y-O-Y)
  • Will set aside $1.7 million for COVID-19 related relief measures to support our tenants where necessary, of which S$850,000 was retained in 1Q 2020
  • Notwithstanding, DPU for 1Q 2020 grew by 1.4% (Y-O-Y) to 3.32 cents
• Successful Refinancing of remaining Long Term Loan due in 2020
• • Secured a 6-year committed loan facility to term out the S$75.2 million loan2 in 3Q 2020
  • Extended debt maturity profile to 2026
  • No long term debt refinancing needs till June 2021

Note:

1. Net of amount retained for capital expenditure

2. Approximately 10% of PLife REIT's total debts

5

1Q 2020 Key Highlights (cont'd)

• Strong Capital Structure1
• • Extended JPY net income hedge till 2Q 2025 capitalising on the recent strengthening of JPY
  • Gearing remains optimal at 38.5%
  • Interest coverage ratio of 14.8 times2
  • About 89% of interest rate exposure is hedged
  • Lowered all-in cost of debt from 0.80%3 to 0.63% mainly due to the extension of JPY interest rate hedge at lower cost and overall drop in interest rates

Note:

1. As at 31 March 2020

2. Interest coverage ratio as prescribed under the Monetary Authority of Singapore's Property Funds Appendix (last revised on 16 April 2020)

3. As at 31 December 2019

6

1Q 2020 Key Highlights (cont'd)

• Impact of COVID-19
• • Posed significant impact on the global economy since its outbreak in early 2020
  • Notwithstanding, the REIT's operations and performance are relatively stable with no major impact anticipated
  • Continues to monitor the situation closely

7

("PLife REIT")

2. Financial Review

8

Performance at a Glance

 DPU grew by 1.4% to 3.32 cents.

	(S$'000)	1Q 2020	1Q 2019	Increase
	%
Gross Revenue	29,869	28,390	5.2
Net Property Income	27,746	26,542	4.5
Amount available for distribution to Unitholders1	20,951	19,829	5.7
Less: Amount retained for COVID-19 related	(850)	-	n.m.
relief measures
Distributable Income to Unitholders	20,101	19,829	1.4
Distribution Per Unit (Cents)2	3.32
- For the period	3.28	1.4
- Annualised	13.28	13.12	1.4
Note:
1.	Net of amount retained for capital expenditure
2.	In computing Distribution per Unit ("DPU") , the number of units in issue as at the end of each period is used

9

Revenue and Distributable Income (DI) Growth

• Revenue grew by 5.2% to $29.9 million for 1Q 2020.
• DI grew by 1.4% to $20.1 million.

(S$'000)	+5.2%	(S$'000)
	+1.4%

10

Net Property Income (NPI) Growth

• Increase in NPI is largely due to:
• • Rent contribution from properties acquired in 4Q 2019
  • Upward minimum guarantee rent revision of Singapore hospitals by 1.61%1

+4.5%

Note:

1. In 13th year of lease commencing 23 August 2019 to 22 August 2020

11

Un-interrupted Recurring DPU Growth Since IPO

• DPU has grown steadily at a rate of 108.7%1 since IPO

DPU	+108.7%	13.29	13.35
(cents)

Representing 25.2% of 2019 recurrent DPU of 13.19 cents

Note:

1. Since IPO till YTD 4Q 2019

2. Since FY2012, S$3.0 million per annum of amount available for distribution has been retained for capital expenditure

3. One-off divestment gain of 1.50 cents (S$9.11 million) relating to the divestment of seven Japan assets in December 2014 was equally distributed over the four quarters in FY2015

4. One-off divestment gain of 0.89 cents (S$5.39 million) relating to the divestment of four Japan assets in December 2016 was equally distributed over the four quarters in FY2017

12

Attractive Spread Above 10-yr SGS Yield

• 301 bps higher than 10-yr Singapore Government Securities ("SGS")
• 290 bps higher than fixed deposit rates
• Defensive nature of PLife REIT adds to the attractive yield of 4.30%1

Note:

1. Distribution yield based on the unit price of S$3.09 as at 31 March 2020

Unit Price Relative Performance

13

As at 31 March 2020, PLife REIT's unit price's performance has outperformed both S-REIT Index and STI Index.

14

Distribution Details
Stock Counter	Distribution Period	Distribution per unit
(cents)
ParkwayLife REIT	01 January 2020 to 31 March 2020	3.32
Distribution Timetable
Ex-Date:		29 Apr 2020
(Units will be traded ex-date)
Books Closure Date:	30 Apr 2020 at 5pm
Distribution Payment Date:	29 May 2020
			15
		("PLife REIT")
3. Capital and Financial
	Management
			16

Healthy Balance Sheet

• Healthy gearing of 38.5% as at 31 March 2020

	Consolidated Balance			As at	As at
	Sheet (in S$'000)		31 March 2020	31 December 2019
	Total Assets			2,045,283	2,003,027
	Total Debt¹			788,147	743,881
	Unitholders' Funds			1,168,467	1,181,848
	Gearing2 (%)			38.5	37.1
	Note:
1.	Total Debts (include lease liabilities, if any) before transaction costs
2.	Total Debts	÷ Total Assets	17

Debt Maturity Profile1

As at 31 March 2020

• Weighted average term to maturity of 2.6 years
• Current effective all-in cost of debt of 0.63%
• Interest coverage ratio of 14.8 times4
• About 89% of interest rate exposure is hedged

Note:

1. Excludes lease liabilities, if any

2. Refers to a 6-year S$75.2 million revolving credit facility ("RCF") due in 3Q 2020. On 11 March 2020, the Group has secured a 6-year up to S$82.0 million committed and unsecured loan facility to term out this maturing RCF in 3Q 2020. Upon the extension in 3Q 2020, the debt maturity profile will be extended to 2026 and weighted average term to maturity lengthened to above 3 years

3. As at 31 March 2020, S$7.0 million and JPY452 million of short term loans were drawn down for general working capital purposes

4. Interest coverage ratio as prescribed under the Monetary Authority of Singapore's Property Funds Appendix (last revised on 16 April 2020)

18

Debt Headroom

• Debt headroom of $240.4 million and $469.0 million before reaching 45% and 50%1 gearing respectively

Asset (S$'M)

1,000
500		240.4	469.0
0	788.1	788.1	788.1
	38.5%	45%	50%1
	Gearing	Gearing	Gearing

Debt Balance as at 31 March 2020 (include lease liabilities, if any)

Note:

1. On 16 April 2020, the MAS has raised the leverage limit for S-REITs from 45% to 50%.

19

("PLife REIT")

• 4. Appendix

• Portfolio Highlights

20

PLife REIT Portfolio

One of the largest listed healthcare REITs in Asia with an enlarged portfolio of S$1.96 billion1

Core Strengths:

• Defensive long term lease structure with downside protection
• Stable income stream supported by regular rental revision
• Diversified portfolio of high quality and yield accretive properties
• Well-positioned in fast growing healthcare sector within the Asia-Pacific region

53 30

Properties Lessees

		Weighted	Properties	Downside2
Portfolio Size	Average Lease	(By Gross
to Expiry	Revenue)3	Protection
S$1.96	Revenue)			(By Gross
		(By Gross	Singapore:
			3	Revenue)3
billion1	6.39	57.1%	With:
Japan:	95%
		years	42.7%
Note:
1.	Based on latest appraised values (excludes right-of-use assets)
2.	Based on existing lease agreements and subject to applicable laws
3.	Based on Gross Revenue as at 31 March 2020, including Malaysia property at 0.2%

21

Our Properties - Singapore

• A portfolio of 3 strategically-locatedworld-class local private hospitals worth S$1.21 billion1
• Master Lease with Parkway Hospitals Singapore Pte. Ltd, a wholly owned subsidiary of Parkway Pantai Limited ("Parkway"), the largest private healthcare operator in Singapore and a key regional healthcare player
• Singapore Hospital Properties contribute approximately 57.1% of total gross revenue2

Mount Elizabeth Hospital

Gleneagles Hospital

Parkway East Hospital

Note:

1. Based on latest appraised values

2. Based on Gross Revenue as at 31 March 2020

22

Our Properties - Japan

• A portfolio of 49 high quality healthcare properties worth S$746.5 million1, comprising:
• • 1 pharmaceutical product distributing and manufacturing facility (P-Life Matsudo)
  • 48 private nursing homes
• Favorable lease structure with 26 lessees
• Comply with strict seismic safety standards and covered by earthquake insurance on a country-wide consolidated basis2
• Nursing Home Properties strategically located in dense residential districts in major cities

Note:

1. Based on latest appraised values

2. The consolidated earthquake insurance cover procured by PLife REIT is based on an aggregated sum insured and it extends to occurrences resulting from earthquake such as flood, fire and tsunami etc.

P-Life Matsudo

Bon Sejour Yokohama Shin-

Yamashita

Excellent Tenpaku Garden Hills	23

Our Properties - Japan

Unique features of our Japan assets:

1 property with annual revision linked to Japan CPI; if CPI is negative, rent will remain unchanged 2.7% of Japan

• Long term lease structure with weighted
  average lease term to expiry of 12.35 years1
• "Up only" Rental Review Provision for most of our nursing homes
• 100% committed occupancy

P-Life Matsudo

is on fixed rent for

the entire lease term of 10 years2 3.6% of Japan Gross Revenue1

Gross Revenue1

"Up only"	40 properties have
Rent Review
Provision for	market revision
with downside
most of our	protection3
nursing	80.9% of Japan
homes	Gross Revenue1
7 properties have
market revision
every 2 to 3 years
subject to
Lessor/Lessee
mutual agreement
12.8% of Japan
Gross Revenue1

Note:

1. Based on Gross Revenue as at 31 March 2020

2. With effect from 14 December 2016

3. Based on existing lease agreements and subject to applicable laws. 38 properties with rent review every 2 to 5 years. 2 properties do not have rent review but rental cannot be reduced

24

Diversified Nursing Home Operators
			K.K Silver Heights		Monthly Rental Contribution
			Sapporo, 2.3%		As at 31 March 2020
			Medical Corp Misaki‐kai, 2.3%
 25 high quality nursing
home operators		Medical Corp Shojin‐kai,		Others (operators
	2.4%
	Diversifies tenant risk		contributing less than
K.K. M.C.S.,		2%), 7.7%
 Back-up operator		2.6%
Benesse Style Care Co.,
arrangements
	Ltd, 2.6%
	Minimise operator	K.K. Kokanomori, 2.8%		K.K. Sawayaka Club,
	default risks	Medical Corp Kenkou		20.7%
			Choju‐kai, 2.7%			K.K. Habitation, 13.7%
 Rental guarantee by
	Miyako‐Kenkoukai
vendors		Medical Corp, 2.9%			K.K. Asset,
	Rental guarantees	Iryohoujin Shadan			7.4%
	provided by various		Kouaikai, 3.0%
	vendors1 for most		K.K. Hakusho, 3.4%
	properties.		K.K. Taijyu, 3.4%
			Green Life Higashi		K.K. Riei, 5.3%	Miyako Enterprise
			Nihon, 3.6%
			Japan Amenity Life		Co., Ltd., 6.3%
Note:			Association, 4.9%

1. Vendors providing rental Guarantees include K.K. Bonheure, K.K. Uchiyama Holdings, Miyako Kenkoukai, K.K. Excellent Care System , K.K. Habitation and K.K. Living Platform

25

Introduction to Japan Properties

Why Japan nursing homes?

• Acute aging population in Japan
• • 1 in 3 Japanese to be over 65 years old by 2050
• Well established laws and regulations
• Diversified rental sources complement Singapore hospital revenues to enhance revenue stability of overall portfolio

26

Our Properties - Malaysia

• A portfolio of high quality healthcare assets worth S$6.8 million1 within MOB Specialist Clinics2, next to the 369-bed Gleneagles Hospital Kuala Lumpur

Note:

1. Based on latest appraised values

2. Formerly known as Gleneagles Intan Medical Centre Kuala Lumpur

27

Our Portfolio - Summary

	Portfolio	Singapore		Japan	Malaysia	Total
				48 nursing homes;		4 Hospitals & medical centre;
					48 nursing homes;
	Type	3 Hospitals & Medical		1 pharmaceutical product
		Medical Centre	1 pharmaceutical product
	Centres		distribution &
				distributing & manufacturing
				manufacturing facility
					facility
	Land Tenure	3 Leasehold		48 Freehold, 1 Leasehold	1 Freehold	49 Freehold & 4 Leasehold
	Land Area (sq m)	36,354		215,411	3,450	255,215
	Floor Area (sq m)	118,136		199,938	2,444	320,518
	Beds	708		-	-	708
	Strata Units/	40 strata units/		-	7 strata units/	47 strata units /
	Car Park Lots	559 car park lots		69 car park lots	628 car park lots
	Number of Units	-		3,906	-	3,906
	(Rooms)
	Year of Completion	1979 to 1993		1964 to 2015	1999	1964 to 2015
	Committed Occupancy	100%		100%	31% (excluding car park)3	99.7%
	Leases/ Lessees	3 Leases;		48 Leases1;	3 Lessees	54 Leases;
	1 Master Lessee		26 Lessees	30 Lessees
	Year of Acquisition	2007		2008 to 2019	2012	-
				¥60,254m (S$746.5m)	RM20.5m (S$6.8m)
	Appraised Value 2	S$1,210.7m		CBRE K.K. / JLL Morii	Nawawi Tie Leung	S$1,964m
	Knight Frank Pte Ltd	Valuation & Advisory K.K. /	Property Consultants Sdn.
				Enrix Co., Ltd	Bhd.
			Note:
			1. Single Lease Agreement for Habitation Hakusho and Group Home Hakusho
			2.	Based on latest appraised values; at an exchange rate of S$1.00 : ¥80.71 and
				S$1.00 : RM3.03
			3.	Decline in committed occupancy due to expiry of an existing lease on 28 Feb 2019	28

Our Portfolio - Singapore

	Property		Mount Elizabeth Hospital	Gleneagles Hospital	Parkway East Hospital
	Type					Hospital and Medical Centre
	Land Tenure		67 years		75 years	75 years
	Floor Area (sq m) 1		58,139		49,003	10,994
	Beds 2			345		257	106
	Operating theatres	2,3		13		12	5
	Strata Units / Car Park Lots	30 strata units; 363 car park lots	10 strata units; 121 car park lots	75 car park lots
	Year of Completion		Hospital Building (1979)	Hospital Building (1991 & 1993)	Hospital Building (1982)
			Annex Block (1979)
			Medical Centre (1979 & 1992)	Medical Centre (1987)
			Medical Centre (1991 & 1993)
	Committed Occupancy				100%
	Name of Lessee (s)					Parkway Hospitals Singapore Pte Ltd
	Awards and Accreditation	JCI Accreditation, 1st	private	JCI Accreditation; Asian Hospital	JCI Accreditation;
			hospital in Asia to win Asian	Management Award; SQC Award	SQC status in 1998
			Hospital Management Award;	in 2002 (re-certified 2007);
			SQC status since 1998,	Superbrands status since 2002
			Superbrands status since 2002
	Appraised Value		S$749m		S$394m	S$67.7m
	Appraiser / Date				Knight Frank Pte Ltd / 31 December 2019
			Note:
			1.	Based on strata area of Mount Elizabeth Hospital and Gleneagles Hospital owned by PLife REIT
				Gross floor area for Parkway East Hospital
			2.	As at 31 December 2019
			3.	Refers to operating rooms within major operating theatre area(s)	29

Our Portfolio - Japan

Property	P-Life Matsudo	Bon Sejour Yokohama	Palmary Inn Akashi
Shin-Yamashita
Type	Pharmaceutical product distributing &	Paid nursing home with care service
manufacturing facility
Land Tenure	Freehold	Freehold		Freehold
Land Area (sq m)	8,450	1,653		5,891
Floor Area (sq m)	3,240	3,273		6,562
Number of Units (Rooms)	NA	74		96
	2005;			1987;
Year of Completion	Additional works were	2006		Conversion works were
	completed in 2007			completed in 2003
Committed Occupancy		100%
Name of Lessee(s)	Abbott Diagnostics Medical Co., Ltd2	Benesse Style Care Co., Ltd3	Asset Co., Ltd
Date of Acquisition	16 May 2008	30 May 2008		29 September 2008
Appraised Value 1	¥2,410m (S$29.9m)	¥1,680m (S$20.8m)		¥1,790m (S$22.2m)
Appraiser/ Date	CBRE K.K./		Enrix Co., Ltd/
31 December 2019	31 December 2019

Note:

1. At an exchange rate of S$1.00 : ¥80.71

2. Change of name with effect from 3 October 2017 due to acquisition of Alere Medical Co., Ltd. by Abbott Diagnostics Medical Co., Ltd.

3. On 1 April 2012, Benesse Style Care Co., Ltd merged as the surviving company with Bon Sejour Corporation

30

Our Portfolio - Japan

Property	Palmary Inn Suma	Senior Chonaikai			Smiling Home Medis
Makuhari Kan			Musashi Urawa
Type			Paid nursing home with care service
Land Tenure	Freehold	Freehold			Freehold
Land Area (sq m)	2,676	2,853			802
Floor Area (sq m)	4,539	4,361			1,603
Number of Units (Rooms)		59	1082			44
Year of Completion			1992;			1991;
1989	Conversion works were		Conversion works were
			completed in 2004			completed in 2004
Committed Occupancy			100%
Name of Lessee(s)	Asset Co., Ltd	Riei Co., Ltd		Green Life Higashi Nihon3
Date of Acquisition			29 September 2008
Appraised Value 1	¥1,060m (S$13.1m)	¥1,830m (S$22.7m)			¥807m (S$10.0m)
Appraiser/ Date	Enrix Co., Ltd/		CBRE K.K./
31 December 2019	31 December 2019
	Note:
	1. At an exchange rate of S$1.00 : ¥80.71
	2.	As at 31 March 2009, total number of units increased from 107 to 108
	3.	Change of name with effect from 1 May 2013 due to organizational restructuring by Green
		Life Co., Ltd, parent company of Medis Corporation

31

Our Portfolio - Japan

	Property	Smiling Home Medis	Sompo no Ie Nakasyo3	Maison de Centenaire
	Koshigaya Gamo			Ishizugawa
	Type		Paid nursing home with care service
	Land Tenure	Freehold	Freehold				Freehold
	Land Area (sq m)	1,993	2,901				1,111
	Floor Area (sq m)	3,834	3,231				2,129
	Number of Units (Rooms)	100	75				52
	Year of Completion	1989;	2001				1988;
	Conversion works were		Conversion works were
		completed in 2005				completed in 2003
	Committed Occupancy		100%
	Name of Lessee(s)	Green Life Higashi Nihon2	Sompo Care Inc.4,		Miyako Kenkokai Medical
	Shakai Fukushi Houjin Keiyu - Kai			Corporation
	Date of Acquisition	29 September 2008	17 November 2009
	Appraised Value 1	¥1,630m (S$20.2m)	¥702m (S$8.7m)			¥922m (S$11.4m)
	Appraiser/ Date	CBRE K.K. /		Enrix Co., Ltd /
	31 December 2019	31 December 2019
		Note:
		1. At an exchange rate of S$1.00 : ¥80.71
		2. Change of name with effect from 1 May 2013 due to organizational restructuring by Green Life
		Co., Ltd, parent company of Medis Corporation
		3. Formerly known as Amille Nakasyo
		4. Change of name with effect from 7 March 2016 due to acquisition of Message Co. Ltd by Sompo
		Holdings, Inc.
							32

Our Portfolio - Japan

	Property	Maison de Centenaire	Hapine Fukuoka		Fiore Senior	Iyashi no
	Haruki	Noke	Residence Hirakata	Takatsuki Kan
	Type		Paid nursing home with care service
	Land Tenure	Freehold	Freehold		Freehold	Freehold
	Land Area (sq m)	801	1,396		727	2,023
	Floor Area (sq m)	1,263	2,912		1,155	3,9562
	Number of Units	36	64		40	87
	(Rooms)
	Year of Completion	1996;	2006		2007	1997;
	Conversion works were		Conversion works were
		completed in 2006				completed in 2005
	Committed Occupancy		100%
	Name of Lessee(s)	Miyako Kenkokai Medical	Green Life Co. Ltd3		K.K. Vivac	Riei Co., Ltd
	Corporation
	Date of Acquisition		17 November 2009
	Appraised Value 1	¥714m (S$8.9m)	¥881m (S$10.9m)		¥519m (S$6.4m)	¥1,710m (S$21.2m)
	Appraiser/ Date		Enrix Co., Ltd /
		31 December 2019
		Note:
		1. At an exchange rate of S$1.00 : ¥80.71
		2. Increase in NLA by 40m2 upon the completion of AEI in February 2014
		3. Change of name with effect from 1 May 2013 due to organizational restructuring by Green Life
		Co., Ltd, parent company of Care Link Co., Ltd			33

Our Portfolio - Japan

Property	Sawayaka Obatake Ichibankan	Sawayaka Obatake Nibankan	Sawayaka Shinmojikan
Type	Paid nursing home	Short stay /	Paid nursing home
with care service	Day care facility	with care service
Land Tenure	Freehold	Freehold	Freehold
Land Area (sq m)	1,769	1,047	2,395
Floor Area (sq m)	3,491	1,538	5,094
Number of Units (Rooms)	78	26	112
Year of Completion	2007	2007	2007
Committed Occupancy		100%
Name of Lessee(s)	K.K. Sawayaka Club	K.K. Sawayaka Club	K.K. Sawayaka Club
Date of Acquisition		17 June 2010
Appraised Value 1	¥846m (S$10.5m)	¥402m (S$5.0m)	¥1,060m (S$13.1m)
Appraiser/ Date		Enrix Co., Ltd /
	31 December 2019
Note:
1. At an exchange rate of S$1.00 : ¥80.71

34

Our Portfolio - Japan

	Property		Sawayaka Nogatakan	Sawayaka Sakurakan	As Heim Nakaurawa	Fureai no Sono
		Musashi Nakahara
	Type			Paid nursing home with care service
	Land Tenure		Freehold	Freehold		Freehold		Freehold
	Land Area (sq m)		2,702	6,276		1,762		935
	Floor Area (sq m)		3,147	5,044		2,712		1,847
	Number of Units		78	110		64		47
	(Rooms)
	Year of Completion		2005	2006		2006		2006
	Committed Occupancy			100%
	Name of Lessee(s)		K.K. Sawayaka Club	K.K. Sawayaka Club	As Partners Co., Ltd	K.K. Japan Amenity Life
			Association 2
	Date of Acquisition		17 June 2010		16 July 2010
	Appraised Value 1		¥808m (S$10.0m)	¥897m (S$11.1m)		¥1,090m (S$13.5m)	¥920m (S$11.4m)
	Appraiser / Date		Enrix Co., Ltd/	CBRE K.K. /		Enrix Co., Ltd/
		31 December 2019	31 December 2019	31 December 2019
	Note:
	1. At an exchange rate of S$1.00 : ¥80.71
	2. Change of name with effect from 1 March 2020 due to acquisition of Y.K Shonan Fureai no Sono's
	operations	by K.K. Japan Amenity Life Association
								35

Our Portfolio - Japan

Property	Sawayaka Fukufukukan	Sawayaka	Happy Life Toyonaka 1	Palmary Inn Shin-Kobe
Higashikagurakan
Type		Paid nursing home with care service
Land Tenure	Freehold	Freehold		Freehold	Freehold
Land Area (sq m)	1,842	4,813		628		1,034
Floor Area (sq m)	3,074	5,467		1,254		3,964
Number of Units	72	110		42		71
(Rooms)
Year of Completion		2010				1992;
2008		2007		Conversion works were
						completed in 2003
Committed Occupancy			100%
Name of Lessee(s)	K.K. Sawayaka Club	K.K. Sawayaka Club		K.K. Nihon Kaigo Iryo	Asset Co., Ltd
	Center
Date of Acquisition	28 January 2011	6 March 2012			12 July 2013
Appraised Value 2	¥748m (S$9.3m)	¥1,040m (S$12.9m)		¥542m (S$6.7m)	¥1,640m (S$20.3m)
Appraiser/ Date	Enrix Co., Ltd /	CBRE K.K. /			Enrix Co., Ltd /
31 December 2019	31 December 2019			31 December 2019

Note:

1. Formerly known as Heart Life Toyonaka

2. At an exchange rate of S$1.00 : ¥80.71

36

Our Portfolio - Japan

Property	Sawayaka Seaside Toba	Sawayaka Niihamakan	Sawayaka Minatokan	Sawayaka Mekari
Nibankan
Type		Paid nursing home with care service
Land Tenure	Freehold	Freehold		Freehold	Freehold
Land Area (sq m)	2,803	4,197			3,551	1,354
Floor Area (sq m)	7,360	7,382			2,246	2,133
Number of Units	129	135			50	61
(Rooms)
Year of Completion	2012	2012			2010	2012
Committed Occupancy				100%
Name of Lessee(s)	K.K. Sawayaka Club	K.K. Sawayaka Club		K.K. Sawayaka Club	K.K. Sawayaka Club
Date of Acquisition			30 September 2013
Appraised Value 1	¥1,610m (S$20.0m)	¥1,530m (S$19.0m)		¥764m (S$9.5m)	¥324m (S$4.0m)
Appraiser/ Date			CBRE K.K. /
		31 December 2019
Note:
1. At an exchange rate of S$1.00 : ¥80.71

37

Our Portfolio - Japan

Property	Sawayaka Kiyotakan	Maison des Centenaire		Sunhill Miyako	Maison des Centenaire
Hannan				Ohhama
Type	Paid nursing home with care service			Extended-stay lodging	Paid nursing home with
		facility		care service
Land Tenure	Freehold	Freehold			Freehold		Freehold
Land Area (sq m)	2,597	7,827			10,867		1,281
Floor Area (sq m)	5,661	4,331			4,299		1,717
Number of Units	108	95			34		47
(Rooms)
Year of Completion	2013	2010			1996		1990
Committed Occupancy			100%
Name of Lessee(s)	K.K. Sawayaka Club	Miyako Enterprise Co., Ltd	Miyako Enterprise Co., Ltd	Miyako Enterprise Co., Ltd
Date of Acquisition	30 September 2013				28 March 2014
Appraised Value 1	¥1,010m (S$12.5m)	¥2,010m (S$24.9m)			¥946m (S$11.7m)		¥754m (S$9.3m)
Appraiser/ Date	CBRE K.K. /		JLL Morii Valuation & Advisory K.K. /
31 December 2019				31 December 2019

Note:

1. At an exchange rate of S$1.00 : ¥80.71

38

Our Portfolio - Japan

	Property	Habitation Jyosui	Ocean View Shonan		Liverari Shiroishi Hana	Liverari Shiroishi Hana
	Arasaki			Ichigo-kan1	Nigo-kan2
	Type			Paid nursing home with care service
	Land Tenure	Freehold		Freehold			Freehold	Freehold
	Land Area (sq m)	3,2593		3,067			628	436
	Floor Area (sq m)	6,0764		5,304			1,051	747
	Number of Units (Rooms)	87		79			48	24
	Year of Completion	2005		2007			2011	1990
	Committed Occupancy				100%
	Name of Lessee (s)	K.K. Habitation	K.K. Japan Amenity Life		Living Platform, Ltd.	Living Platform, Ltd.
	Association 5
	Date of Acquisition	12 December 2014	6 January 2015			23 March 2015
	Appraised Value6	¥3,780m (S$46.8m)	¥2,060m (S$25.5m)			¥370m (S$4.6m)	¥185m (S$2.3m)
	Appraiser/ Date	Enrix Co. Ltd. /		CBRE K.K. /			JLL Morii Valuation & Advisory K.K. /
	31 December 2019	31 December 2019			31 December 2019
		Note:
		1.	Formerly known as Hana Kitago
		2.	Formerly known as Hana Kita 13 Jyo
		3.	Total land area for the integrated development
		4.	Strata area of the Property owned by PLife REIT
		5.	Change of name with effect from 1 June 2019 due to acquisition of K.K. Ouekikaku by K.K. Japan
			Amenity Life Association
		6.	At an exchange rate of S$1.00 : ¥80.71			39

Our Portfolio - Japan

Property	Sunny Spot Misono1	Habitation Hakata I, II, III	Excellent Tenpaku		Silver Heights
Garden Hills		Hitsujigaoka
Type	Group Home		Paid nursing home with care service
Land Tenure	Freehold	Freehold			Freehold		Freehold
Land Area (sq m)	429	15,336			6,593		5,694
Floor Area (sq m)	724	21,415			4,000		9,013
Number of Units	20	318			94		123
(Rooms)
Year of Completion	1993	1984 to 20032			2013		1987 to 19913
Committed Occupancy			100%
Name of Lessee(s)	K.K. Living Platform4	K.K. Habitation			K.K. Kokanomori	K.K. Silver Heights Sapporo
Date of Acquisition	23 March 2015	23 March 2015			23 March 2015		31 March 2016
Appraised Value5	¥207m (S$2.6m)	¥4,030m (S$49.9m)			¥1,860m (S$23.0m)		¥1,180m (S$14.6m)
	JLL Morii Valuation &				CBRE K.K. /
Appraiser/ Date	Advisory K.K. /
			31 December 2019
	31 December 2019
	Note:
	1. Formerly known as Liverari Misono
	2. Hakata I on 1984, Hakata II on 1995, Hakata III on 2003
	3. Silver Heights Hitsujigaoka Ichibankan on 1987 and Nibankan on 1991
	4.	On 1 April 2017, K.K. Living Platform merged as the surviving company with K.K. Care Products
	5.	At an exchange rate of S$1.00 : ¥80.71

40

Our Portfolio - Japan

Property	Kikuya Warakuen	Sanko		Habitation Wakaba1	Habitation Hakusho2
Type		Paid nursing home with care service
Land Tenure	Freehold	Freehold		Freehold	Freehold
Land Area (sq m)	4,905	1,680		6,574	15,706
Floor Area (sq m)	3,641	2,018		5,431	6,959
Number of Units (Rooms)	70	53		135	124
Year of Completion	1964 to 2004	2011		1993	1986
Committed Occupancy			100%
Name of Lessee(s)	K.K. M.C.S.	K.K. M.C.S.		K.K. Taijyu	K.K. Hakusho
Date of Acquisition		24 February 2017
Appraised Value3	¥859m (S$10.6m)	¥552m (S$6.8m)		¥2,150m (S$26.6m)	¥1,670m (S$20.7m)
Appraiser/ Date		CBRE K.K. /
	31 December 2019
Note:
1.	Formerly known as Wakaba no Oka
2.	Formerly known as Hakusho no Sato
3. At an exchange rate of S$1.00 : ¥80.71

41

Our Portfolio - Japan

Property	Group Home Hakusho	Konosu Nursing Home
Kyoseien
Type	Group Home	Nursing Rehabilitation Facility
Land Tenure	Freehold	Freehold
Land Area (sq m)	2,859	8,715
Floor Area (sq m)	416	5,634
Number of Units (Rooms)	9	120
Year of Completion	2004	2015
Committed Occupancy	100%	100%
Name of Lessee(s)	K.K. Hakusho	Iryouhoujin Shadan Kouaikai
Date of Acquisition	24 February 2017	14 February 2018
Appraised Value1	¥105m (S$1.3m)	¥1,680m (S$20.8m)
Appraiser/ Date	CBRE K.K. /	Enrix Co., Ltd /
31 December 2019	31 December 2019
Note:
1. At an exchange rate of S$1.00 : ¥80.71

42

Our Portfolio - Japan

Property	Haru no Sato	Hodaka no Niwa	Orange no Sato
Type		Nursing Rehabilitation Facility
Land Tenure	Freehold	Freehold	Leasehold2
Land Area (sq m)	4,241	39,955	2,377
Floor Area (sq m)	3,568	6,117	4,005
Number of Units (Rooms)	100	100	98
Year of Completion	2000;	2004	1997
Additional works were
	completed in 2016
Committed Occupancy		100%
Name of Lessee(s)	Medical Corporation Shojin-Kai	Medical Corporation Kenko Choju-	Medical Corporation Misaki-kai
		kai
Date of Acquisition		13 December 2019
Appraised Value 1	¥1,290m (S$16.0m)	¥1,400m (S$17.4m)	¥1,280m (S$15.9m)
Appraiser/ Date		Enrix Co., Ltd /
	31 December 2019
	Note:
	1. At an exchange rate of S$1.00 : ¥80.71
	2. Leasehold (Chijoken) 99 years with effect from 1 November 2019

43

Our Portfolio - Malaysia

Property			MOB Specialist Clinics1, Kuala Lumpur
Type			Medical Centre
Land Tenure			Freehold
Land Area (sq m)			3,450
Floor Area (sq m)2			2,444
Number of Car Park Lots			69, all of which owned by Parkway Life REIT
Year of Completion			1999
Committed Occupancy			31% (excluding car park)
Name of Lessee(s)	•	Gleneagles Kuala Lumpur (a branch of Pantai Medical Centre Sdn. Bhd.)
•	Excel Event Networks Sdn. Bhd.
	•	KL Stroke & Neuro Clinic Sdn. Bhd.
Date of Acquisition			1 August 2012
Appraised Value 3			RM20.5m (S$6.8m)
Appraiser/ Date	Nawawi Tie Leung Property Consultants Sdn. Bhd. / 31 December 2019
		Note:
		1.	Formerly known as Gleneagles Intan Medical Centre
		2.	Strata area of Property owned by PLife REIT
		3. At an exchange rate of S$1.00 : RM3.03

44