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PARKWAY LIFE REAL ESTATE INVESTMENT TRUST

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Financial Statements And Related Announcement :: Full Yearly Results

01/24/2022 | 07:44am EDT

Parkway Life Real Estate Investment Trust

and its subsidiaries

(Constituted in the Republic of Singapore pursuant to

a trust deed dated 12 July 2007)

Interim Financial Statements

For the full year ended 31 December 2021

Page 1 of 36

PARKWAY LIFE REAL ESTATE INVESTMENT TRUST

INTERIM FINANCIAL STATEMENTS FOR THE FULL YEAR ENDED 31 DECEMBER 2021

Table of Contents

A. Consolidated statements of total return …………..……………………………….……...…… 3

B. Consolidated statements of financial position ………………………………........................ 6

C. Consolidated statements of movement in unitholders' funds ..........................................

7

D. Portfolio statements ..............................................................................................................

8

E. Consolidated statement of cash flows ...............................................................................

21

F. Selected notes to the financial statements ........................................................................

22

G. Other information required by Listing Rule Appendix 7.2 ...............................................

29

Page 2 of 36

PARKWAY LIFE REAL ESTATE INVESTMENT TRUST

INTERIM FINANCIAL STATEMENTS FOR THE FULL YEAR ENDED 31 DECEMBER 2021

  1. CONSOLIDATED STATEMENTS OF TOTAL RETURN

4Q

4Q

Inc/

2021

2020

Inc/

2021

2020

(Dec)

(Dec)

S$'000

S$'000

S$'000

S$'000

%

%

Gross revenue

30,606

30,566

0.1

120,705

120,892

(0.2)

Property expenses

(2,101)

(2,107)

(0.3)

(9,471)

(8,364)

13.2

Net property income

28,505

28,459

0.2

111,234

112,528

(1.1)

Management fees

(3,398)

(3,213)

5.8

(12,852)

(12,647)

1.6

Trust expenses

(990)

(789)

25.5

(3,373)

(3,739)

(9.8)

Net foreign exchange gain

272

40

580.0

1,946

90

2,062.2

Interest income

-

1

n.m.

-

7

n.m.

Finance costs

(1,432)

(1,351)

6.0

(4,683)

(5,237)

(10.6)

Other expenses

-

(905)

n.m.

-

(1,218)

n.m.

Non-property expenses

(5,548)

(6,217)

(10.8)

(18,962)

(22,744)

(16.6)

Total return before changes in fair

22,957

22,242

3.2

92,272

89,784

2.8

value of financial derivatives,

investment properties and gain

on disposal of investment

property

1,781

1,126

58.2

4,161

(823)

n.m.

Net change in fair value of financial

derivatives

109

7,444

(98.5)

239,206

7,428

3,120.3

Net change in fair value of

investment properties

-

-

-

5,113

-

n.m.

Gain on disposal of investment

property

Total return for the period before

24,847

30,812

(19.4)

340,752

96,389

253.5

tax and distribution

Income tax expense

(2,412)

(3,309)

(27.1)

(8,874)

(9,165)

3.2

Total return for the period after tax

22,435

27,503

(18.4)

331,878

87,224

280.5

before distribution

Earnings per unit (cents)

Basic and diluted

3.71

4.55

54.86

14.42

Page 3 of 36

PARKWAY LIFE REAL ESTATE INVESTMENT TRUST

INTERIM FINANCIAL STATEMENTS FOR THE FULL YEAR ENDED 31 DECEMBER 2021

Distribution Statements

4Q

4Q

Inc/

2021

2020

Inc/ (Dec)

Note

2021

2020

(Dec)

S$'000

S$'000

%

S$'000

S$'000

%

Amount available for distribution

21,559

21,387

0.8

21,628

20,257

6.8

to Unitholders at the beginning

of the period

Total return for the period

22,435

27,503

(18.4)

331,878

87,224

280.5

Distribution adjustments

A

(588)

(6,130)

(90.4)

(244,176)

(482)

50,558.9

Rollover adjustment

B

-

64

n.m.

-

145

n.m.

Amount retained for capital

C

(750)

(750)

-

(3,000)

(3,000)

-

expenditure

D

476

905

(47.4)

476

(478)

n.m.

Amount released/(retained) for

COVID-19 related relief

measures

Income for the period available

21,573

21,592

(0.1)

85,178

83,409

2.1

for distribution to Unitholders

Amount available for distribution

43,132

42,979

0.4

106,806

103,666

3.0

to Unitholders

Distributions to Unitholders

during the period:

- Distribution of 3.34 cents per

-

-

-

20,207

unit for period from 1 October

2019 to 31 December 2019

- Distribution of 3.32 cents per

-

-

-

20,086

unit for period from 1 January

2020 to 31 March 2020

- Distribution of 3.36 cents per

-

-

-

20,328

unit for period 1 April 2020 to

30 June 2020

- Distribution of 3.54 cents oer

-

21,417

-

21,417

unit for period 1 July 2020 to 30

September 2020

- Distribution of 3.57 cents per

-

-

21,599

-

unit for period from 1 October

2020 to 31 December 2020

- Distribution of 3.57 cents per

-

-

21,598

-

unit for period from 1 January

2021 to 31 March 2021

- Distribution of 3.38 cents per

-

-

20,449

-

unit for period from 1 April 2021

to 30 June 2021

- Distribution of 3.56 cents for

21,538

-

21,538

-

unit for period from 1 July 2021

to 30 September 2021

21,538

21,417

85,184

82,038

Page 4 of 36

PARKWAY LIFE REAL ESTATE INVESTMENT TRUST

INTERIM FINANCIAL STATEMENTS FOR THE FULL YEAR ENDED 31 DECEMBER 2021

Amount available for distribution

21,594

21,562

0.1

21,622

21,628

-

to Unitholders at the end of the

period

Rounding adjustment

(1)

30

(29)

(36)

Distributable income to

E

21,593

21,592

-

21,593

21,592

-

Unitholders

Number of units entitled to

605,002

605,002

605,002

605,002

distribution ('000)

Distribution per unit (cents)

3.57

3.57

14.08

13.79

Note:

A. Distribution adjustments comprise:

4Q

4Q

Inc/

2021

2020

Inc/ (Dec)

2021

2020

(Dec)

S$'000

S$'000

%

S$'000

S$'000

%

(Non-taxable)/non-tax deductible items:

Trustee's fees

94

86

9.3

350

339

3.2

Amortisation of transaction costs relating

250

152

64.5

716

623

14.9

to debt facilities

(1,781)

(1,126)

58.2

(4,161)

823

n.m.

Net change in fair value of financial

derivatives

1,243

(5,507)

n.m.

(235,712)

(3,456)

6,720.4

Net change in fair value of investment

properties (net of deferred tax)

-

-

-

(4,231)

-

n.m.

Gain on disposal of investment property

Foreign exchange (gain)/loss

111

12

n.m.

(926)

13

n.m.

Others

(505)

253

n.m.

(212)

1,176

n.m.

Net effect of (non-taxable)/non-tax

(588)

(6,130)

(90.4)

(244,176)

(482)

50,558.9

deductible items

  1. The rollover adjustment in 2020 represented the difference between the taxable income previously distributed and the quantum finally agreed with the Inland Revenue Authority of Singapore ("IRAS") for the Year of Assessment 2018. Differences have been adjusted under the rollover mechanism agreed with the IRAS.
  2. An amount of $3.0 million is retained for capital expenditure on existing properties each year.
  3. Part of the $1.7 million COVID-19 related relief measures for tenants announced in 1Q 2020. The retention sum will be released as and when the COVID-19 related support has been utilised and recognised in the Statement of Total Return. Balance of the unutilised retention sum has been released as of 31 December 2021.
  4. Parkway Life REIT's distribution policy is to distribute at least 90% of its taxable income and net overseas income, with the actual level of distribution to be determined at the Manager's discretion.

Page 5 of 36

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Parkway Life REIT published this content on 24 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2022 12:43:05 UTC.


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Technical analysis trends PARKWAY LIFE REAL ESTATE INVESTMENT TRUST
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 4
Last Close Price 4,82 SGD
Average target price 5,16 SGD
Spread / Average Target 7,05%
EPS Revisions
Managers and Directors
Yean Chau Yong Chief Executive Officer & Executive Director
Hock Leong Loo Chief Financial Officer
Kian Guan Ho Chairman
Seak Sze Tan Chief Investment Officer
Gek Choo Lee Independent Non-Executive Director
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