Broker Name: Maybank Research Pte Ltd
Date of Report: February 4, 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary

• Parkway Life REIT (PREIT) continues to deliver recurring DPU growth, supported by acquisitions in Japan and France and step-up leases in Singapore. FY25 DPU grew by 2.5% year-on-year, with gearing declining as portfolio valuation improved and cost of debt peaking.
• The outlook for FY26E remains positive, driven by a significant rental uplift (25.3%) from Singapore assets, potential asset enhancement initiatives, and selective divestments in Japan. Risks include operator bankruptcy in Japan, execution risks in Europe, competition, regulatory changes, and currency volatility.

Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : https://www.maybank.com/investment-banking