We like PLIFE’s long-term lease structures as they provide a steady stream of rental income and thus downside protection during market downturns. At the same time, there is also growth potential through rental escalations and upside sharing with tenants. A combination of organic rental growth, accretive acquisitions, and prudent capital management has allowed PLIFE to grow its distributions consistently since 2007, and we look favourably upon the REIT’s potential to continue along this trajectory, supported by secular megatrends such as a rise in foreign medical tourism in Singapore and an ageing population in Japan.