Comprehensive Strategic Collaboration That Surpasses Our Expectations

PREIT’s strategic collaboration with sponsor IHH Healthcare is comprehensive,
encompassing the extension of master leases, renewal capex and ROFR to acquire Mount Elizabeth Novena Hospital. Cumulatively, total rental growth is 39.4% in Year 4 of the new 20-year lease term and exceeds our expectations. The package is accretive to DPU by 32% and NAV per share by 26% in 2026 (Year 4). Unit price performance has been spectacular, gaining 23.3% ytd. Downgrade to HOLD. Target price: S$4.72.