First REIT - OCBC Investment 2023-04-21: A New Lease Of Life

• First REIT (SGX:AW9U) is the first Singapore-based healthcare REIT focused on investing in diverse, yield-accretive healthcare and healthcare-related real estate assets within and outside of Asia.
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• First REIT’s lease structure provides growth potential through its annual (or periodic, in the case of its Japan properties) rental escalations, providing cash flow visibility while allowing First REIT to share in tenants’ upside.

First REIT's turnaround strategy well under way

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• In late 2021, First REIT unveiled its 2.0 Growth Strategy, which is expected to further improve its risk profile. This entails:
  1. increasing its exposure to developed markets to more than 50% of assets under management (AUM), which further alleviates tenant and geographical concentration;
  2. portfolio rejuvenation by recycling capital from non-core, non-healthcare, and/or mature assets;
  3. strengthening its capital structure through prudent debt management and hedging of floating rate loans; and
  4. riding on megatrends, such as tapping into sustainability-linked financing to deliver social impact.

Strategy is underpinned by supportive structural megatrends –

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Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-04-07 First REIT - Revisiting Our FX Assumptions.

Previous report by OCBC:
2025-02-12 First REIT - Potential Portfolio Refresh On The Horizon.

Price targets by other brokers at First REIT Target Prices.

Listing of research reports at First REIT Analyst Reports.

Relevant links:
First REIT Share Price History,
First REIT Announcements,
First REIT Dividend Payout Dates & Corporate Actions,
First REIT News