Unveiling First REIT 2.0: Our New Growth Strategy
TOWARDS BEING A PREEMINENT PAN-ASIAN HEALTHCARE REIT
FIRST
REIT
ASIA'S PREMIER HEALTHCARE TRUST
Committed Sponsors - OUE and OUE Lippo Healthcare
2nd
LARGEST ASIAN
nd HEALTHCARE REIT
BY TOTAL ASSETS
Siloam
63%
Hospitals
24%
Japan Nursing Homes
3%
Singapore Nursing Homes
10%
Others
IMPERIAL ARYADUTA
Healthcare
Healthcare
Healthcare
S$1.3bn TOTAL ASSETS
445k sqm
14.0 years
WALE(1)
89% Freehold/
11%
HGB
31
NO. OF
PROPERTIES (2)
Leasehold/3.1%
BOT
LAND TENURE(3)
BASE RENT
ESCALATION(4)
28
GFA
100%
First REIT 2.0 - Positioned for Further Growth
Highly Attractive Yield Spread vs Key SREIT Peer
DPU Yield
Spread vs Blended Risk Free (6)
Blended Risk Free
4.34%
8.90%
Pro Forma
FIRST REIT
QUIN HEALTHCARE TOLIKT
4.02%
4.56%
Pro Forma(7)
S-REIT Peer
$
FIRST REIT 2.0
ASIA'S PREMIER HEALTHCARE TRUST
Diversify Into Developed Markets
Reduce geographical and tenant concentration risk; target
to reduce Indonesia assets to <50% of portfolio in 3-5 years
Reshape Portfolio For Capital Efficient Growth
Recycle capital from non-core, non-healthcare assets
Strengthen Capital Structure To Remain Resilient
Diversify funding sources & continue to optimise financial position
Continue To Pivot To Ride Megatrends
ESG, ageing population demographics and growth drivers
Based on First REIT's existing portfolio as at 30 June 2021, excluding Sarang Hospital, including the renewed IAHCC master lease agreement as announced on 29 November 2021 and assuming the Japan Nursing Homes were acquired on 30 June 2021.
Excluding Sarang Hospital which was divested in Aug 2021
Land tenure by value; the two types of property titles in Indonesia are Freehold / Hak Guna Bangunan ("HGB"); and Leasehold/Build, Operate and Transfer ("BOT"), which includes Strata Title on BOT and Normal Title on BOT
Blended rent escalation rates by value
OCCUPANCY
RATE(5)
223756
(1)
(2)
(3)
(4)
(5) Portfolio is 100% master-leased
(6)
Computed as DPU Yield over blended risk free spread. Blended risk free spread is computed based on the pro-rata asset contribution from Indonesia (72.3%, Rf: 6.24%),
Singapore (2.7%, Rf: 1.68%) and Japan (25.0%, Rf: 0.00475%)
FIRST" REIT
(7)
Based on reported pro forma financials of S-REIT peer as at 31 Dec 2020 with pro forma effects of proposed entry into New Master Lease Agreements for the Singapore Hospitals and
Renewal Capex Agreement announced on 14 July 2021
ASIA'S PREMIER HEALTHCARE TRUSTView entire presentation