Healthcare S-REITs

Healthcare REITs own hospitals, nursing homes and medical facilities, usually on long leases. They are among the most defensive S-REITs, with demographic tailwinds, and typically trade at lower yields and higher valuations.

2 trusts S$3.1B combined cap 6.8% median yield 1.24x median P/NAV

Healthcare screen

REITPrice YieldP/NAV Mkt cap
First REIT
SGX:AW9U · OUE / OUE Lippo
S$0.2309.09% 0.92S$487M
ParkwayLife REIT
SGX:C2PU · IHH / Parkway
S$3.9404.46% 1.56S$2.57B

Yield vs P/NAV

Healthcare trusts plotted. Up = higher yield; left = cheaper vs book.

Healthcare trusts are defensive: long leases, often with rent escalations, support steady distributions — which is why they tend to trade at the lowest yields and highest P/NAV on the board. Watch lease counterparties and FX.

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What drives the Healthcare sub-sector

Healthcare S-REITs own hospitals, nursing homes and medical real estate, typically on long leases with built-in rent escalations. Ageing demographics across Asia provide a structural tailwind, and the long, often inflation-linked leases make distributions unusually stable.

That defensiveness comes at a price: healthcare trusts usually carry the lowest yields and highest valuations in the sector. The key risks are tenant/operator counterparty strength, lease renewal terms and currency exposure for overseas (e.g. Japan) assets.

Healthcare REITs — questions

Why do healthcare REITs have lower yields?
Long, escalating leases and defensive, demographically supported demand make healthcare distributions unusually stable — so the market pays up for them, compressing the yield and lifting the P/NAV relative to riskier sectors.

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