FIRST Real Estate Investment Trust (First Reit)

What FIRST Real Estate Investment Trust (First Reit) does

First Real Estate Investment Trust (First REIT) is Singapore's first healthcare-focused real estate investment trust, listed on the Singapore Exchange (SGX: AW9U) since December 2006. The Trust owns and leases a portfolio of 31 healthcare and healthcare-related properties across three Asian geographies — 14 assets in Indonesia (hospitals and integrated hospital/mall complexes operated primarily by PT Siloam International Hospitals), 14 nursing homes in Japan, and 3 nursing homes in Singapore — with total asset value of S$1,022.6 million as at 31 December 2025, comprising 432,159 square metres of gross floor area and 6,305 beds/rooms at 100% occupancy and a 10.0-year weighted average lease expiry. The Trust is externally managed by First REIT Management Limited, which is 60% owned by OUE Limited and 40% by OUE Healthcare Limited; together the sponsors hold a combined 45.60% unitholding stake, with OUE Healthcare the largest direct unitholder at approximately 32%.

The business model is straightforwardly that of an externally-managed REIT: revenue is generated almost entirely through rental and other income on long-dated master leases with healthcare operators, with no proprietary technology platform — the underlying assets are physical hospitals and nursing homes leased to operators such as PT Siloam International Hospitals, Hikari Heights Varus, BEC, Orchard Care, Benesse Style Care, and Precious Homes. FY2025 rental and other income totaled S$100.5 million, down 1.6% year-on-year, with distribution per unit of S$0.0217 down 8.1% on IDR and JPY depreciation rather than operational deterioration. Customer segments are dual: institutional/retail REIT unitholders seeking yield (including ESG/social-finance investors) and healthcare operator tenants.

Capital structure has been actively reshaped: the April 2022 issuance of Singapore's first healthcare social bond (S$100 million, 3.25% coupon, guaranteed by the Asian Development Bank's Credit Guarantee and Investment Facility) established a Social Finance Framework; subsequent facilities include a JPY1.66 billion social loan from Shinsei Trust Bank and a S$300 million syndicated facility (S$225 million term loan + S$75 million revolver) from OCBC and CIMB. In 2025-2026, the Trust is executing a strategic pivot announced via the S$471.5 million divestment of its entire Indonesian portfolio (eight hospitals sold to Siloam for S$389.2 million plus non-core assets to Lippo Karawaci and Metropolis Propertindo Utama), with stated intent to redeploy capital into developed-market healthcare real estate in Singapore, Japan, and Australia — this divestment will reduce pro forma aggregate leverage to approximately 16.7% and unlock S$18.8 million in annual interest cost savings. A right of first refusal (ROFR) from OUE Healthcare and PT Lippo Karawaci provides a captive acquisition pipeline for future deal flow.

Name

FIRST Real Estate Investment Trust (First Reit)

Legal name

Bowsprit Capital Corporation Limited

Website

https://first-reit.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

First Real Estate Investment Trust (First REIT) is Singapore's first healthcare REIT (SGX: AW9U, listed 2006). It owns and leases 31 healthcare properties — hospitals and nursing homes in Indonesia, Japan, and Singapore — to healthcare operators under long-dated master leases.

Ownership category

akta.pro rank

Product category

Healthcare Real Estate Investment Trust (REIT)

NAICS

Trust, Fiduciary, and Custody Activities (523991), Other Financial Vehicles (525990)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industry

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)

Keywords

• Healthcare real estate
• REIT investment trust
• Hospital property leasing
• Nursing home properties
• Medical facility investment

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Others

Revenue model

1. Rental and Other Income: First REIT earns rental and other income from leasing its portfolio of hospitals, nursing homes, and healthcare-related properties to operators on master lease arrangements. Revenue for FY2025 from rental and other income was S$100.5 million, down 1.6% from the prior year. DPU for FY2025 decreased 8.1% to S$0.0217 due to depreciation of the Indonesian rupiah and Japanese yen against the Singapore dollar. The Trust had aggregate leverage reduced to approximately 16.7% following the S$471.5 million Indonesian portfolio divestment.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

First REIT owns and leases a portfolio of 31 healthcare and healthcare-related real estate assets — comprising hospitals, integrated hospital-and-mall/hotel complexes, cancer treatment centres, and nursing homes — across Indonesia, Japan, and Singapore, generating rental and other income (S$100.5 million for FY2025) from master lease arrangements with healthcare operators. The Trust is externally managed by First REIT Management Limited (60% OUE Limited, 40% OUE Healthcare) and distributes net cash flow to unitholders via semi-annual distributions (FY2025 DPU S$0.0217).

Product overview

First Real Estate Investment Trust is Singapore's first healthcare REIT, managed by First REIT Management Limited (60% owned by OUE Limited and 40% by OUE Healthcare Limited). The REIT operates a unified portfolio of 31 healthcare properties across Asia, comprising 14 assets in Indonesia (11 hospitals, 2 integrated hospital & mall complexes, and 1 integrated hospital & hotel), 14 nursing homes in Japan, and 3 nursing homes in Singapore. Properties are leased to operators including PT Siloam International Hospitals, Hikari Heights Varus Co., Ltd, BEC Co., Ltd, Orchard Care Co., Ltd, Benesse Style Care Co., Ltd, and Precious Homes Pte. Ltd. The portfolio has a total asset value of S$1.02 billion as at 31 December 2025, with 100% occupancy and a weighted average lease expiry of 10 years.

Differentiator

Problem solved

Functional benefit

Products and services

• Healthcare Real Estate Investment Trust Portfolio First REIT's unified portfolio of 31 healthcare and healthcare-related properties across Asia (14 in Indonesia, 14 in Japan, 3 in Singapore) leased to operators under master lease arrangements; total asset value S$1,022.6 million as at 31 December 2025 with 100% occupancy and 10-year WALE.
• Indonesia Hospital Portfolio Portfolio of 14 properties in Indonesia comprising 11 hospitals (Siloam Hospitals network plus Mochtar Riady Comprehensive Cancer Centre), 2 integrated hospitals & malls, and 1 integrated hospital & hotel, operated by PT Siloam International Hospitals and PT Lippo Karawaci.
• Japan Nursing Home Portfolio Portfolio of 14 nursing homes across Japan, operated by established third-party operators including Hikari Heights Varus Co., Ltd, BEC Co., Ltd, Orchard Care Co., Ltd, Social Welfare Research Institute Co., Ltd, and Benesse Style Care Co., Ltd.
• Singapore Nursing Home Portfolio Portfolio of 3 custom-built nursing homes in Singapore — Precious Homes @ Bukit Merah (259 beds), Precious Homes @ Bukit Panjang (265 beds), and The Lentor Residence (208 beds) — operated by Precious Homes Pte. Ltd. and The Lentor Residence Pte. Ltd.

Quantifiable outcome

• Portfolio occupancy rate of 100% as at 31 December 2025
• +5 more outcomes

Named customers15 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core japan operations, asset divestor, key acquisition, core operator, key sponsor partner, core service provider and core trustee.

• FRM Japan Management Co., Ltd.core japan operationsStrategic or Co-development Partner · 31 March 2023First REIT completed the acquisition of FRM Japan Management Co., Ltd. in March 2023, an asset management company licensed by the Tokyo Metropolitan Government. FRMJM supports First REIT's existing portfolio and future growth in the Japan market.
• Godo Kaisha Trinity Hawaii (subsidiary of Healthcare Management Partner)asset divestorStrategic or Co-development Partner · 29 September 2022Godo Kaisha Trinity Hawaii sold Loyal Residence Ayase to First REIT in September 2022, part of the Trust's Japan nursing home acquisition strategy.
• Healthcare & Medical Investment Corporationasset divestorStrategic or Co-development Partner · 27 September 2022Healthcare & Medical Investment Corporation sold Medical Rehabilitation Home Bon Séjour Komaki to First REIT in September 2022, as part of the Trust's Japan nursing home expansion.
• OUELH Japan Medical Facilities Pte. Ltd. and OUELH Japan Medical Assets Pte. Ltd.key acquisitionStrategic or Co-development Partner · 1 March 2022First REIT acquired 100% of the issued share capital of OUELH Japan Medical Facilities Pte. Ltd. and OUELH Japan Medical Assets Pte. Ltd. in March 2022 to complete the acquisition of 12 nursing homes across Japan.
• PT Siloam International Hospitals Tbkcore operatorStrategic or Co-development PartnerPT Siloam International Hospitals is the primary operator of First REIT's Indonesian hospital portfolio, operating 11 hospitals and 2 integrated hospital & mall complexes. Siloam is Indonesia's largest listed healthcare company and is partially owned by PT Lippo Karawaci. First REIT has a ROFR to Siloam's hospital pipeline.
• PT Lippo Karawaci Tbkkey sponsor partnerStrategic or Co-development PartnerPT Lippo Karawaci is Indonesia's largest diversified listed property company and a shareholder of PT Siloam International Hospitals. First REIT has a ROFR to Lippo Karawaci's hospital pipeline in Indonesia, providing deal flow for future acquisitions.
• KPMG LLP (Singapore) and KPMG AZSA LLC (Japan)core service providerOthersIndependent auditor of First REIT. KPMG LLP (Singapore) serves as primary auditor with audit partner Ms Tan Kar Yee Linda since FY2022. KPMG AZSA LLC serves as Japan-domiciled auditor. RSM Indonesia serves as Indonesia accounting and tax adviser.
• Perpetual (Asia) Limitedcore trusteeOthersPerpetual (Asia) Limited serves as the Trustee of First REIT, responsible for holding the Trust's assets for the benefit of unitholders and ensuring compliance with the trust deed and regulatory requirements.

Scale indicators15 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Parkway Life REIT: Parkway Life REIT is the only other Singapore-listed healthcare REIT, investing in hospitals, medical centres, and nursing homes across Asia. It is the closest direct competitor to First REIT in Singapore's healthcare-REIT space and competes for the same pool of institutional capital.

Broad incumbents

• Welltower Inc. Welltower is the largest US healthcare REIT, operating senior housing, outpatient medical, and post-acute care assets. It is comparable to First REIT as a developed-market healthcare REIT benchmark, particularly relevant given First REIT's pivot toward Japan, Singapore, and Australia.
• Ventas Inc. Ventas is a major US healthcare REIT with a diversified portfolio of senior housing, medical office buildings, and life science assets. Comparable to First REIT as a globally relevant healthcare real estate investor with institutional scale.
• Healthpeak Properties: Healthpeak Properties is a US healthcare REIT focused on outpatient medical facilities, lab/life science, and senior housing. Relevant to First REIT as a developed-market comparable for its outpatient and senior-living asset focus.
• Medical Properties Trust: Medical Properties Trust is a US-listed hospital REIT that owns and leases acute care hospitals globally. It is comparable to First REIT in hospital real estate exposure, though currently focused on a different operator base (US/Europe).
• Sabra Health Care REIT: Sabra Health Care REIT invests in senior housing, skilled nursing, and specialty hospitals across the US and Canada. Comparable to First REIT as a healthcare REIT with senior living concentration.
• CareTrust REIT: CareTrust REIT is a US healthcare REIT focused on skilled nursing and seniors housing operators. Relevant comparable given First REIT's growing Japan and Singapore nursing home portfolio.
• National Health Investors: National Health Investors is a US healthcare REIT focused on senior housing and skilled nursing. Comparable to First REIT for nursing-home-heavy portfolios leased under master-lease structures.
• Omega Healthcare Investors: Omega Healthcare Investors is a US healthcare REIT specialising in skilled nursing and assisted living facilities. Comparable to First REIT's nursing home portfolio in Japan and Singapore.

Regional players

• Keppel REIT: Keppel REIT is a Singapore-listed REIT primarily focused on prime office assets, but it is a useful regional peer for governance, leverage, and capital-markets benchmarking of Singapore-listed REITs in the same exchange ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/first-reit

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FIRST Real Estate Investment Trust (First Reit)