First REIT is one of the only two healthcare REITs listed on Singapore exchange – the other being Parkway Life REIT. It holds hospitals and nursing homes in Indonesia and Singapore。 It is listed since 2007.

Healthcare REIT is usually perceived as defensive and more resilient to the economic downturn, due to the inelastic nature of healthcare services.

As First REIT had just released its 2Q 2018 earnings report, let us take a look at its performance in the past quarter.

Revenue, Net Income and Distributable Income

Source: First REIT 2Q 2018 Earnings Presentation

For the second quarter of 2018, First REIT recorded higher revenue of $28.9 million, 5.3% higher than 2Q 2017. Net property Income (NPI) grew 5% over the same period last year, to $28.5 million.

It is worth noting that First REIT has extremely high NPI yield. Based on 2Q 2018, its NPI yield …