First REIT is a healthcare REIT with a S$1.12 billion portfolio of assets across Indonesia, Japan and Singapore. Healthcare REIT with assets mainly in Indonesia First REIT is Singapore's first healthcare real estate investment trust (REIT), with a S$1.12 billion portfolio comprising a diversified mix of 32 income-producing real estate assets across Indonesia, Japan and Singapore which are primarily used for healthcare purposes. Siloam International Hospitals and PT Lippo Karawaci Tbk in Indonesia represent the two largest tenants for the REIT, at 41.1% and 33.5% of rental income in 2024 respectively, with Indonesia representing about 85% of Net Property Income for the REIT in 2024.

Tenant mix by 2024 rental income

Source: COmpany data

Downside risks from MPU arrears We think the rental arrears from PT Metropolis Propertindo Utama (MPU), which contributed 6% in group rental income in 2024 could continue to overshadow the growth prospects of First REIT in the near term. A full write-down of such rent arrears outstanding could imply a 1% decline in DPU should the security deposits be...