Friend   Blog Post  First REIT Analysis @ 3 August 2020

Basic Profile & Financial Metrics
First REIT invests mainly in hospitals and nursing homes across Indonesia, Singapore, and South Korea. The above sector weightage is estimated from the latest annual report based on gross rental income.

Lease Profile

Occupancy of 100% is common in healthcare REIT. From the latest presentation, WALE of 7 years is based on the gross floor area (GFA) and 22% of the lease expiring in the year 2021. As mentioned previously, I prefer WALE by gross rental income (GRI). Estimated from the annual report, WALE by GRI is long at 6.04 years and close to 27.3% of lease expiry in the year 2021. Although most properties are in Indonesia, the rental is paid in SGD, thus the value of 100% for income in SGD/major currencies. For the upcoming lease renewal, there may be chances ...

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