REIT Watch - Healthcare S-Reits Stay Defensive With Robust Fundamentals
REIT Watch - Healthcare S-Reits Stay Defensive With Robust Fundamentals
The healthcare sector is often viewed as defensive with growth opportunities, supported by long-term demographic and socio-economic trends. JLL's latest Healthcare Real Estate Outlook report also identified that healthcare-related assets remain one of the most resilient commercial real estate sectors.
醫療保健板塊通常被視爲防禦性板塊，具有長期的人口結構和社會經濟趨勢所帶來的增長機會。 JLL的最新《醫療保健房地產展望》報告還指出，與其他商業房地產板塊相比，醫療保健相關資產仍然是最具彈性的板塊之一。醫療保健房地產展望醫療保健相關資產仍是最具彈性的商業房地產板塊之一。
Healthcare real estate investment trusts (Reits) provide access to healthcare-related properties at a more affordable quantum (think a board lot size of 100 units) and without the hassle of being a landlord (Reits have managers to manage assets, tenants and set the growth strategy).
醫療保健房地產投資信託（Reits）提供對醫療保健相關物業的訪問，量子更爲優惠（例如，看作一個標準單位100單位）且無需成爲房東（Reits有經理管理資產、租戶並制定增長策略）。
Notably, Parkway Life Reit (PLife) and First Reit are two listed healthcare Singapore Reits (S-Reits) that invest in income-producing, healthcare-related commercial properties in both Singapore and overseas markets such as Japan, Indonesia and Malaysia.
值得注意的是，百匯生活Reit（PLife）和先鋒醫療產業信託（First Reit）是兩家在新加坡上市的醫療保健信託（S-Reits），在新加坡和海外市場（如日本、印度尼西亞和馬來西亞等）的收入穩定、醫療保健相關的商業物業上投資。
Parkway Life Reit
百匯生活Reit
PLife is among the largest listed healthcare Reits in Asia, with 63 properties in Singapore, Japan and Malaysia and a combined portfolio size of S$2.23 billion. Its distribution per unit (DPU) grew 4 per cent year on year (yoy) to 3.79 Singapore cents in the first quarter of this year, and will form part of H1 2024's distribution when the Reit announces its half-year results.
PLife是亞洲最大的醫療保健信託之一，擁有63個位於新加坡、日本和馬來西亞的物業和合計達22.3億新元的投資組合規模。其每單位分配額（DPU）在今年第一季度同比增長了4％至3.79新加坡分，並將在Reit公佈上半年業績時成爲H1 2024的分配一部分。
PLife's DPU has recorded a steady growth rate of 133.7 per cent since its listing in 2007. This could be partly attributed to the defensive nature of its portfolio as all its Singapore and Japan properties are fully occupied.
PLife的DPU自2007年上市以來穩定增長了133.7％。這可能部分歸因於其組合的防禦性質，因爲其所有新加坡和日本物業均已被充分佔用。
In Q1 2024, the Reit recorded 2.7 per cent and 2.8 per cent lower gross revenue and net property income, respectively, on a yoy basis. This was mainly due to the Japanese yen's depreciation, but it was offset by contributions from nursing homes acquired in October 2023.
在2024年第一季度，該信託的毛收入和淨物業收入同比分別下降了2.7％和2.8％。這主要是由於日元貶值所致，但被10月份收購的養老院的貢獻所抵消。
In Singapore, PLife's portfolio includes three private hospitals worth S$1.51 billion – Gleneagles Hospital, Parkway East Hospital, and Mount Elizabeth Hospital. The Reit's master lease with Parkway Hospitals Singapore was recently renewed in 2021, with income certainty up to 2042 and an option to renew for another 10 years.
在新加坡，PLife的投資組合包括三家價值15.1億新元的私立醫院：格蘭久利醫院、百匯東部醫院和伊麗莎白醫院。該信託與百匯醫院新加坡簽訂的主租賃合同最近在2021年得到續約，收益的確定性可延續至2042年，並有續約10年的選擇權。
PLife also has a right of first refusal over its sponsor IHH Healthcare's Mount Elizabeth Novena Hospital for a period of 10 years. Given its renewal lease structure, rents are guaranteed to increase until FY2025, and a formula based on either adjusted hospital revenue or consumer price index (whichever is higher) will be applicable to rents from FY2026 onwards. Some analysts are sanguine that the Reit stands to benefit from an annual rental upside of more than 3 per cent.
PLife還擁有對其贊助商ihh醫療保健集團伊麗莎白諾維娜醫院的優先認購權，爲期10年。鑑於其續租結構，租金有保證地增加到FY2025年，而從FY2026年開始，將適用基於調整後的醫院收入或消費價格指數（以較高者爲準）的租金公式。一些分析師對該信託能夠從每年3％以上的租金增長中受益持樂觀態度。
In Japan, PLife's 59 nursing home properties are well-diversified across 17 prefectures and 30 nursing home operators. This part of PLife's portfolio also has a long-term lease structure with a weighted average lease term to expiry of 11.67 years, and 95.8 per cent of its Japan revenue with downside protection.
在日本，PLife擁有59個養老院物業，分佈在17個州和30個養老院經營者之間。該組合的這一部分也具有長期租賃結構，加權平均剩餘租期爲11.67年，95.8％的日本收入受到下行風險的保護。
As part of its growth strategy, PLife plans to build a third key market, strengthen existing markets, and foster strategic partnerships.
作爲其增長策略的一部分，PLife計劃建立第三個關鍵市場，加強現有市場，並培育戰略合作伙伴關係。
First Reit
先鋒醫療產業信託
First Reit has a vision to become Asia's premier healthcare trust, having grown its portfolio from just four assets in Indonesia to 32 properties across Indonesia, Japan and Singapore worth S$1.14 billion. The Reit aims to increase its portfolio in developed markets from 25.5 per cent to more than 50 per cent of its assets under management by FY2027.
先鋒醫療產業信託有成爲亞洲最具影響力的醫療保健信託的願景，目前已將其組合從印度尼西亞的四個資產增長到橫跨印度尼西亞、日本和新加坡的32個物業，價值11.4億新元。該信託旨在將其管理的資產中發達市場的佔比從25.5％提高到FY2027年時超過50％。
In its Q1 2024 business update, First Reit reported that rental and other income declined 2.7 per cent yoy, due to the impact of a stronger Singapore dollar on the Indonesian rupiah and Japanese yen. Apart from a stronger Singapore currency, rising interest rates also led to a higher cost of debt, which led to DPU dipping from 0.62 Singapore cents in Q1 2023 to 0.6 cents in Q1 2024.
在其2024年第一季度業務更新中，先鋒醫療產業信託報告租金和其他收入同比下降了2.7％，這是由於新加坡元走強對印尼盧比和日元的影響。除了新加坡的貨幣走強外，不斷上升的利率也導致債務成本上升，從而導致DPU從2023年Q1的0.62新加坡分降至2024年Q1的0.6分。
As at Mar 31, First Reit's proportion of debt on fixed rates or hedged is over 87 per cent, and the Reit has no refinancing requirements until May 2026.
截至3月31日，先鋒醫療產業信託固定利率或已進行對沖的債務比例超過87％，並且在2026年5月之前沒有再融資要求。
REIT Watch is a regular column on The Business Times, read the original version.
REIT Watch是商業時報上定期發表的專欄。 原版。
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