Overview

ABOUT FIRST REAL ESTATE INVESTMENT TRUST

First Real Estate Investment Trust (“First REIT” or the “Trust”), is a healthcare real estate investment trust focused on investing in diverse yield-accretive healthcare and healthcare-related real estate assets within and outside of Asia. First REIT is managed by First REIT Management Limited (the “Manager”), which is headquartered in Singapore. The Manager is 60% directly held by OUE Limited (“OUE”) and 40% directly held by OUE Healthcare Limited (“OUEH”), who together are its Sponsors and hold a combined stake in First REIT of 45.60% as at 31 December 2025.

The Trust has a portfolio of 31 properties across Asia, with a total asset value of S$1.02 billion as at 31 December 2025. These include 14 properties in Indonesia comprising 11 hospitals, 2 integrated hospitals & malls and 1 integrated hospital & hotel; 3 nursing homes in Singapore; and 14 nursing homes in Japan. In December 2025, First REIT announced the completion of divestment of Imperial Aryaduta Hotel & Country Club.

The Trust’s healthcare properties in Indonesia are operated by PT Siloam International Hospitals Tbk (“Siloam”) while healthcare properties in Singapore and Japan are operated by well-established thirdparty operators.

The Trust has a right-of-first-refusal (“ROFR”) from OUEH and opportunities to tap on its growing healthcare network across Pan-Asia. In addition, First REIT also has a ROFR to a pipeline of hospitals from PT Lippo Karawaci Tbk (“Lippo Karawaci”), a shareholder of Siloam.