...Continued Robust Growth: Singapore healthcare REITs continue to post a strong performance due to robust and defensive demand for healthcare and elderly care services, despite slower economic growth in the Asian region. The sector's revenue and net property income (NPI) grew by 5% year-on-year in 1Q15, due to organic and acquisitive growth. Acquisitions are Yield Accretive: Parkway Life REIT (PLIFE, BBB/Stable) acquired a total of 10 Japanese nursing homes and disposed of seven during 4Q14 and 1Q15. First REIT (FREIT, unrated) boosted its Indonesian presence by acquiring two more hospitals in 1Q15. The acquisitions continue to be yield-accretive to the REITs ¡ Fitch Ratings expects the sector's NPI yield to rise higher than 3.5% in 2015, compared with around 2.7% in 2011. Higher LTV, Lower Coverage: Financial metrics have weakened marginally, owing to leveraged acquisitions, as the REITs attempt to rebalance their capital structure. The net debt/investment property ratio had risen to 33%...
