Many countries in Asia are aging at an alarming rate. Governments have been raising the retirement age and also trying desperately to raise the birth rates. People are simply living longer due to advancements in medical technology. This is a major macro-social trend that will not change. I have heard stories that the waiting lists at nursing homes in Singapore are so long, some elderly patients passed away even before their turns come. Public hospitals are already functioning at full capacity. 
Source: Manulife.com
Over the next few decades, I am confident that well-run healthcare companies will continue to do well. A good example is Dr Loo of Raffles Medical Group. Under his stewardship, RMG has grown from strength to strength. His personal business mantra is "If you treat your patients well, the business will do well too". If you are afraid that rising interest rates will affect healthcare REITs, Cordlife and IHH are other healthcare companies worth a look. ^^
First REIT: Tapping on Sponsor
DPU remains stable due to long-term master leases with 100% committed occupancy.
Yield-accretive acquisitions of Siloam Hospital Bali and Siloam Hospital TB Simatupang from its sponsor, Lippo. The new master leases are believed to be 15+15 years tenures with downside base rental protection.
The new hospitals are expected to start contributing rental income in 3Q2013.
However, the gearing ratio has increased to 34%. Any future acquisitions will require private placement exercise or rights issue.
Due to the recent market correction, the yield has increased to almost 6%. The CEO, Dr. Ronnie, had been buying more units over the past few months.
PLife REIT: Functioning Like Clockwork
Slow but steady increase in DPU year after year. 90% of its leases either have downside revenue protection (pegged to CPI with minimum 1% rental increase) or only positive rental reversions. Management expects CPI to be around 4% this year.
Similar to First REIT, it also enjoys 100% committed occupancy. 
Demand for nursing homes in aging Japan remains strong. The management has indicated that they will shift focus to Japan. Currently, PLife REIT has 32 nursing homes in Japan.
Stay Healthy,
Dividend Warrior