U.S. Healthcare REITs "A Shot In The Arm" Goldsmith

研报英文原文证据摘录

U.S. Healthcare REITs "A Shot In The Arm" Goldsmith

Global Research

12 May 2026ab

U.S. Healthcare REITs Equities

AmericasA Shot In The Arm

Real Estate

Michael Goldsmith

Healthcare REITs continue to grow with many accelerating in 1Q'26 Analyst

Overall, we believe the Healthcare REIT 1Q'26 earnings seasons ranged from positive to michael.goldsmith@ubs.com

very positive. Notably, there are a multitude of drivers supporting the group including +1-212-713 2951

strong NOI growth, robust acquisition volumes, and signs of recovery in life science. Justin Haasbeek

Perhaps the challenge for many is that the premium valuations across the board raise the Associate Analyst

bar for expectations. Nevertheless, in our view, the senior housing, skilled nursing, and justin.haasbeek@ubs.com

even the outpatient REITs delivered in 1Q'26. Currently, Healthcare REITs trade at +1-212-713 2014

premium to REITs of +14%, compared to the historical discount of -4% and historical Ami Probandt

high of +15%. Interestingly, UBS quant crowding data indicates that Healthcare has Analyst

dropped from the 3rd most crowded sector in July 2025 to the 8th most crowded ami.probandt@ubs.com

subsector in April 2026 (out of 16 total). This may reflect the belief that valuations are +1-212-713 2078

full. Plus, greater visibility into the recovery of other REIT subsectors could drive a Connor Mitchell

rotation away from the winners like Healthcare REITs. However, we think the group can Associate Analyst

continue to work from here in the absence of multiple expansion as estimates get connor.mitchell@ubs.com

revised higher. We believe the senior housing and skilled nursing supply-demand

backdrop can last beyond the intermediate term. Moreover, we remain confident that Anna O'Neil