The purpose of this study is to examine whether there is any value added from investing in healthcare REITs over and above that from investing in healthcare stocks from 2001 to 2018. Using attribution analysis (Sharpe, 1992), we construct a portfolio consisting of returns from four indices - the 10-year government bond, healthcare service companies, real estate operating companies (REOC) involved in healthcare, and hospitals - that mimics healthcare REITs. We nd robust evidence to show that investing in healthcare REITs does oer a recession-proof and value-added investment opportunity over stocks with e.g., 0.87% per quarter or 3.47% per annum. Furthermore, we document the time-varying weights for each component in the mimicking stock portfolio and discuss some important implications to understand the performance of healthcare REITs.