Again, depreciating IDR affect results. However, ignoring the currency weakness, there are still pockets of concerns to highlight: 1) Pluit Village mall is the biggest mall in LMIR portfolio. It has a drop in occupancy from 87.9% to 81.6%. 2) In IDR, while Gross rent and net rent is stable, it is the third consecutive quarters of YOY fall. This is despite occupancy rate remaining stable and positive rental revision. The cause should then be due to fall in GTO rent. Consumer spending in Lippomalls has not seen any revival. If oil subsidy get a big cut, it will be good for Indonesia economy, current account and FDI, and perhaps also currency, but it will have a negative impact on consumer spending. Although there is no info on GTO tenants, my gut feel and guess will be its Sponsor affiliate/ subsidary, Matahari department store, which takes up to ......