First REIT only did a Rights Issue ONCE in 2010. It was a 5 for 4 rights ratio (BIG RIGHT ISSUE) to fund 2 major assets from the sponsor: Mochtar Riady Comprehensive Cancer Centre & Siloam Hospitals Lippo Cikarang (SHLC) A small private placement was done in 2012 Did perpetual security of around $60 million (not a big amount) 3 years ago From the above 3 points, we can be assured that First REIT has been rather conservative in equity financing Risk of Refinancing for the $110 million due in 2019 has been cleared. $10 million has been pared down and First REIT has gotten a bank approval to secure a term loan for the remaining $100 million Hospital in South Korea is a very small asset to First REIT’s overall portfolio. Contribution to the bottom line is < 1% Imperial Aryaduta Hotel & Country Club is heavily under-utilized. Land...