(i) The default risk for rental payment due to a liquidity crisis faced by its sponsor and main tenant, Lippo Karawaci;

(ii) Non-renewal of master tenancy for some of the hospitals due in 2021;

(iii) As alluded to (ii), even if master tenancy were renewed, it maybe on less favourable terms such as being pegged to Indonesia Rupiah instead of Singapore dollars and subject First REIT to forex losses and

(iv) the new owner OUE Lippo might force upon First REIT to take up non-yield accretive asset healthcare assets. The track record isn't pretty given the outcry over what had happened to the REITS under