After our last article on First REIT, I received a lot of comments asking for a deep dive into Lippo Karawaci, and for my thoughts on the rights issue. The rights issue closes after CNY, so I figured I would share some thoughts. What’s happened since our last article Updated timeline for First REIT below: June 2020 Lippo Karawaci Tbk (a major tenant of First REIT), said that due to the COVID-19 pandemic in Indonesia and its “material negative impact” on business, it would be restructuring its leases with First REIT 20 July First REIT issues a profit guidance, warning that DPU will drop 40 – 50%. 11 August SGX queries first REIT on the accuracy of their property valuations. The response, among others, was that “The Board of Directors are of the view that there is no material change to the carrying amounts of First REIT’s investment properties...