First Reit Q1FY18 Overdue due dilligence


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First REIT has been my largest allocation and recently saw a few articles highlight on the growing receivable which make me feel need to dig deeper due to my experience with RHT where Fortis has been delaying the payment.

First REIT generally has been a stable reit however with the recent news on the liquidity of the Sponsor (Lippo Karawaci) this also could end up like RHT case as the Indonesia assets account more than 95% of the total assets.

I emailed the investor relationship to ask about the growing receivable and it is indeed there has been a delay in collecting the rental in advance however it is not overdue like RHT case. The REIT manage is pro-actively managing the situation. With this, I will need to pay more attention if it will improve the rental collection rather than my past taking for granted on First REIT.

In general, I am ok with First Reit performance except the growing receivable and it has been quite sometime I want to reduce my allocation to the First Reit to balance out my reit allocation and finally this Thursday I sold out 47,200 shares. I will likely to reduce this further by another 50,000 shares.

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