REIT Counterparty Risk

Today, there's news about CWT's potential default on some of its debts. Based on the article below:
https://www.theedgesingapore.com/hk-listed-cwt-international-defaults-loan-interests-and-fees-3-cwt-linked-reits-could-be-hit

Potentially 3 reits might be impacted - AIM APAC REIT (AAREIT) with 8.4% of 3Q19 gross rental income (GRI) or $10 million, Mapletree Logistics Trust (MLT) with 9.1% of FY18 GRI or $36 million, and Cache Logistics Trust (CacheLog Trust) with 20.6% of FY18 GRI of $25 million.

Let's take a look at the hit on their share prices:

For REITS, we always take counterparty for granted. For counterparties, we mean the REITS biggest customer. Below are the key counterparties for the REITS below:

1. First REIT -> Siloam -> Lippo Karawaci
2. ESR_REIT -> Hyflux
3. Parkway Life REIT -> IHH
4. SoilBuild Biz Trust -> NK Ingredients, Technics, Offshore and KTL Offshore
5. Cache Logistics Trust -> CWT