REE released its Q1 2019 results in which revenue increased by 2.8% YoY but NPAT-MI declined by 7.7% YoY, as office leasing growth (given full operation of E-town Central) failed to offset for: 1) weak power & water segments (-24.7% YoY, due to lower earnings from hydropower plants), and 2) and the mechanical & engineering and REETECH segments (-15.3% YoY). Q1 2019 revenue and NPAT-MI completed 17.5% and 18.6%, respectively, of our 2019 full-year forecast. We also see some downside