In this couple of days, Singapore-listed US Office REIT Manulife put out a few announcements. The first one is the following: After they received the latest revaluation of their properties a couple of days ago, they felt it is important to be transparent about the information that will be material to the company. With the new valuation, their aggregate leverage will approach a level closer to the regulatory limit of 50%. The aggregate leverage is approximately 49%, and the projected interest coverage is closer to 3.1 times. There would not be a breach of financial covenants. A breach of financial covenants may require the borrower to do something or pay a higher interest cost. Revaluation of the portfolio of properties from 2020 to 2021 and 2022 The table above shows the portfolio of properties under the REIT and the valuation changes over the last two years. The...