Manulife US REIT has announced its year end valuation and it did not look pretty. For year 2023, Manulife US REIT reported a 22% drop in valuation, primarily due to increase in discount rate and cap rate assumption used. How about PRIME US, Keppacoak REIT? Cap Rate assumption, discount rate and higher leasing cost will definitely affect the 2 REITs. PRIME US REIT will be affected more due to its loss of tenants especially for One Washingtonian Centre. For PRIME US REIT, I am looking at a decline of valuation of 14% while for Keppacoak, it should be an approx decline of 10%. Effects Keppacoak REIT should remain safe, standing at 43-44% leverage ratio. But for PRIME US REIT, it is different. PRIME US REIT Difficulty I expect PRIME US to slightly breach the 50% leverage ratio and along with it a few convenants. In my view, PRIME US has to do a few things urgently to return to below 50% leverage:...