The MAS announced that all Singapore-listed REITs will be subject to a single leverage limit of 50% and a minimum interest coverage ratio (ICR) of 1.5 times at all times. Singapore REITs subject to single leverage limit The Monetary Authority of Singapore (MAS) announced that all Singapore-listed REITs will be subject to the following:

• A single leverage limit at 50% for all REITs
• All REITs must meet a minimum interest coverage ratio (ICR) of 1.5 times at all times. If this is breached, the REIT should not incur additional borrowings or enter into further deferred payment arrangements. However, it can continue to refinance existing borrowing

REITs are required to perform and disclose sensitivity analyses on the impact of changes in EBITDA and interest rates on REITs’ interest coverage ratio. Where the interest coverage ratio of a REIT has fallen below 1.8 times, the REIT manager should take steps to improve the REIT’s interest coverage ratio, and disclose this additional information....