MUST’s interest coverage ratio (ICR) fell to 2.4 times as at Sept 30, down from 2.6 times at June 30 and 2.9 times at March 31. With its ICR below 2.5 times, MUST now faces a 45% regulatory limit on its aggregate leverage, down from 50% previously.
Manulife US REIT’s (MUST) aggregate leverage fell slightly to 56.0% at the end of September, down from 56.7% at the end of June, according to the REIT’s Nov 3 operational update for 3QFY2023 ended September.
The REIT’s unencumbered gearing ratio, meanwhile, fell to 59.9% from 60.2%, following a good faith payment in August, which the manager announced at its 1HFY2023 results on Aug 14. The unencumbered gearing ratio refers to the ratio of consolidated total unencumbered debt to consolidated total unencumbered assets per MUST's loan agreements.
