The SEC is considering amendments to ensure that REIT regulations remain appropriate under current market conditions. The proposed changes cover borrowing ratios, disclosure of key financial ratios, and benefit procurement. These amendments have been approved by the Capital Market Supervisory Board, and five related draft regulations have been prepared accordingly. The key principles are summarized as follows:

·   Revision of Borrowing Ratio Criteria: REITs will be permitted to borrow up to 50% of total asset value (TAV) if they maintain an interest coverage ratio (ICR) of at least 2 times. The basic borrowing cap remains at 35% of TAV. Previously, only REITs with an investment-grade credit rating could borrow up to 60% of TAV. This amendment aims to reduce reliance solely on credit ratings and better reflect actual borrowing capacity.

·  Enhancement of Disclosure Requirements: REITs will be required to disclose additional key financial ratios, such as ICR and DSCR*, in Form 56-REIT1 and Form 56-REIT2 (Annual Report). In cases where borrowing exceeds 35% of TAV, these ratios must be continuously disclosed via the Stock Exchange of Thailand’s information disclosure system (ELCID). If a REIT is unable to maintain ICR, it must report the associated risks, mitigation plans, and progress updates to investors alongside its financial statement submission.

·  Requirements for New Issuance: For new issuance and offering of REIT units where borrowing exceeds 35% of TAV, the projected ICR and a sensitivity analysis of key factors must be disclosed in the filing.

·  Revision of Benefit Procurement Rules: REITs will be prohibited from leasing properties to tenants reasonably suspected of engaging in serious illegal activities or business operations that could materially impact the trust. This amendment reflects an enhancement of governance standards and long-term risk management for Thai REITs.

For further details of this public hearing, please visit https://www.sec.or.th/EN/Pages/PB_Detail.aspx?SECID=1139. Stakeholders and interested parties are welcome to submit comments and suggestions via the SEC website or by email at fundraisingpolicy@sec.or.th The public hearing ends on 16 February 2026.

* Interest Coverage Ratio (ICR)