Borrowing limits for REITs: debt must be listed; exceeding thresholds triggers credit rating and unit holder approval. Regulation 20 permits listed REITs to issue listed debt securities and caps aggregate consolidated borrowings and deferred payments, net of cash and cash equivalents, at forty nine per cent of REIT asset value, excluding refundable tenant security deposits. Overnight mutual funds with one day maturities are cash equivalents and cash equivalents are excluded from asset value. If net borrowings exceed twenty five per cent, further borrowings require an issuer credit rating from a Board registered agency and unit holder approval as per regulation 22. Breaches caused by market movements must be notified to the trustee and remedied within six months.