Net Distributable Cash Flow computation standardized for REITs, aligning HoldCo/SPV and Trust level cashflow rules for distributions. Revised framework standardizes computation of Net Distributable Cash Flow (NDCF) for REITs and HoldCos/SPVs by specifying allowable additions (operating cashflows, SPV distributions, treasury income, net proceeds from asset or share sales after taxes, transaction costs, related debt settlements and planned reinvestments) and deductions (finance costs excluding amortisation, principal debt repayments except refinanced debt, contractual/statutory reserve requirements, and capital expenditure not funded by debt/equity or existing reserves). It clarifies intra-group treatment, timing for including SPV NDCF, prohibition on debt-funded distributions (limited treasury exceptions), and disclosure of restricted or surplus cash.
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Net Distributable Cash Flow computation standardized for REITs, aligning HoldCo/SPV and Trust level cashflow rules for distributions.
Revised framework standardizes computation of Net Distributable Cash Flow (NDCF) for REITs and HoldCos/SPVs by specifying allowable additions (operating cashflows, SPV distributions, treasury income, net proceeds from asset or share sales after taxes, transaction costs, related debt settlements and planned reinvestments) and deductions (finance costs excluding amortisation, principal debt repayments except refinanced debt, contractual/statutory reserve requirements, and capital expenditure not funded by debt/equity or existing reserves). It clarifies intra-group treatment, timing for including SPV NDCF, prohibition on debt-funded distributions (limited treasury exceptions), and disclosure of restricted or surplus cash.
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