"...balance sheet is still in good repair (excepting the new...

"...balance sheet is still in good repair (excepting the new accounting rules with the leases, that may get ugly), "

You can totally ignore this as an issue.

It is little more than an accounting oddity (the raising of a liability on balance sheet with the commensurate recognition of a right-of-use asset) which has no bearing whatsoever on the company's solvency position.

All that is happening here is that the lease liabilities that were reported in the Notes to the accounts are now being reported on the balance sheet; but it's not as if new liabilities have magically crystallised.

Importantly, the cash flow impact is zero.

There are a few things that one might worry about when it comes to investing in TRS, but this is not one of them.
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