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Financial Ratios

1Q 2018 2Q 2018 Remarks
Total Gross Debt (1) S$4,069.0m S$4,398.9m Higher
(Higher borrowings)
Aggregate Leverage (2) 37.9% 37.9% Stable
Unencumbered Assets as % of Total Assets (3) 83% 84% Higher
Average Term to Maturity (4) 3.9 years 3.6 years Lower
(Passing of time)
Average Cost of Debt (p.a.) (5) 2.7% 2.8% Higher
Interest Coverage (6) 5.1 times 5.3 times Higher

Notes:

  1. Total gross debt includes CCT’s joint ventures.
  2. In accordance with Property Funds Appendix, CCT’s proportionate share of its joint venture borrowings and deposited property values are included when computing aggregate leverage. Correspondingly, the ratio of total gross borrowings to total net assets is 63.8%.
  3. Investment properties at CCT (excludes joint ventures) are all unencumbered except for CapitaGreen.
  4. Excludes borrowings of joint ventures.
  5. Ratio of interest expense (excludes amortisation and transaction costs) over weighted average gross borrowings (excludes borrowings of joint ventures).
  6. Ratio of EBITDA over finance costs includes amortisation and transaction costs (excludes borrowings of joint ventures).