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3Q 2018 4Q 2018 Remarks
Total Gross Debt (1) S$3,911.6m S$3,903.7m Stable
Aggregate Leverage (2) 35.3% 34.9% Lower
(Higher deposited property)
Unencumbered Assets as % of Total Assets (3) 83% 78% Lower
(Refinanced secured Gallileo loan)
Average Term to Maturity (4) 3.6 years 3.9 years Higher
(Extended EUR debt maturity)
Average Cost of Debt (p.a.) (4,5) 2.6% 2.6% Stable
Interest Coverage (4,6) 5.1 times 5.4 times Higher
(Lower interest rate expense)


  1. Total gross debt includes CCT's proportionate share of joint ventures' borrowings.
  2. In accordance with Property Funds Appendix, CCT's proportionate share of its joint ventures' borrowings and deposited property values are included when computing aggregate leverage. The ratio of total gross borrowings to total net assets is 56.5%.
  3. Investment properties at CCT (exclude Joint Ventures) are all unencumbered except for CapitaGreen and Gallileo.
  4. Excludes borrowings of joint ventures.
  5. Ratio of interest expense (excludes amortization of transaction costs) over weighted average gross borrowings.
  6. Ratio of EBITDA over finance costs includes amortisation of transaction costs except for one-off fees and expenses relating to pre-payment of bank loans and pre- termination of interest rate swaps.