Overview of Debt Financing

Key financial indicators

(%)
38th FP (Jun. '23) 39th FP (Dec. '23)
Borrowings and bonds 121,200 130,100
Leasehold and security deposits 27,541 27,932
Interest-bearing debt 148,741 158,032
LTV(Note 1) 42.5% 45.1%
Appraisal-based LTV(Note 2) 34.0% 36.3%
Unrealized gain or loss 78,198 78,604
Average interest rate on borrowings 0.44% 0.49%
Average maturity of borrowings 4.50 years 4.61 years
  • Loan-to-value ratio = (Borrowings and bonds + Leasehold and security deposits - Unrestricted cash and deposits *) /
    (Balance of total assets - Unrestricted cash and deposits)
    * Unrestricted cash and deposits = Cash and cash equivalents at the end of the period - distributions for the period
  • Appraisal-based LTV = (Borrowings and bonds + Leasehold and security deposits - Unrestricted cash and deposits) /
    (Balance of total assets + Unrealized gain - Unrestricted cash and deposits)
  • Appraisal-based LTV = (Borrowings and bonds + Leasehold and security deposits – Unrestricted cash and deposits) / (Balance of total assets + Unrealized gain Unrestricted cash and deposits)
  • Unrestricted cash and deposits = Cash and cash equivalents at the end of the period – distributions for the period

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