MANAGER’S REPORT
Debt Maturity Profile and Sources of Debt (as at 31 March 2016)
Key Debt Funding Indicators
Indicators
As at 31 March 2016 As at 31 March 2015
Aggregate leverage
37.3%
33.5%
Total debt^ (S$m)
3,678
2,735
Fixed debt as a % of total debt
71.9%
68.2%
Weighted average all-in borrowing cost
2.8%
2.7%
Weighted average tenure of debt outstanding (years)
3.4
3.6
Weighted average tenure of fixed debt outstanding (years)
3.3
3.7
Interest cover ratio
5.5x
6.1x
Total debt / EBITDA
7.9x
6.5x
Unencumbered properties as % of total investment properties
#
77.2%
86.1%
^ Excludes fair value changes and amortised costs. Borrowings denominated in foreign currencies are translated at the prevailing exchange rates except for
JPY/HKD-denominated debt issues, which are translated at the cross-currency swap rates that A-REIT has committed to.
# Total investment properties exclude properties reported as finance lease receivables.
2016
2021
2017
2022
2018
2023
2019
2024 2025 2026
and
beyond
2020
200
100
0
300
400
500
600
800
700
S$’m
Medium Term Notes
Committed Revolving Credit Facilities
Exchangeable Collateralised Securities (ECS)
Term Loan Facilities
Revolving Credit Facilities
150
356
150
75
248
95 100
192
350
154
195
8%
36%
37%
9%
10%
442
400
306
165
286
The charts above illustrate the debt profile post-issuance of MTN#13 and conversion of S$14.0m ECS
.38
A-REIT ANNUAL REPORT
2015/2016
