Citycon focuses on having a strong capital base with an appropriate gearing level, low cost of debt and flexible access to debt financing supported by investment-grade credit ratings. Sufficient and attractively priced financing gives us the capacity and flexibility to deliver on our strategy and to buy, sell or develop when opportunities arise. Long-term joint venture partnerships extend our capital base, spread the risk and leverage the expertise.
Long-term financing targets
Loan-To-Value (LTV): 40-45%
Debt portfolio's hedge ratio: 70-90%
Average loan maturity: >5 years
| Key financing figures | 30 June 2019 | 30 June 2018 | 31 December 2018 | |
| Interest bearing debt, fair value | MEUR | 2,123.3 | 2,083.6 | 2,154,6 |
| Available liquidity | MEUR | 560.4 | 565.7 | 556.4 |
| Average loan maturity | years | 4.6 | 4.7 | 5.0 |
| Loan to Value (LTV) | % | 48.9 | 47.0 | 48.7 |
| Equity ratio (financial covenant > 32.5) | % | 44.7 | 47.1 | 45.4 |
| Interest cover ratio (financial covenant > 1.8) | x | 4.0 | 3.98 | 3.8 |
| Solvency ratio (financial covenant < 0.65) | x | 0.47 | 0.46 | 0.48 |
| Secured solvency ratio (financial covenant < 0.25) | x | 0.02 | 0.02 | 0.02 |
| Average interest-rate fixing period | years | 4.6 | 4.6 | 5.0 |
| Weighted average interest rate | % | 2.42 | 2.78 | 2.35 |
| Interest rate headging ratio | % | 83.3 | 94.9 | 91.7 |