Citycon focuses on having a strong capital base

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.

Key financial figures

Key financing figures   30 Sep 2022 31 Dec 2021 30 Sep 2021
Fair value of debt MEUR 1,836.9 1,860.3 2,086.7
Available liquidity MEUR 537.0 583.7 832.7
Average loan maturity years 3.3 4.2 4.0
Loan to Value (LTV) % 41.7 40.3 39.6
Interest cover ratio (financial covenant > 1.8) x 4.2 4.1 4.0
Net debt to total assets
(financial covenant < 0.60)
x 0.39 0.38 0.36
Solvency ratio (financial covenant < 0.65 ) x 0.41 0.39 0.37
Secured solvency ratio
(financial covenant < 0.25) 
x 0.00 0.00 0.00
Average interest-rate fixing period years 3.3 4.2 4.0
Interest rate hedging ratio % 94.6 100.0 88.9
Breakdown of loans Q3 2022

Debt fixed

100%

 

Of our assets unencumbered

100%

 

No near term maturities until

2024