Page 54 of the consolidated accounts. Its very clear. $14.667b...

Page 54 of the consolidated accounts.

Its very clear. $14.667b in total assets over $6.177B in total liabilities makes for 42%.

Last time I checked my finacial definitions, that is how you work out a debt ratio. Total liabilities over total assets.

What you have been quoted is deducting current assets and current liabilities. But this is a total furphy as there are over $600 million in interest debt in current liabilities.

But the illusion and misprepresentation is wiorse than this becuase sotcklands have decided to quote in their media rlease a figure of 28%. How do they get this? Well they think its totally fine to quote real estate assets to real estate debt..lol. Tey are not the only ones doing this.

Here is the truth. Loan covenants are normally based on a gearing limit based on TOTAL ASSETS to TOTAL LIABILITIES. No deductions..no furphys. This is the case with other reits. Take a look at the notes to accounts for MOF and IOF. SGP have not been clear on this point with regard to what their covenants are based on.

In short the media and investors have been caught..hook, line and sinker.