CLW dropping, page-28

Hi Guys I just wanted to update a post I made above. The screenshot says $6,831mil in investment properties but from what I can tell this is not the current valuation.

In the notes to financial statements in the 2023 Annual report B It says Total property assets is $6,080mil which means total borrowings is $2,834mil which is 47% loan to value.

This confuses me because it clearly states in C1 of the same notes that current balance sheet gearing at 30 Jun 2023 was 32.9%.

I can see where they get this figure from as if you look at just CLW borrowings (without the joint ventures) this is $2,054mil and look at the total assets from the balance sheet this is $6,203mil (including CLW's share of the join ventures) This would give you a 33% loan to value

Can anyone clarify/confirm this? what does this mean for the 50% loan to value covenant? I can understand that the covenant is only on the borrowing from CLW itself but they are including the total of the assets-surely the other loan conditions wouldn't allow this?