I have looked at this a bit over the last couple of days:Look...

I have looked at this a bit over the last couple of days:

Look through Gearing 42.3% (from results presentation)

It appears that: 'Look through' means looking at the debt of the joint ventures as well as CLW's debt (that is listed on the balance sheet). Also you can't use the valuations on the balance sheet for joint ventures as this can only list assets according to dollar amounts which CLW invested/contributed (accountancy rules or some such), you need to use current valuations that are listed in the results presentation. This tricked me for quite some time being new to all this.

So roughly speaking this is: Gearing = (CLW Balance Sheet Liabilities + Shared Venture Borrowings) / ( Balance Sheet CLW Properties Only + External Valuation of Joint Ventures)
Gearing = ($2,311mil + $780mil) / ($3,481mill + $3,349mil)

There is also so extra things I've missed out to as liabilities and assets are net of cash and market value of derivatives which should give the correct amount.

Im no expert this is just what I've inferred - hopefully someone will correct me if I'm wrong.