PUBLIC BOND COVENANTS(1) & SELECT BALANCE SHEET RATIOS
|
Q2'23 |
Q1'23 |
Q4'22 |
Q3'22 |
Q2'22 |
COVENANT |
Debt to Total Assets |
34% |
34% |
34% |
35% |
34% |
< 65% |
Secured Debt to Total Assets |
3% |
3% |
3% |
4% |
4% |
< 40% |
Interest
Coverage |
579% |
585% |
579% |
567% |
553% |
> 150% |
Unsecured
Debt Ratio(2) |
289% |
289% |
287% |
278% |
284% |
> 150% |
Net Indebtedness
to Adjusted EBITDA(3)(4) |
5.6x |
5.7x |
5.6x |
5.8x |
5.8x |
- |
Unencumbered
NOI to Adjusted Total NOI |
95% |
95% |
95% |
94% |
94% |
- |
Source: Company Disclosures
(1) |
Please refer to the Company’s Public Bond Filings with the SEC for the definitions of the covenants. |
(2) |
Unsecured Debt Ratio is unsecured assets
(excluding investments in co-investments)
divided by unsecured indebtedness. |
(3) |
Net Indebtedness is total debt less unamortized
premiums, debt issuance costs, unrestricted
cash and cash equivalents, and marketable
securities at pro rata share. |
(4) |
Adjusted EBITDAre is reflected on a pro rata basis and excludes non-routine items in earnings and other adjustments as outlined on page S-18.1 of the supplemental financial information furnished as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 27, 2023. |
|
S&P |
Moody's |
Long-term
Issuer |
BBB+ (OS)
10/19/2016 |
Baa1 (OS)
10/10/2016 |
Preferred
Stock |
|
(P)Baa2 (OS)
10/10/2016 |
|
Ratings Watch Action Legend: (WP) Watch Positive, (WN)
Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed,
(OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook
Stable, (OD) Outlook Developing
Issuer ratings are S&P/Moody's/Fitch respectively.
A security rating is not a recommendation to buy,
sell or hold securities and should be evaluated
independently of any other rating. The rating is
subject to revision or withdrawal at any time by
the assigning rating organization.
Ratings Watch Action Legend: (WP) Watch Positive, (WN)
Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed,
(OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook
Stable, (OD) Outlook Developing
Issuer ratings are S&P/Moody's/Fitch respectively.
A security rating is not a recommendation to buy,
sell or hold securities and should be evaluated
independently of any other rating. The rating is
subject to revision or withdrawal at any time by
the assigning rating organization.
-
Highest Quality
(P)Aaa
Aaa
-
High Quality
Aa1 (P)Aa1
(P)Aa2
Aa2 Aa3
(P)Aa3
-
Upper-Medium Quality
(P)A1
A1 A2
(P)A2
(P)A3 A3
-
Medium-Grade Quality
Baa1
(P)Baa1 (P)Baa2
Baa2
Baa3 (P)Baa3
-
Substantial Risk
(P)Ba1
Ba1 Ba2
(P)Ba2
(P)Ba3
Ba3
-
High Risk
B1 (P)B1
(P)B2
B2 B3
(P)B3
-
Very High Risk
(P)Caa1
Caa1
Caa2 (P)Caa2
(P)Caa3
Caa3
-
Highly Speculative
(P)Ca
Ca
-
-
Extremely Strong
AAA AAApi
AAAt
-
Very Strong
AA+ AA+pi
AA+t
AApi Aat
AA AA-
AA-pi
AA-t
-
Strong
A+ A+pi
A+t Api
At A
A- A-pi
A-t
-
Adequate
BBB+
BBB+pi BBB+t
BBB BBBpi
BBBt
BBB- BBB-pi
BBB-t
-
Less Vulnerable
BB+ BB+pi
BB+t
BB BBpi
BBt BB-
BB-pi
BB-t
-
More Vulnerable
B+ B+pi
B+t B
Bpi Bt
B- B-pi
B-t
-
Currently Vulnerable
CCC+
CCC+pi CCC+t
CCCpi
CCCt CCC
CCC-
CCC-pi CCC-t
-
Highly Vulnerable
CCpi
CCt CC
C+ C+pi
C+t C
Cpi Ct
-
Selective Default
SD SDpi
SDt
-
Default
D+ D+pi
D+t Dpi
Dt D
-
Regulatory Supervision
R Rpi
Rt
-
Superior
(P)MIG 1
(P)P-1
(P)VMIG 1
MIG 1
P-1 VMIG 1
-
Strong
VMIG 2
P-2 MIG
2 (P)VMIG 2
(P)P-2
(P)MIG 2
-
Acceptable
(P)MIG 3
(P)P-3
(P)VMIG 3
MIG 3
P-3 VMIG 3
-
-
-
-
-
-
More Vulnerable
B B-1
B-2 B-3
-
-
-
-
Financial
Strength Ratings
-
-
Excellent Security
Aa1 Aa2
Aa3
-
-
Adequate Security
Baa1
Baa2 Baa3
-
Questionable Security
Ba1 Ba2
Ba3
-
-
Very Poor Security
Caa1
Caa2 Caa3
-
Extremely Poor Security
Ca C
-
Extremely Strong
AAA AAApi
-
Very Strong
AA+ AA+pi
AApi
AA AA-
AA-pi
-
Strong
A+ A+pi
Api A
A- A-pi
-
Good
BBB+
BBB+pi BBBpi
BBB BBB-
BBB-pi
-
Marginal
BB+ BB+pi
BB BBpi
BB- BB-pi
-
Weak
B+ B+pi
B Bpi
B- B-pi
-
Very Weak
CCC+
CCC+pi CCCpi
CCC CCC-
CCC-pi
-
-
Issuer ratings are S&P/Moody's/Fitch respectively.
A security rating is not a recommendation to buy,
sell or hold securities and should be evaluated
independently of any other rating. The rating is
subject to revision or withdrawal at any time by
the assigning rating organization.