Realty Income Pitch Deck
REALTY INCOME
Strong Balance Sheet - One of Only Seven S&P 500 REITs with Two A3/A- Ratings or Better
■Commercial Paper (1)
■GBP Denominated Notes
STAGGERED DEBT MATURITY PROFILE
in $ millions
■Term Loan
(2)
■Revolver
(3)
■Mortgages
■Unsecured Notes
$1,841
$705
$1,089
$2,783
$1,946
$1,651
$1,100
$1,084
$950
$603
$2,348
$42
2022
2023
2024
2025
2026
2027
2028
2029
2030
FAVORABLE CREDIT RATINGS
Long-Term Unsecured Debt Rating
MOODY'S A3/Stable
S&P Global
A- / Stable
2031
2032
2033+
KEY CREDIT METRICS
Conservative Long-Term
Debt Profile
5.5x
88%
Low Leverage /
High Coverage Ratios
5.2x
Net Debt
to Annualized Pro
Forma Adj.
EBITDAre(4)
Fixed Charge
Coverage Ratio
31%
95%
Unsecured
Fixed Rate
Debt to Total
Market Cap
6.3 yrs
W.A. term to maturity
for notes & bonds
(1) Commercial paper borrowings outstanding at September 30, 2022 were $724 million and mature between October 2022 and January 2023.
(2) As of September 30, 2022, there was a carrying balance of $1.2 billion outstanding under our revolving credit facility. In April 2022, we amended and restated our unsecured credit facility in order to increase the borrowing capacity to $4.25 billion and extend the initial term to June 2026.
(3) Includes the principal balance (in USD) of one Sterling-denominated mortgage payable of £30.7 million converted at the applicable exchange rate on September 30, 2022.
(4) Net Debt/Annualized Pro Forma Adjusted EBITDAre is a ratio used by management as a measure of leverage. It is calculated as net debt (which we define as total debt per our consolidated balance sheet, excluding deferred financing costs and net premiums and discounts, but including our
proportionate share on debt from unconsolidated entities, less cash and cash equivalents), divided by Annualized Pro Forma Adjusted EBITDAre. The Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S GAAP, consist of adjustments to incorporate
Adjusted EBITDAre from properties we acquired or stabilized during the applicable quarter and remove Adjusted EBITDAre from properties we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable period. Our calculation
includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The annualized Pro Forma Adjustments are consistent with the debt service coverage ratio calculated under financial covenants for our senior
unsecured notes.
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