Strategic Plan to Exit Office
Unsecured Bond Covenants (1)
Investment grade balance sheet with recent upgrades to Baa1 (stable) from Moody's and BBB+ (stable) from S&P
Senior Unsecured Notes (2)
Total Leverage
Secured Debt Leverage
Fixed Charge Coverage
Maintenance of Unencumbered Asset Value
Metric
W. P. CAREY
Covenant
September 30, 2023
Total Debt /
Total Assets
≤ 60%
40.0%
Secured Debt /
≤ 40%
3.8%
Total Assets
Consolidated EBITDA /
Annual Debt Service Charge
21.5x
5.2x
Unencumbered Assets/
Total Unsecured Debt
≥ 150%
239.1%
1. This is a summary of the key financial covenants for our Senior Unsecured Notes, along with estimated calculations of our compliance with those covenants at the end of the period presented. These ratios are not measures of our liquidity or performance and serve only to
demonstrate our ability to incur additional debt, as permitted by the covenants governing the Senior Unsecured Notes.
2. As of September 30, 2023, our Senior Unsecured Notes consisted of the following note issuances: (i) $500 million 4.60% senior unsecured notes due 2024, (ii) €500 million 2.25% senior unsecured notes due 2024, (iii) $450 million 4.00% senior unsecured notes due 2025,
(iv) $350 million 4.25% senior unsecured notes due 2026, (v) €500 million 2.25% senior unsecured notes due 2026, (vi) €500 million 2.125% senior unsecured notes due 2027, (vii) €500 million 1.35% senior unsecured notes due 2028, (viii) $325 million 3.85% senior
unsecured notes due 2029, (ix) €525 million 0.95% senior unsecured notes due 2030, (x) $500 million 2.40% senior unsecured notes due 2031, (xi) $350 million 2.45% senior unsecured notes due 2032 and (xii) $425 million 2.25% senior unsecured notes due 2033.
Excludes the €150MM 3.41% senior unsecured notes due 2029 and €200MM 3.70% senior unsecured notes due 2032 issued in the September 2022 private placement offering.
27View entire presentation