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Investor Presentaiton

6.0 FINANCIAL STRENGTH AND FLEXIBILITY Q2 2023 2022 2021 2020 2019 2018 2017 Unsecured revolving credit facilities (million) $800 $800 $800 $800 $800 $800 $800 65% Unencumbered assets (billion) $6.3 $6.6 $7.4 $7.0 $7.0 $7.3 $7.4 of Q2 2023 assets unencumbered Unencumbered assets (2) to unsecured debt 2.3x 2.3x 2.3x 2.1x 2.2x 2.5x 2.4x Secured debt as % of total assets Net debt to total assets Net debt to EBITDA EBITDA interest coverage 16.1% 13.6% 12.7% 15.2% 14.6% 14.1% 12.7% 44.5% 44.0% 43.9% 47.3% 46.7% 42.2% 43.8% 10.1x(1) 10.2x 11.2x 12.0x 10.0x 9.6x 9.8x 2.3x 2.4x 2.3x 2.1x 2.4x 2.5x 2.5x (1) Net debt to Adjusted EBITDA was 10.3x as at June 30, 2023. Excluding non-recurring costs related to Unitholder activism, the ratio was 10.1x (2) Using 10 quarter average capitalization rate First Capital 41
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