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
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