Strategies for Multi-Family Real Estate Capital Allocation
AIR
COMMUNITIES
The most efficient and most effective way to allocate capital to multi-family real estate
Financial risk reduced by a flexible, low leverage balance sheet
Balance Sheet Highlights (1)
De-leveraging fully achieved at 5.4x Net
Leverage to EBITDA
3.6% weighted average cost of debt and
8.0 year weighted average maturity
$1B+ of available liquidity pro forma
-
$111M expected cash and restricted cash
at share
BBB/Stable
S&P Global
Ratings
5.4x
Net Leverage
to EBITDA (1)
$7.9B
Unencumbered
Asset Pool
-
$1B capacity on AIR's line of credit
Only 6% of pro forma debt repricing
through the end of 2024
-
Significant cushion under LoC covenants
19%
Net Leverage
to GAV(2)
Pro Forma Debt Repricing Profile ($M) (¹)
Only $146M of debt subject to repricing through 2024
$286
$268
$267
$228 $227 $210
$238
$100
$99
$46
$-
T
T
2022
2023
2024
2025 2026
2027
2028 2029 2030 2031 2032+
5.4x metric pro forma for (i) $159M of April property sales and (ii) $557.5M from AIV: $534M in payment of the note and $23.5M as a prepayment penalty. All metrics pro forma for announced Q1 2022
balance sheet transaction activity.
(1)
(2)
Reflects AIR total asset value assuming GSA GAV as of 6/3/2022.
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