Investor Presentaiton
Committed to Conservative Capital Structure
Growing Enterprise Value While Maintaining Target Credit Metrics
CREDIT METRICS
Net Debt (1) / LQA Adjusted EBITDA (2)
Fixed Charge Coverage (2)(3)
CAPITAL STRUCTURE
7.1x
6.9x
6.4x
6.1x
6.0x
5.7x
5.9x 5.8x
5.6x
5.6x
5.4x
6.2x
5.9x
5.8x
5.7x 5.7x
5.7x
5.4x
5.1x
4.9x
4.4x
4.4x
3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23
As Reported
As Adjusted (4)
As Reported
3Q20 4Q20 1Q21
As Reported
2Q21
3Q21 4Q21 1Q22 2Q22 3Q22
As Adjusted (4)
4Q22 1Q23
As Reported
Note: As of March 31, 2023 except as noted. Please see the Appendix for calculation of ratios.
1) Net debt is calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus our share of unconsolidated joint venture debt, less unrestricted cash and cash equivalents.
2) Adjusted EBITDA is a non-GAAP financial measure. LQA Adj. EBITDA is last quarter Adjusted EBITDA (including our pro rata share of unconsolidated joint venture EBITDA) multiplied by four. For a description of Adjusted EBITDA, please see the
Appendix.
3) Calculated as Adjusted EBITDA divided by fixed charges. Fixed charges consist of GAAP interest expense (including our share of unconsolidated JV interest expense), capitalized interest (including our share of unconsolidated JV capitalized interest),
scheduled debt principal payments and preferred dividends.
4) As adjusted for the following assumptions: the hypothetical full physical settlement of the September 2021 forward sales agreements and the proceeds therefrom repaying borrowings under our global revolving credit facilities; 4Q21 adjusted for €750mm
1.375% notes due 2032 issued in January 2022 and redemption of $450mm 4.75% notes due 2025 in February 2022. 2Q22 numbers do not reflect post-quarter end borrowings under our global revolving credit facility and partial physical settlement of
forward sales agreement to fund the Teraco acquisition. 3Q22 adjusted for the full quarter contribution from Teraco. As reported Net Debt/LQA Adjusted EBITDA for 3Q21, 4Q21, 1Q22, 2Q22, and 3Q22 was 6.0x, 6.1x, 6.3x, 6.2x and 6.7x, respectively.
As reported fixed charge coverage for 3Q21, 4Q21, 1Q22, 2Q22 and 3Q22 was 5.0x, 5.4x, 5.5x, 6.0x, and 5.5x, respectively.
37%
Debt
Debt
Preferred Equity
$1.3
Revolver Capacity
25
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