Investor Presentaiton
Well-Laddered Balance Sheet with Significant Liquidity
Real Estate Debt Maturity (1)
Total Debt Profile
% of Debt Maturing
Investment grade ratings: BBB (Fitch / DBRS Morningstar), Baa3 (Moody's)
6%
33% (14%) (12%) (11%) 13%
11%
Debt Type
Rate Type
Revolver Balance (2)
Senior Unsecured Term Loan A-1 (3)
Senior Unsecured Term Loan A-2 (CAD)
■Senior Unsecured Term Loan A-3
$243
Secured
7%
$723
Series A 4.68% Unsecured Notes due 2026
Series B 4.86% Unsecured Notes due 2029
Series C 4.10% Unsecured Notes due 2030
Series D 1.62% Unsecured Notes due 2031
Series E 1.65% Unsecured Notes due 2033
TOTAL
DEBT
$3.6bn
93%
$723
Floating
20%
TOTAL
DEBT
$3.6bn
80%
$189
$436
$400
$375
$270
$350
$382
$200
2023
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
$3,325
Unsecured
$2,845
Fixed
Liquidity
As of June 30, 2023, COLD has total debt outstanding of $3.6 billion
COLD transitioned its balance sheet to 93% unsecured and 80% fixed rate with a
remaining weighted average term of 5.6 years
No material debt maturities until 2026
Significant Liquidity: ~$0.5bn (4)
$406mm Undrawn Senior
Unsecured Revolving Credit
Facility
Interest Rate: Base Rate +
84 bps
Minimal near-term debt
maturities
COLD maintains a strong liquidity position and a well-laddered maturity profile
Note: Dollars in millions. Figures based on company filings as of June 30, 2023. Balances denominated in foreign currencies have been translated to USD. Figures may not sum due to rounding
(1)
Does not include sale-leaseback financing obligations or financing lease obligations
(2)
(3)
Revolver maturity date assumes the exercise of two six month extension options
Term Loan maturity date assumes the exercise of two 12-month extension options
(4)
Figure reflects cash and the capacity available under the Senior Unsecured Revolving Credit Facility less $21mm in letter of credit
89%
TOTAL
LIQUIDITY
$0.5bn
11%
Cash
$49
Revolver
Availability
$406
18
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