BUSINESS MODEL DESIGNED FOR INFLATION
DEBT MATURITIES ADDRESSED THROUGH 2024
AMPLE FLEXIBILITY TO ADDRESS SUBSEQUENT MATURITIES
As of 3/31/2023 (thousands)
2023
2024
2025
2026
2027
2028
2029
2030
2031
2023 GBP Notes
$493,480
2024 AUD Bank Term Loan
$802,200
Full repayment expected from sale of
Australian portfolio in 2023
2024 GBP Term Loan
$129,353
2025 GBP Bank Term Loan
$863,590
Repayment from
2025 EUR Notes
anticipated property
$541,950
sales and cash reserves
2026 GBP Notes
$616,850
2026 Credit Facility Revolver
$1,031,037
2026 USD Notes
$500,000
2026 EUR Notes
$541,950
2027 USD Notes
2027 Credit Facility Term Loan
2028 GBP Notes
$1,400,000
$200,000
$740,220
2029 USD Notes
2030 GBP Notes
2031 USD Notes
Total
$900,000
$431,795
$1,300,000
$493,480
$931,553
$1,405,540
$2,689,837
$1,600,000
$740,220
$900,000
$431,795
$1,300,000
Financing Strategies from 2025: Extend GBP Term Loan Refinance Credit Facility JV and Asset Sales at Profitable Pricing ⚫Refinance Maturing Bonds
➤ $1.4 bn closed and binding dispositions and loan repayments to fund the repayment of $1.4 bn in 2023/2024 debt maturities
➤ Roughly $1 bn immediate liquidity at 3/31/2023
➤ Near-term investment spending highly selective
➤ ~$19.1 bn unencumbered asset base
Consider the impact of compounding CPI-linked rent escalators when debt maturities do approach...
MPT
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