Growing International Portfolio
Adjusted EBITDAre
(dollars in thousands)
REALTY
INCOME
Adjusted EBITDAre, Annualized Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, Net Debt/Annualized Adjusted EBITDAre and Net Debt/Annualized Pro Forma Adjusted EBITDAre are non-GAAP
financial measures. Please see the Glossary on page 14 of the earnings press release for our definition and an explanation of how we utilize these metrics
Three months ended
June 30,
Net income
Interest
Gain on extinguishment of debt
Income taxes
Depreciation and amortization
Provisions for impairment
Merger and integration-related costs
Gain on sales of real estate
Foreign currency and derivative losses (gains), net
Gain on settlement of foreign currency forwards
12,932
472,278
29,815
2023
2022
$
197,153 $
183,857
223,822
110,121
(127)
14,658
409,437
7,691
341
2,729
(7,824)
(40,572)
2,552
(7,480)
2,106
Proportionate share of adjustments from unconsolidated entities
(411)
9,049
Quarterly Adjusted EBITDAre
$
890,693 $
731,434
Annualized Adjusted EBITDAre (1)
$
3,562,772
$
2,925,736
Annualized Pro Forma Adjustments
$
87,712
$
55,756
Annualized Pro Forma Adjusted EBITDAre
$
3,650,484
$
2,981,492
Total debt per the consolidated balance sheet, excluding deferred financing costs and net
premiums and discounts
19,538,466 $
15,738,383
Proportionate share for unconsolidated entities debt, excluding deferred financing costs
Less: Cash and cash equivalents
86,006
Net Debt (2)
Net Debt/Annualized Adjusted EBITDAre
$
(253,693)
19,284,773
$
(172,849)
15,651,540
Net Debt/Annualized Pro Forma Adjusted EBITDAre
5.4x
5.3x
5.3x
5.2x
(1) We calculate Annualized Adjusted EBITDAre by multiplying the Quarterly Adjusted EBITDAre by four.
(2) Net Debt is total debt per our consolidated balance sheets, excluding deferred financing costs and net premiums and discounts, but including our proportionate share on debt from unconsolidated entities, less cash and cash equivalents.
Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S GAAP, consist of adjustments to incorporate Adjusted EBITDAre from properties we acquired or stabilized during the applicable quarter and remove Adjusted EBITDAre from properties we
disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable period. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11
of Regulation S-X. Annualized Pro Forma Adjustments are consistent with the debt service coverage ratio calculated under financial covenants for our senior unsecured notes.
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