Highly Diversified Business Model Produces Stable Cash Flows
Flexible Balance Sheet Positioned for Growth
As of 12/31/2020 Pro Forma
Real Estate Debt Maturity (1)
Total Debt Profile
% of
Debt
Investment grade ratings: Baa3 (Moody's), BBB (Fitch / DBRS Morningstar)
11%
13% 8%
16% 14% 20%
17%
Maturing
2013 Mortgage Loans
Debt Type
Rate Type
Undrawn Revolver (2)
$588
Secured
$321
Floating
12%
21%
Unsecured Term Loan A-1
Unsecured Term Loan A-2
(CAD Denominated)
■Series A 4.68% Unsecured
Notes
$2,188
Unsecured
■Series B 4.86% Unsecured
Notes
$1,000
Series C 4.10% Unsecured
Notes
■Series D 1.62% Unsecured
Notes
■Series E 1.65% Unsecured
Notes
$125
$277
$196 $200
79%
Liquidity
Significant Liquidity: ~$1.7bn (3)
-
$1,000mm (4) Undrawn
88%
$2,454
Fixed
Senior Unsecured Revolving
Credit Facility
2018
Forward
56%
Proceeds
$489
$400
$428
$350
Interest Rate: L + 85 bps
Minimal near-term debt
maturities
$130(5)
7%
TOTAL
LIQUIDITY
$1.7bn
2020
Forward
Proceeds
15%
(6)
21%
$262
2021 2022 2023 2024
2025 2026 2027 2028
2029 2030 2031 2032 2033
Note: Dollars in millions except per share figures. Figures based on company filings as of 12/31/2020. Figures pro forma for partial repayment of Term Loan A Facility Tranche A-1 and increased borrowing capacity of Revolver in January 2021. The
Company may settle the forwards by issuing new shares or may instead elect to cash settle or net share settle all or a portion of the forward shares. Figures may not sum due to rounding
(1)
(2)
(3)
(4)
(5)
(6)
Reflects the principal due each period and does not adjust for amortization of principal balances. Balances denominated in foreign currencies have been translated to USD
Revolver maturity date assumes the exercise of two six month extension options
Figure reflects cash, forward proceeds and the capacity available under the Senior Unsecured Revolving Credit Facility less $22mm in letters of credit. Also excludes $50mm from cash balance for AGRO FIRPTA hold back
On January 29, 2021, the Company repaid $200 million USD of the Term Loan A Facility Tranche A-1 using cash on the balance sheet and increased the borrowing capacity of Revolver from $800 million to $1 billion
Assumes the issuance of "6.0mm common shares upon the full physical settlement of the 2018 forward sale agreement
Assumes the issuance of ~7.2mm common shares upon the full physical settlement of the 2020 forward sale agreements
Cash
$371
Revolver
Availability
$978
20
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