Investor Presentaiton
EMPHASIS PLACED ON LIQUIDITY
Conservative Leverage Profile & Ample Liquidity to Navigate Current and Future Economic Uncertainly
KEY CREDIT METRICS AS OF MARCH 31, 2023
5.1x
Net Debt / Annualized
Adjusted EBITDAre
3.9x
Fixed Charge
Coverage Ratio¹
BBB / Baa2
Issuer Ratings
1.5%
$907 million
Secured
Indebtedness Ratio¹
of Corporate
Liquidity
Stable Stable
Ratings Outlook
CORPORATE LIQUIDITY PROFILE
($mm)
■Cash and Cash Equivalents Available Revolver Capacity Outstanding Forward Equity
$1,127
$271
$907
$788
$825
$696
$780
$892
$734
$803
$679
$54
$17
$76
$22
$15
Q1
Q2
Q3
Q4
00
2022
Q1
2023
LEVERAGE PROFILE EVOLUTION2
Forward Equity Proceeds Outstanding
5.1x
Q1
10
■Pro Forma Net Debt / Annualized Adj. EBITDAre
■Net Debt / Annualized Adj. EBITDAre
5.5x
5.3x
4.8x
Q2
Q3
2022
AMPLE COVENANT HEADROOM
5.2x
5.1x
64
Q4
Q1
2023
■Covenant Requirement
■Q1 2023
Leverage
Ratio 3
≤ 60%
34%
Secured
Indebtedness
≤ 40%
1.5%
Unencumbered
Coverage Ratio
≥1.75x
3.82x
Fixed Charge
Coverage Ratio
Unencumbered
Property³
≤ 60%
36%
≥1.50x
3.94x
1 Calculated in accordance with revolving credit facility, unsecured term loans and senior unsecured notes. 2 Net Debt / Annualized Adjusted EBITDAre 3 Calculated in accordance with senior unsecured notes
BROADSTONE
18
INVESTOR PRESENTATION | MAY 2023
NET LEASE, INC.View entire presentation