Pershing Square Activist Presentation Deck
PSH Total Debt to Total Assets Ratio
In periods of market and/or portfolio volatility, PSH has continuously
maintained conservative leverage levels and investment grade ratings
Total Debt to Total Assets Ratio | 6/30/2015 to 2/8/2022:
24.0%
22.0%
20.0%
18.0%
16.0%
14.0%
12.0%
Jun-15
6/26/15: Issued $1,000mm of
5.500%, 7-Year Unsecured
Bonds Due 2022
Sep-15
Dec-15
Mar-16
Jun-16
7/25/19: Private placement of $400mm of
4.950%, 20-Year Unsecured Bonds Due 2039
with Guggenheim Partners
Sep-16
Mar-17
Dec-16
Jun-17
10/1/21: Issued $700mm of 3.250%, 10-
Year Unsecured Bonds Due 2031 and
€500mm of 1.375%, 6-Year Unsecured
Bonds Due 2027
8/26/20: Private placement of $200mm of 3.000%,
12-Year Unsecured Bonds Due 2032
with
Guggenheim
Partners
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
10/4/21: Redeemed $369mm of
5.500% Unsecured Bonds Due 2022
Jun-20
Sep-20
11/2/20: Issued
$500mm of 3.250%,
10-Year Unsecured
Bonds
Due 2030
Mar-21
Dec-20
Jun-21
Sep-21
Dec-21
22.3%
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