Fixed Income
Fixed Income Supplemental
Debt Covenants
$ In Thousands
| Debt Covenant Type | Covenant | this is just a separator cell | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|
| Maximum Leverage Ratio | <60% | 21%-27% | 25%-28% | 25%-29% | 25%-29% | 24%-26% | |
| Maximum Secured Leverage Ratio | <40/45% | 1% | 1% | 1% | 1% | 1% | |
| Minimum Tangible Net Worth | $7,266,909 | $10,144,958 | $9,643,962 | $9,334,951 | $9,227,521 | $9,185,688 | |
| Minimum Fixed Charge Coverage Ratio | at least 1.50 to 1.00 | 5.19 to 1.00 | 4.98 to 1.00 | 4.87 to 1.00 | 4.93 to 1.00 | 4.59 to 1.00 | |
| Unencumbered Leverage Ratio | <60% | 23%-29% | 26%-29% | 27%-30% | 27%-31% | 28%-31% | |
| Unencumbered Interest Coverage Ratio | at least 1.75 to 1.00 | 5.70 to 1.00 | 5.62 to 1.00 | 5.50 to 1.00 | 5.44 to 1.00 | 5.30 to 1.00 |
Balance Sheet and Liquidity
Components of Liquidity
- +$995M Revolving Credit Facility
- +$608M Cash on Hand
<span>$1.6B Total Liquidity</span> (as of 4/16/2025)
Well-Staggered Debt Maturities
Debt Maturity Schedule <span>In Millions</span>
- 3.8% weighted average interest rate
- 3.3 years weighted average maturity
Well-Staggered Debt Maturities
Show Data
| Year | Secured | Unsecured Term Loan | Unsecured Notes |
|---|---|---|---|
| 2025 | $60 | $400 | $100 |
| 2026 | $7 | -- | -- |
| 2027 | $19 | $300 | $700 |
| 2028 | $14 | -- | $300 |
| 2029 | -- | -- | $600 |
| 2030 | -- | -- | $400 |
| 2031 | -- | -- | $401 |
| 2032+ | $3 | -- | $75 |
All information as of 3/31/2025 unless otherwise noted; See Fixed Income Supplemental for more detail.