Curating Best-in-Class Portfolio
REALTY INCOME
Strong Balance Sheet - One of Only Seven S&P 500 REITs with Two A3/A- Ratings or Better
■Commercial Paper (1)
■GBP Denominated Notes
STAGGERED DEBT MATURITY PROFILE
in $ millions
■Term Loan
(2)
■Revolver
■Mortgages
(3)
■Unsecured Notes
$724
$1,841
2023
2024
$1,092
2025
$3,614
$2,805
$1,651
$1,101
$950
$652
2026
2027
2028
2029
2030
$2,441
$1,865
2031
2032
2033+
FAVORABLE CREDIT RATINGS
Long-Term Unsecured Debt Rating
MOODY'S A3/Stable
S&P Global
A-/ Stable
Low Leverage /
High Coverage Ratios
5.3x
Net Debt
to Annualized Pro
Forma Adj.
EBITDAre(4)
KEY CREDIT METRICS
Conservative Long-Term
Debt Profile
5.2x
85%
Fixed Charge
Coverage Ratio
30%
Debt to Total
Market Cap
95%
Unsecured
Fixed Rate
6.2 yrs
W.A. term to maturity
for notes & bonds
(1) Commercial paper borrowings outstanding at December 31, 2022 were $702 million and mature between January 2023 and February 2023.
(2) As of December 31, 2022, there was a carrying balance of $2.0 billion outstanding under our revolving credit facility. In April 2022, we amended and restated our unsecured credit facility in order to increase the borrowing capacity to $4.25 billion and extend the initial term to June 2026.
(3) Includes the principal balance (in USD) of one Sterling-denominated mortgage payable of £30.7 million converted at the applicable exchange rate on December 31, 2022.
(4) Net Debt/Annualized Pro Forma Adjusted EBITDAre is a ratio used by management as a measure of leverage. It is calculated as net debt (which we define as total debt per our consolidated balance sheet, excluding deferred financing costs and net premiums and discounts, but including our
proportionate share on debt from unconsolidated entities, less cash and cash equivalents), divided by Annualized Pro Forma Adjusted EBITDAre. The 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. The 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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