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| 8-K - 8-K - ASHFORD HOSPITALITY TRUST INC | ahtinvestorpresentation8-k.htm |
November 2017
Forward Looking Statements and Non-GAAP Measures
2
In keeping with the SEC's "Safe Harbor" guidelines, certain statements made during this presentation could
be considered forward-looking and subject to certain risks and uncertainties that could cause results to
differ materially from those projected. When we use the words "will likely result," "may," "anticipate,"
"estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking
statements. Such forward-looking statements include, but are not limited to, our business and investment
strategy, our understanding of our competition, current market trends and opportunities, projected
operating results, and projected capital expenditures.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could
cause actual results to differ materially from those anticipated including, without limitation: general volatility
of the capital markets and the market price of our common stock; changes in our business or investment
strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our
industry and the market in which we operate, interest rates or the general economy, and the degree and
nature of our competition. These and other risk factors are more fully discussed in the company's filings with
the Securities and Exchange Commission.
EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is
defined as trailing twelve month EBITDA divided by the purchase price or debt amount. A capitalization
rate is determined by dividing the property's net operating income by the purchase price. Net operating
income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross
revenues. Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues.
EBITDA, FFO, AFFO, CAD and other terms are non-GAAP measures, reconciliations of which have been
provided in prior earnings releases and filings with the SEC or in the appendix to this presentation.
This overview is for informational purposes only and is not an offer to sell, or a solicitation of an offer to buy or
sell, any securities of Ashford Hospitality Trust, Inc. or any of its respective affiliates, and may not be relied
upon in connection with the purchase or sale of any such security.
Management Team
3
33 years of real estate &
hospitality experience
15 years with Ashford
10 years with Goldman Sachs
Stanford BA, MBA
DOUGLAS A. KESSLER
Chief Executive Officer &
President
17 years of hospitality experience
14 years with Ashford
3 years with ClubCorp
CFA charterholder
Southern Methodist University BBA
DERIC S. EUBANKS, CFA
Chief Financial Officer
32 years of hospitality experience
14 years with Ashford (18 years
with Ashford predecessor)
Pepperdine University BS,
University of Houston MS, CPA
MARK L. NUNNELEY
Chief Accounting Officer
32 years of hospitality & legal
experience
14 years with Ashford (11 years
with Ashford predecessor)
University of North Texas BS,
University of Houston JD
DAVID A. BROOKS
Chief Operating Officer,
General Counsel
12 years of hospitality experience
7 years with Ashford (5 years with
Ashford predecessor)
5 years with Stephens Investment
Bank
Oklahoma State University BS
JEREMY J. WELTER
EVP of Asset Management
12 years of hospitality experience
12 years with Ashford
3 years of M&A experience at
Dresser Inc. & Merrill Lynch
Princeton University AB
J. ROBISON HAYS
Chief Strategy Officer
Upscale
33%
Upper-Upscale
55%
Luxury
5%
Upper-Midscale
3%
Indep.
4%
Marriott
31%
Hilton
6%
Hyatt
3%
Remington
59%
Interstate
<1%
Top 25
73%
Top 50
19%
Other
8%
Portfolio Overview
4 (1) As of September 30, 2017
(2) TTM as of September 30, 2017 for the 120 owned hotels as of October 27, 2017
(3) Hotel EBITDA in thousands
120
Hotels
25,000
Rooms
$5.7B
Gross Assets(1)
31
States
TOP TEN METRO AREAS(2),(3)
PORTFOLIO BY HOTEL EBITDA(2)
Brand Property Manager Chainscale
$122
RevPAR(2)
Marriott
58%
Hilton
28%
Hyatt
4%
IHG
4%
Indep.
6%
MSA
TTM Hotel % of
EBITDA Total
Washington DC $45,405 9.8%
San Fran/Oakland, CA $34,729 7.5%
Los Angeles, CA $33,971 7.3%
New York/New Jersey $30,237 6.5%
Nashville, TN $26,734 5.8%
Boston, MA $26,477 5.7%
Atlanta, GA $25,410 5.5%
DFW, TX $25,123 5.4%
Minn./St. Paul, MN $15,678 3.4%
Austin, TX $12,979 2.8%
Total Portfolio $463,933 100.0%
5
<1%
Geographically Diverse
Washington D.C. – 9.8%
Los Angeles – 7.3%
San Francisco – 7.5%
New York – 6.5%
Boston – 5.7%
Nashville – 5.8%
Atlanta – 5.5%
Dallas / Ft. Worth – 5.4% Minneapolis – 3.4%
Tampa – 2.5% Houston – 2.5% Miami – 2.4%
Orlando – 2.2%
San Diego – 1.6%
Philadelphia – 1.7%
Portland – 2.1%
Key West – 1.4%
Indianapolis – 1.5%
Jacksonville – 2.3% Austin – 2.8%
Las Vegas – 1.8%
Phoenix – 1.4%
Savannah – 2.4%
Note: Percent of total portfolio Hotel EBITDA shown for the TTM period as of September 30, 2017
for the 120 owned hotels as of October 27, 2017
High Quality
6
Crowne Plaza La Concha
Key West, FL
W Atlanta Downtown
Atlanta, GA
Marriott Beverly HIlls
Beverly Hills, CA
Le Pavillon
New Orleans, LA
One Ocean
Jacksonville, FL
Le Meridien Minneapolis
Minneapolis, MN
W Minneapolis
Minneapolis, MN
The Silversmith
Chicago, IL
Hyatt Coral Gables
Coral Gables, FL
The Churchill
Washington D.C.
Renaissance Nashville
Nashville, TN
Hyatt Savannah
Savannah, GA
Overview
7
Opportunistic platform
focused on upper upscale,
full-service hotels
Highest insider ownership
Disciplined capital
management
Aligned advisory structure
Targets debt levels of 55-60%
net debt/gross assets
Attractive dividend yield
Targets cash level of 25-30%
of total equity market cap
Superior long-term total
shareholder return
Full-Service Rationale
8
170 BPS
ATTRACTIVE SUPPLY FUNDAMENTALS
1.4%
2.0%
3.1%
3.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
10-YR 2018E
Upper-Upscale Other Chainscales
LOWER
150 BPS
LOWER
FAVORABLE ACQUISITION YIELDS
6.5%
Low End
8.5%
High End
Management Estimates
VALUE-ADD OPPORTUNITIES
39%
Franchised Upper Upscale Rooms as a % of
Total Upper Upscale Chain Scale
Segment(1)
(1) Estimate based upon MAR, HLT, H, and IHG branded rooms
(2) Other chain scales include luxury, upscale, and upper midscale
Source: PWC, STR, Bloomberg & Company Filings
(2)
W Atlanta Downtown
Atlanta, GA
$218
$170
$305
$574
$72 $90
$147
$89 $112
$18
$97 $81
$45
$52
$68
$65
$400
$76 $112
$17
$275
$95
$200
$10
$11
$73
$116
$90
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
M
ill
io
n
s
Common Raises Common Buybacks Preferred Raises Preferred Buybacks / Redemptions
Disciplined Capital Management
9
Track record of increasing shareholder returns by capitalizing upon
cyclical changes and advantageous pricing situations
COMMON SHARE BUYBACKS
Financial Crisis
73.6M 50% $3.28
Shares
Of Outstanding
Shares
Average
Buyback
RECENT PREFERRED EQUITY ACTIVITY
9.0%
Old Coupon
~$2M in total annual incremental cash savings
7.4%
2016 2017
New Coupon
8.5%
Old Coupon
7.5%
New Coupon
(1)
(1) Through October 2017
42.4%
56.1%
49.2%
56.4% 55.5%
59.6%
55.7%
58.7% 58.5% 59.1% 58.3%
64.9%
61.2% 60.9%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
65.0%
70.0%
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q3 17
M
ill
io
n
s
Gross Assets Net Debt Net Debt / Gross Assets
Leverage Target
10
Appropriate use of leverage contributed to outsized long-term total shareholder returns
relative to peers
Non-recourse, property level mortgage
debt
Leverage policy consistent since IPO
(1) (1)
(1) Based on public filings; adjusted for unconsolidated Highland JV from 2011 – 2014
Note: Gross Assets and Net Debt adjusted for cash & cash equivalents and other liquid cash-like items as reported
9% 10% 9%
28%
75%
28%
22%
25% 25% 25%
28%
40%
48%
0%
10%
20%
30%
40%
50%
60%
70%
80%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
M
ill
io
n
s
Avg Cash Avg Equity Market Cap Cash / Equity Market Cap
Cash Target
11
(1) YTD September 2017
(2) Based on public filings; adjusted for unconsolidated Highland JV from 2011 - 2014
(3) Per Bloomberg
FINANCIAL CRISIS CURRENT CYCLE
FINANCIAL CRISIS
Positioned to buy back approximately 50% of
outstanding common shares for about $240
million leading to outsized total shareholder
returns
CURRENT CYCLE
Ample flexibility to execute opportunistic growth
and maintain hedge against an economic
downturn
(2) (3)
(1)
19.1%
15.8%
7.6%
6.1%
3.6% 3.3%
2.5% 2.3% 2.0% 1.7% 1.6%
1.1% 0.8% 0.5% 0.4% 0.3%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
20.00%
AHT AHP HT APLE CLDT REIT
Avg
CHSP RLJ PEB INN HST DRH SHO XHR LHO PK
Highest Insider Ownership
12
REIT average includes: AHP, HT, APLE, CLDT, CHSP, RLJ, PEB, INN, HST, DRH, SHO, XHR, LHO, PK
REIT Source: Latest proxy and other company filings.
(1) As of 10/27/2017
(2) Includes direct interests and interests of related parties
1,2
Most highly aligned management team among the
lodging REIT sector #1
$156M Total Dollar Value of Insider Ownership(1)
1,2
Advisory Agreement Structure
13 (1) Amended Advisory Agreement in June 2015
ADVISOR
MANAGED REIT
Fees
Provide asset management,
advisory services & key money
SUMMARY TERMS(1)
BASE FEE
INCENTIVE FEE
INCENTIVE FEE
PAYMENT
OTHER FEES
TERM
EXTENSIONS
• 70 bps of Total Market Capitalization (TMC)
• Payable quarterly
• 5% of the TSR outperformance (vs defined peer set)
times Equity Market Capitalization
• Subject to 25% outperformance maximum
• Determined annually
• Paid over 3 years in equal annual installments
• Up to 50% can be paid in stock at REITs election
• Reimbursement for internal audit and other
overhead costs
• Initial term of 10 years
• Initial term end date June 9, 2025
• Automatic 5 year extensions
KEY MONEY
• From time-to-time Advisor may contribute key
money to help fund acquisitions
Facilitate Shareholder Alignment
6.9%
6.5% 6.5%
6.4%
6.3%
6.1% 6.1%
6.0%
5.8%
5.5%
5.1%
4.6%
4.3%
4.2%
4.1% 4.1%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
AHT AHP HT LHO APLE CLDT RLJ PK CHSP REIT
Avg
XHR DRH PEB INN HST SHO
Attractive Dividend Yield
14
Source: Company filings and market data
(1) As of 10/27/2017
(2) Annualized based on most recent dividend announcement
(3) Includes: AHP, APLE, CLDT, PK, LHO, CHSP, HT, RLJ, XHR, DRH, PEB, HST, INN, SHO
2 2 3
Highest dividend yield in the industry(1)
152%
-5%
22%
208%
98%
47%
86%
56% 27%
-8%
22% 1%
202%
82%
191%
1,497%
296%
90%
120%
59% 29%
-8%
33%
-5%
-100%
0%
100%
200%
300%
400%
500%
600%
700%
800%
900%
Inception 10-Yr 9-Yr 8-Yr 7-Yr 6-Yr 5-Yr 4-Yr 3-Yr 2-Yr 1-Yr YTD 2017
Peer Avg AHT
Superior Total Shareholder Returns
15
(1) Since IPO on August 26, 2003
(2) As of 12/30/2016
(3) From 12/30/16 through 10/27/17
(4) Includes: CHSP, CLDT, DRH, HST, HT, INN, LHO, RLJ, SHO
*Includes dividend reinvestment as reported and tracked by SNL
LONG-TERM TSR SIGNIFICANTLY OUTPERFORMS PEERS
1, 2
2,000
2 2 2 2 2 2 2 2 2 2 3
4
Demonstrated long-term track record of total
shareholder return outperformance*
LONG-TERM OUTPERFORMANCE
4,990 BPS
Since IPO
8,770 BPS
10-Yr
Value Creation Through Active Asset Management
16
55.8%
52.0%
40.5%
47.4%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
2016 3-Yr Avg
AHT Peer Avg
PORTFOLIO HOTEL EBITDA FLOW-THROUGH
*Peers include DRH, HST, INN, LHO, CHSP, HT, SHO, RLJ, FCH
Note: Pro forma Hotel EBITDA flow-through information not available for CLDT
*
Ashford management creates value in
both brand and non-brand managed
assets
Hotel EBITDA flow-through has
outperformed the peer average for the
last three years
Portfolio has produced RevPAR gains
relative to our competitors for three
consecutive years
W ATLANTA DOWNTOWN W MINNEAPOLIS FOSHAY LE MERIDIEN MINNEAPOLIS
FY2016 EBITDA Flow-Thru: 157%
First full year of ownership
FY2016 EBITDA Flow-Thru: 115%
First full year of ownership
FY2016 EBITDA Flow-Thru: 84%
First full year of ownership
52%
58% 59%
42%
46% 47%
63%
30%
22%
53% 60%
59% 68% 70%
47% 56%
44%
28%
-200%
-175%
-150%
-125%
-100%
-75%
-50%
-25%
0%
25%
50%
75%
100%
2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD Q3
2017
Non-Remington Remington
Competitive Advantage – Affiliated Manager
17
Affiliated property manager benefits - Remington outperformed in
EBITDA flow-through 7 out of the last 10 years
NOTE: Remington managed hotels as compared to Non-Remington managed hotels owned by Ashford Trust
Hotel EBITDA Flow-Through
Superior management of downside risk and cash flow loss
-8 -808%
334%
300%
Valuation Opportunity
18
(1) Based on average from 2014 to YTD June 2017
(2) Peer s include: RLJ, DRH, HST, SHO, LHO, CLDT, HT, INN, CHSP
PRICE / 2018E AFFO / SHARE MULTIPLE(3),(4) TTM CAP RATE(3) TEV / 2018E EBITDA MULTIPLE(3),(4)
Discount to
average peer
trading cap
rate (bps)
VALUATION OPPORTUNITY
143
Discount to
average peer
trading AFFO
multiple
5x
Discount to
average peer
trading EBITDA
multiple
1.4x
Opportunity to capture significant
valuation upside relative to peers
RevPAR Growth(1)
Hotel EBITDA Flow-
Through(1)
Hotel EBITDA
Growth(1)
Hotel EBITDA
Margin Growth(1)
OUTPERFORMANCE
10-YR TSR
ASHFORD TRUST PEERS(2)
5.3% 3.8%
52% 37%
7.0% 5.3%
81 BPS 35 BPS
82% (5%)
(3) As of October 27, 2017
(4) Based on consensus estimates
10.9x
11.2x
11.7x
12.3x 12.4x
12.5x 12.5x 12.5x
12.9x
13.1x
13.7x
10.0x
10.5x
11.0x
11.5x
12.0x
12.5x
13.0x
13.5x
14.0x
4.8x
7.2x
8.5x
9.9x 10.1x
10.7x 11.0x
11.5x 11.7x 11.8x
13.4x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
13.0x
14.0x 8.8%
8.1%
7.9%
7.8%
7.4% 7.3%
7.1%
6.9%
6.8%
6.6%
6.4%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
Case Study – Aggressive Asset Management
19
Acquired the W Atlanta Downtown in
July 2015
237 keys, 9,000 sq. ft. of meeting
space
Close proximity to the downtown and
midtown demand generators:
Centennial Olympic Park, the Atlanta
Aquarium, and Mercedes Benz
Stadium
Replaced unprofitable restaurant
manager and re-positioned restaurant
New management of the on-premise
digital billboard
Renegotiated valet parking agreement
Eliminated operational loss at Bliss Spa
through restructuring
Full year 2016 (first full year of
ownership) EBITDA flow-thru of 157%,
and EBITDA growth of 27%
W Atlanta – Atlanta, GA
Hotel Overview
Implemented Strategies
Case Study – Conversion to Remington Managed
20
Acquired the Marriott Fremont in August 2014
357 keys, 15,000 sq. ft. of meeting space
Ideally located off Interstate 880 at the
gateway to Silicon Valley. Home to over 1,200
technology companies.
Announced forward cap rate and EBITDA
multiple of 8.1% and 10.0x, respectively
Current cap rate and EBITDA multiple of 15.7%
and 5.7x, respectively (1)
Acquired for $50 million and Oct 2016 refi had
allocated loan amount of $61 million
Increased club room premium pricing
Increased corporate group room nights to
25% mid-week to ensure sell-outs and push
rate
Aggressively priced preferred rooms rates
25%-30% YOY
From TTM Pre-Takeover to TTM Post-
Takeover
Revenue increased 15.7%
RevPAR increased 21.8%
GOP margin increased 1,116 bps
EBITDA margin increased 916 bps
Marriott Fremont – Fremont, CA Hotel Overview
Implemented Strategies
(1) As of September 30, 2017
Asset Management Initiatives – Recently Completed
21
Hyatt Regency Savannah: Completed guestroom renovation with shower conversions and increased
premium rooms inventory by 70 rooms. Also included F&B outlet repositioning, meeting space and lobby.
Marriott Bridgewater: Converted 30 king rooms to double/double rooms to capture more group business;
increase premium room type by 43.5% to capture higher ADR. Recently completed a lobby and restaurant
renovation. Implemented paid parking.
W Hotel Atlanta Downtown: Terminated existing restaurant management agreement and brought the
operation in-house with a projected annual positive GOP impact of almost $300,000. Engaging a premiere
restaurant consultant for re-concepting of the space.
Marriott Dallas DFW: Converted from brand to franchise managed (Remington) on May 24th. Comprehensive
ballroom and meeting space renovation due to be completed. Also acquired the regional laundry operation.
Residence Inn Orlando LBV: Completed restaurant, lobby, and meeting space renovation.
W Hotel Minneapolis: Leased underutilized lobby space to Manny’s Steakhouse for a private dining room.
LeMeridien Minneapolis: Worked with existing restaurant tenant to restructure and extend the lease under
more favorable terms. Fitness center expansion completed. Guestroom renovation to commence in Q4.
Hyatt Regency Coral Gables: Completed restaurant, lobby, meeting space and pantry renovation.
Guestroom renovation planned for 2018.
Courtyard Basking Ridge and Residence Inn Sorrento Mesa: Implemented paid parking.
Asset Management Initiatives – Upcoming
22
Renaissance Nashville: Partnering with developer on the adjacent $430 million Fifth & Broadway mixed use
development which will provide hotel with upgraded meeting space and eventual fee ownership. Extensive
lobby upgrade to be completed.
Marriott Crystal Gateway: Major renovations: all guestrooms (completed Oct 2017), lobby & restaurant, addition
of M Club, new and expanded fitness center, adding 6 keys and additional meeting space ($30 million).
Ritz Carlton Atlanta: Extensive guestroom renovation scheduled for Q4 and expansion of Ritz Carlton Club
Lounge.($21 million).
Sheraton Anchorage: Guestroom and lobby renovation to commence in November 2017 ($6.4 million).
Embassy Suites Santa Clara: Guestroom, market and fitness center relocation. ($10.7 million).
Residence Inn Orlando SeaWorld: Guestroom/corridor renovation ($10.1 million) to be completed in Q4.
Residence Inn Tampa Downtown: Guestroom, lobby and exterior renovation ($3.5 million) slated for completion
in November.
Hilton Tampa Westshore: Guestroom and meeting space renovation, Nov 2017-April 2018 ($8.5 million).
Renaissance Palm Springs: Guestroom, restaurant, meeting space and public area renovation ($14 million).
Courtyard Crystal City: Guestroom renovations, Oct 2017 – Mar 2018 ($10.4 million).
Stock Price (As of October 27, 2017) $6.95
Fully Diluted Shares Outstanding 117.5
Equity Value $816.5
Plus: Preferred Equity 567.6
Plus: Debt 3,706.2
Total Market Capitalization $5,090.4
Less: Net Working Capital (487.3)
Total Enterprise Value $4,603.0
Non-Recourse Debt
23
(1) As of September 30, 2017
(2) Investment in Ashford Inc. at market value as of October 27, 2017
Total Enterprise Value(1)
100%
NON-RECOURSE DEBT
100%
PROPERTY LEVEL,
MORTGAGE DEBT
0%
CORPORATE LEVEL DEBT
Non-recourse debt
lowers risk profile of
the platform
BENEFITS
Maximizes flexibility
in all economic
environments
Long-standing lender
relationships
High lender interest in
our high quality hotel
assets
Churchill
Washington D.C.
(2)
Cash Target
24
(1) As of September 30, 2017
(2) At market value as of October 27, 2017
Net Working Capital(1)
25-30%
CASH TO EQUITY MKT CAP
TARGET
48%
CURRENT CASH TO
EQUITY MKT CAP
Ability to execute opportunistic
investments
BENEFITS
Hedge against economic uncertainty
One Ocean
Jacksonville, FL
$4.15
NWC / SHARE
Cash & Cash Equivalents $393.4
Restricted Cash 133.0
Investment in Securities 12.0
Accounts Receivable, net 60.4
Prepaid Expenses 24.2
Due From Affiliates, net (14.0)
Due from Third Party Hotel Managers 16.6
Market Value of Ashford, Inc. Investment(2) 39.8
Total Current Assets $665.3
Accounts Payable, net & Accrued Expenses $152.4
Div idends Payable 25.5
Total Current Liabilities $177.9
Net Working Capital $487.3
Value Enhancement through Refinancing
25
INDIGO ATLANTA – MAY 2017
5.98% L+2.90%
Old Interest Rate New Interest Rate
Cash flow savings of ~$585,000
in annual debt service with no
change in asset leverage
BOSTON BACK BAY – OCT 2017
Cash flow savings of ~$2.8M in
annual debt service with no
change in asset leverage
PREFERRED EQUITY – AUG 2017
8.5%
Old Coupon
~$520,000 in annual cash
savings
7.5%
New Coupon
REFINANCE – OCT 2017
17-PACK
L+5.52%
Old Interest Rate
L+3.00%
New Interest Rate
Estimated cash flow savings of ~$9.8 million
in annual debt service
Minimal increase in asset leverage
Extend debt maturity
W Atlanta Downtown
Atlanta, GA
4.38% L+2.00%
Old Interest Rate New Interest Rate
$5.4
$95.6
$254.0
$533.0
$710.7 $971.7
$1,154.8
0
200
400
600
800
1000
1200
1400
1600
2017 2018 2019 2020 2021 Thereafter
M
ill
io
n
s
Fixed-Rate Floating-Rate
Debt Yield:
11.3%
Debt Yield:
12.6%
Debt Yield:
10.9%
Debt Yield:
14.0%
Debt Maturity(1),(2)
26
As of September 30, 2017
(1) Assumes extension options are exercised
(2) Pro forma for October 2017 refinance of the Hilton Boston Back Bay and 17-Pack
Note: All debt yield statistics are based on EBITDA to principal
2017 NO DEBT MATURITIES
2018 NO DEBT MATURITIES
5.4% TOTAL PORTFOLIO WEIGHTED AVERAGE INTEREST RATE
November 2017