Exhibit 99.2
Reconciliation of Non-GAAP Financial Measures | |||
Net Income to EBITDA & Net Debt/EBITDA Calculations | |||
Three Months Ended December 31, 2019 | |||
(Dollars shown in thousands) | |||
(unaudited) |
Net income | $ | 110,043 | ||
Interest | 45,757 | |||
Other interest | - | |||
Depreciation and amortization | 68,439 | |||
Gain on sale of properties/change in control of interests | (31,836 | ) | ||
Gain on sale of JV properties | (892 | ) | ||
Impairment charges | 7,508 | |||
Impairment of JV properties | 3,995 | |||
Provision/(benefit) for income taxes | 263 | |||
Consolidated EBITDA | 203,277 | |||
Transactional income, net | (1,957 | ) | ||
Consolidated EBITDA as adjusted | $ | 201,320 | ||
Consolidated EBITDA | $ | 203,277 | ||
Prorata share of interest expense - real estate JV's | 6,463 | |||
Prorata share of depreciation and amortization - real estate JV's | 10,910 | |||
EBITDA including prorata share - JV's | 220,650 | |||
Transactional income, net | (1,957 | ) | ||
EBITDA as adjusted including prorata share - JV's | $ | 218,693 | ||
Debt | $ | 5,315,767 | ||
Cash | 123,947 | |||
Net Debt | $ | 5,191,820 | ||
Net Debt / EBITDA Calculation Prorata (Including Preferreds) | ||||
Net Debt (Prorata Share with JV) | $ | 5,779,926 | ||
Preferred Stock | 489,500 | |||
Debt | $ | 6,269,426 | ||
Prorata EBITDA | $ | 209,740 | ||
JV Depreciation | 10,910 | |||
EBITDA Adjustments | (1,957 | ) | ||
EBITDA | $ | 218,693 | ||
Net Debt and Preferred to Prorata EBITDA as adjusted (including preferreds) | 7.2x | |||