PPS » Topics » Financial Debt Covenants - Senior Unsecured Public Notes

This excerpt taken from the PPS 8-K filed Nov 3, 2009.

Financial Debt Covenants - Senior Unsecured Public Notes

 

     As of

Covenant requirement (1)

   September 30, 2009

Consolidated Debt to Total Assets cannot exceed 60%

     37%   

Secured Debt to Total Assets cannot exceed 40%

     24%   

Total Unencumbered Assets to Unsecured Debt must beat least 1.5/1

     5.4x   

Consolidated Income Available for Debt Service Charge must be at least 1.5/1

     2.4x   

(1)       A summary of the public debt covenant calculations and reconciliations of the financial components used in the public debt covenant calculations to the most comparable GAAP financial measures are detailed below.

Ratio of Consolidated Debt to Total Assets

     As of
     September 30, 2009

Consolidated debt, per balance sheet (A)

     $ 1,056,499    
      

Total assets, as defined (B) (Table A)

     $ 2,877,349    
      

Computed ratio (A÷B)

     37% 
      

Required ratio (cannot exceed)

     60% 
      

Ratio of Secured Debt to Total Assets

Total secured debt (C)

     $ 696,357    
      

Computed ratio (C÷B)

     24% 
      

Required ratio (cannot exceed)

     40% 
      

Ratio of Total Unencumbered Assets to Unsecured Debt

Consolidated debt, per balance sheet (A)

     $ 1,056,499    

Total secured debt (C)

     (696,357)   
      

Total unsecured debt (D)

     $ 360,142    
      

Total unencumbered assets, as defined (E) (Table A)

     $ 1,940,479    
      

Computed ratio (E÷D)

     5.4x   
      

Required minimum ratio

     1.5x   
      

Ratio of Consolidated Income Available for Debt Service to Annual Debt Service Charge (Annualized) (2)

Consolidated Income Available for Debt Service, as defined (F) (Table B)

     $ 138,804    
      

Annual Debt Service Charge, as defined (G) (Table B)

     $ 57,021    
      

Computed ratio (F÷G)

     2.4x   
      

Required minimum ratio

     1.5x   
      

(2)       The actual calculation of these ratios requires the use of annual trailing financial data. These computations reflect annualized 2009 results for comparison and presentation purposes. The computations using annual financial data also reflect compliance with the debt covenants.

 

 

 

 

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POST PROPERTIES, INC.

This excerpt taken from the PPS 8-K filed Aug 4, 2009.

Financial Debt Covenants - Senior Unsecured Public Notes

 

Covenant requirement (1)

   As of
    June 30, 2009    

Consolidated Debt to Total Assets cannot exceed 60%

   39%

Secured Debt to Total Assets cannot exceed 40%

   25%

Total Unencumbered Assets to Unsecured Debt must be at least 1.5/1

   4.8x

Consolidated Income Available for Debt Service Charge must be at least 1.5/1

   2.5x

 

(1)        A summary of the public debt covenant calculations and reconciliations of the financial components used in the public debt covenant calculations to the most comparable GAAP financial measures are detailed below.

This excerpt taken from the PPS 8-K filed May 5, 2009.

Financial Debt Covenants - Senior Unsecured Public Notes

 

Covenant requirement (1)

   As of
  March 31, 2009  

  Consolidated Debt to Total Assets cannot exceed 60%

   39%

  Secured Debt to Total Assets cannot exceed 40%

   23%

  Total Unencumbered Assets to Unsecured Debt must be at least 1.5/1

   4.4x

  Consolidated Income Available for Debt Service Charge must be at least 1.5/1

   2.4x

 

(1)    

 

 

A summary of the public debt covenant calculations and reconciliations of the financial components used in the public debt covenant calculations to the most comparable GAAP financial measures are detailed below.

 

  Ratio of Consolidated Debt to Total Assets

     As of
  March 31, 2009  

  Consolidated debt, per balance sheet (A)

     $   1,090,388  
      

  Total assets, as defined (B) (Table A)

     $ 2,831,308  
      

  Computed ratio (A÷B)

     39% 
      

  Required ratio (cannot exceed)

     60% 
      

 

  Ratio of Secured Debt to Total Assets

  Total secured debt (C)

     $ 637,401  
      

  Computed ratio (C÷B)

     23% 
      

  Required ratio (cannot exceed)

     40% 
      

 

  Ratio of Total Unencumbered Assets to Unsecured Debt

  Consolidated debt, per balance sheet (A)

     $ 1,090,388    

  Total secured debt (C)

     (637,401)   
      

  Total unsecured debt (D)

     $ 452,987    
      

  Total unencumbered assets, as defined (E) (Table A)

     $ 1,994,630    
      

  Computed ratio (E÷D)

     4.4x  
      

  Required minimum ratio

     1.5x  
      

 

  Ratio of Consolidated Income Available for Debt Service to Annual
      Debt Service Charge (Annualized) (2)

  Consolidated Income Available for Debt Service, as defined (F) (Table B)

     $ 147,508  
      

  Annual Debt Service Charge, as defined (G) (Table B)

     $ 61,776  
      

  Computed ratio (F÷G)

     2.4x 
      

  Required minimum ratio

     1.5x 
      

 

(2)    

 

 

The actual calculation of these ratios requires the use of annual trailing financial data. These computations reflect annualized 2009 results for comparison and presentation purposes. The computations using annual financial data also reflect compliance with the debt covenants.

 

 

 

 

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POST PROPERTIES, INC.

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