Exhibit 99.2
Pro Forma Net Secured Debt and Secured Leverage Ratio
The pro forma calculations of Net Secured Debt and Secured Leverage Ratio are as follows:
Actual June 30, 2009 | Debt repurchases 7/1/09 - 7/28/09 | $750 MM Offering | Proforma June 30, 2009 | Maturity | ||||||||||
(in thousands) | ||||||||||||||
2005 CMBS Certificates | $ | 381,305 | $ | (1,120) | $ | (380,185) | $ | — | ||||||
2006 CMBS Certificates | 1,079,472 | (37,290) | 1,042,182 | November-11 | ||||||||||
Senior secured revolving credit facility | 4,403 | (4,403) | — | |||||||||||
Optasite credit facility (carrying value of $144,118) | 146,000 | (146,000) | — | |||||||||||
Total secured debt | 1,611,180 | (38,410) | (530,588) | 1,042,182 | ||||||||||
0.375% Convertible Senior Notes (carrying value of $31,384) | 34,403 | (4,000) | 30,403 | December-10 | ||||||||||
1.875% Convertible Senior Notes (carrying value of $417,772) | 550,000 | 550,000 | May-13 | |||||||||||
4.0% Convertible Senior Notes (carrying value of $331,133) | 500,000 | 500,000 | October-14 | |||||||||||
8% Senior Notes due 2016 | — | 375,000 | 375,000 | August-16 | ||||||||||
8.25% Senior Notes due 2019 | — | 375,000 | 375,000 | August-19 | ||||||||||
Total unsecured debt | 1,084,403 | (4,000) | 750,000 | 1,830,403 | ||||||||||
Total debt | $ | 2,695,583 | $ | (42,410) | $ | 219,412 | $ | 2,877,585 | ||||||
LEVERAGE RATIO | ||||||||||||||
Total debt | $ | 2,695,583 | $ | (42,410) | $ | 219,412 | $ | 2,872,585 | ||||||
Less: Cash and cash equivalents, short-term investments and short-term restricted cash | 214,761 | (42,166) | 185,430 | 358,025 | ||||||||||
Net Debt | $ | 2,480,822 | $ | (244) | $ | 33,982 | $ | 2,514,560 | ||||||
Divided by: Annualized Adjusted EBITDA | $ | 333,104 | $ | 333,104 | ||||||||||
Leverage Ratio | 7.4x | 7.5x | ||||||||||||
SECURED LEVERAGE RATIO | ||||||||||||||
Total secured debt | $ | 1,611,180 | $ | 1,042,182 | ||||||||||
Less: Cash and cash equivalents, short-term investments and short-term restricted cash | 214,761 | 358,025 | ||||||||||||
Net Secured Debt | $ | 1,396,419 | $ | 684,157 | ||||||||||
Divided by: Annualized Adjusted EBITDA | $ | 333,104 | $ | 333,104 | ||||||||||
Secured Leverage Ratio | 4.2x | $ | 2.1x | |||||||||||