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No. of Recommendations: 5
At the current price, MNR/PC sports a 6.4% dividend yield. I like the fact that 85% of their total debt is fixed rate with a weighted average interest rate of 4.1%. If I understood correctly, most, if not all of this is amortized, so at the end of the lease period they have a paid off building. I remember Martinmoth posting favorably about this preferred a good while back. I bought a few shares last week and plan to pick up some more next week. Anybody else follow MNR?



As of the quarter end, our capital structure consisted of approximately $884 million in debt, of which $754 million was property-level, fixed-rate mortgage debt and $130 million were loans payable. 85% of our total debt is fixed rate with a weighted average interest rate of 4.1%. We also had $299 million in perpetual preferred equity at quarter end. Our total debt plus preferred equity, combined with an equity market capitalization of $1.2 billion, results in total market capitalization of approximately $2.4 billion at quarter end.

From a credit standpoint, we continue to be conservatively capitalized with our net debt-to-total market capitalization at 35.8%, our net debt plus preferred equity to total market capitalization at 48.2%, our fixed charge coverage at 2.4x and our net debt-to-adjusted EBITDA at 6.4x.
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