The following measures: net operating income (or "NOI"), funds from operations (or "FFO"), FFO per share, adjusted funds from operations
(or "AFFO") and AFFO per share, are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS, and should not be compared to or construed as alternatives to profit/loss, cash flow from operating activities or other measures of financial performance determined in accordance with IFRS.
Adjusted Funds From Operations
attributable to common shareholder was $105.3 million, or $0.55 per diluted common share.
Ratings could be improved if Tesco continues to improve credit metrics such as the ratio of adjusted funds from operations
to debt, S&P added, while the outlook could go back to stable if market conditions soften, if Tesco loses market share, or if dividend growth is too rapid.
The transaction is expected to be approximately USD 0.04 per share accretive to Adjusted Funds from Operations
on an annualised, leverage-neutral basis.
High Leverage, Moderate Deleveraging Potential: We estimate SIACI Saint Honore's gross leverage post completion of the acquisition by Charterhouse to be around 7.0x on an adjusted funds from operations
(FFO) basis, which is high relative to multinational competitors' but broadly in line with B category peers' such as Ardonagh Group (B/Negative) in the UK.
Financial metrics are healthy, with Moody's adjusted EBITDA margin of 58.6 per cent, adjusted funds from operations
(FFO) interest coverage of 5.3x and adjusted FFO/debt of 19 per cent as of 2017YE, it said.
The transaction will be profitable immediately to funds from operations and adjusted funds from operations
and will be financed with cash on hand together with its credit facility.
S&P expects company's adjusted funds from operations
to debt will remain above 60 per cent.
Carey's management and board of directors believe this approach will create long-term value for shareholder by enhancing its ability to grow adjusted funds from operations
(AFFO) through a combination of single-asset investments and portfolio acquisitions," it said in a press release.
"We intend to continue our focus on maximizing long-term adjusted funds from operations
per share through growth and disciplined capital allocation."
Perdana Petroleum's annualised adjusted funds from operations
(FFO) debt cover consequently fell to 0.11 times, from an average of 0.20-0.30 times over the past three years.