<PAGE>
EXHIBIT (c)(5)
--------------
The following leveraged buyout analysis includes projections that were prepared
by the continuing stockholders.
Sunburst does not as a matter of course make public forecasts as to future
revenues, earnings or other financial information. The continuing stockholders
did, however, prepare certain projections which it provided to the special
committee in connection with the recapitalization. The projections are included
in this document solely because such information was provided to the special
committee.
The projections set forth below were not prepared with a view to public
disclosure or compliance with published guidelines of the SEC or the American
Institute of Certified Public Accountants regarding prospective financial
information. In addition, the projections were not prepared with the assistance
of or reviewed, compiled or examined by, independent accountants. The
projections reflect numerous assumptions, with respect to industry performance,
general business, economic, market and financial conditions and other matters,
all of which are difficult to predict and many of which are beyond Sunburst's
control. Accordingly, there can be no assurance that the assumptions made in
preparing the projections that follow will prove accurate, and actual results
may be materially different from those contained in the projections. See
"Cautionary Statement About Forward-Looking Statements" on page 1 of the proxy
statement.
In light of the uncertainties inherent in forward-looking information of any
kind, Sunburst cautions against undue reliance on such information. Sunburst
does not intend to update or revise such projections to reflect circumstances
existing after the date they were prepared or to reflect the occurrence of
future events, unless required by law.
<PAGE>
Project Nova -- (Base Case - No Asset Sales)
LBO Analysis - Transaction Summary
--------------------------------------------------------------------------------
(dollars in millions, except per share)
<TABLE>
<CAPTION>
-----------------------
LIBOR 6.81%
-----------------------------------------------------------------------------------------------------------------------------------
Sources: Commited Funded Percent Interest Rate Ownership
<S> <C> <C> <C> <C> <C>
Existing Cash Balances $0.0 $0.0 0.0% 0.0%
New Revolving Credit 20.0 (0.0) 0.0% 10.3%
Term Loan 190.0 190.0 47.2% 10.3%
Asset Sale Bridge 80.0 80.0 19.9% 10.3%
Put/Call 3 MainStays to Choice 16.3 16.3 4.0% 0.0%
Choice Subnote (PIK) 60.0 60.0 14.9% 11.4%
Options Proceeds (.117M unvested Landry options @ avg. strike price of $4.80) 0.6 0.6 0.1%
Mgmt Rollover Equity (Restricted Shares - .121M Landry + .717M Mgmt. @ $7.00) 5.9 5.9 1.5%
Bainum Rollover Equity (7.136 mm shares) 50.0 50.0 12.4%
Common Equity 0.0 0.0 0.0% 100.0%
--------------------------- --------
Total Sources $422.7 $402.7 100.0% 100.0%
Uses:
Choice Note $153.6
Additional Working Capital 2.1
Cashed out Options (.117M Landry options @ $7.00) 0.8
Mgmt Rollover Equity (Restricted Shares - .121M Landry + .717M Mgmt. @ $7.00) 5.9
Cashed out Restricted Shares (.402M Landry + .382M Employees @ $7.00) 5.5
Old Revolving Credit 6.6
Old CMBS Note 98.8
Transaction / Financing Costs / Other (incl. CMBS Breakage) 30.0
Bainum Rollover Equity 50.0
Purchase 7.059 shares of Equity @ $7.00 per share 49.4
------
Total Uses $402.7
----------------------------------------------------
15.818 Total Shares (excluding options)
(7.136) Bainum Shares Rolled-over
(0.121) Landry Vested Restricted Shares Rolled-over
(0.717) Mgmt. Rolled-over
(0.402) Landry Unvested Restricted Shares Cashed-out
(0.382) Employees Vested & Unvested Cashed-out
7.059 Shares Purchased from Public
----------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
Project Nova -- (Base Case - No Asset Sales)
Income Statement
--------------------------------------------------------------------------------
(dollars in millions, except per share)
<TABLE>
<CAPTION>
----------------------------------------- ---------- -------------- -------- ------------
Actual LTM Pro Forma Pro Forma
----------------------------------------
3Q99 4Q99 1999 1Q00 2Q00 6/30/00 LTM 6/30/00 3Q00 LTM 9/30/00
----------------------------------------- ---------- -------------- ------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Revenues $56.8 $ 47.3 $200.8 $50.0 $57.8 $211.8 $208.3 $ 58.6 $ 210.1
Core Portfolio 40.6 33.2 136.9 35.1 40.6 149.6 146.0 42.5 147.8
Non-Core Portfolio 16.2 14.1 63.9 14.9 17.2 62.2 62.2 16.1 62.2
Revenues Lost From Asset Sales 0.0 0.0 0.0 0.0 0.0 0.0 (13.5) (2.4) ($13.5)
----------------------------------------- ---------- -------- ------ -------
Total Revenues $56.8 $ 47.3 $200.8 $50.0 $57.8 $211.8 $194.8 $ 56.2 $ 196.6
Expenses $36.4 $ 32.8 $132.6 $32.9 $35.7 $137.7 $136.0 $ 38.2 $ 137.7
Core Portfolio 24.2 22.5 85.8 22.0 23.1 91.8 90.5 26.4 92.1
Non-Core Portfolio 11.9 10.3 46.8 10.9 12.6 45.5 45.5 11.8 45.5
Expenses Lost From Asset Sales 0.0 0.0 0.0 0.0 0.0 0.0 (9.9) (1.9) ($9.9)
----------------------------------------- ---------- -------- ------ -------
Total Expenses $36.4 $ 32.8 $132.6 $32.9 $35.7 $137.7 $126.1 $ 36.3 $ 127.8
NOP $20.4 $ 14.5 $ 68.2 $17.1 $22.1 $ 74.1 $ 72.2 $ 20.4 $ 72.4
Core Portfolio 16.4 10.7 51.1 13.1 17.5 57.7 55.5 16.1 55.7
Non-Core Portfolio 4.3 3.8 17.1 4.0 4.6 16.7 16.7 4.3 16.7
NOP Lost From Asset Sales 0.0 0.0 0.0 0.0 0.0 0.0 (3.6) (0.47) ($3.6)
----------------------------------------- ---------- -------- ------ -------
NOP $20.7 $ 14.5 $ 68.2 $17.1 $22.1 $ 74.1 $ 68.6 $ 19.9 $ 68.8
Corporate Overhead 2.5 2.8 11.0 3.2 3.4 11.8 10.0 2.5 10.0
EBITDA $18.2 $ 11.7 $ 57.2 $14.0 $18.7 $ 62.3 $ 58.6 $ 17.4 $ 58.8
EBITDA Margin 32.0% 24.8% 28.5% 27.9% 32.4% 29.4% 30.1% 31.0% 29.9%
Depreciation & Amoritzation 7.3 7.3 26.2 6.4 7.2 28.3 28.3 7.1 27.6
----------------------------------------- ---------- -------- ------ -------
EBIT $10.9 $ 4.4 $ 31.0 $ 7.5 $11.5 $ 34.0 $ 30.4 $ 10.3 $ 31.2
Interest Income 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.1
Asset Sale Bridge Interest Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Term Loan Interest Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Choice Subnote (PIK) Interest Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Existing Debt Interest Expense 6.1 6.4 24.7 6.5 8.0 27.0 8.0
Amortization of Financing Fees 0.0 0.0 0.0 0.0 0.0 0.0 0.0
----------------------------------------- ---------- -------- ------ -------
Cash Interest Expense $ 6.1 $ 6.4 $ 24.7 $ 6.5 $ 8.0 $ 27.0 $ 29.7 $ 8.0 $ 29.7
Total Interest Expense (w/PIK) $ 33.7 8.0 $ 33.7
Pretax Income $ 4.8 ($1.9) $ 8.2 $ 1.1 $ 3.5 $ 15.7 $ 0.7 $ 2.3
Taxes 2.0 0.0 3.4 0.5 1.4 7.3 0.0 0.9
Net Income $ 2.8 ($1.9) $ 4.8 $ 0.6 $ 2.1 $ 8.3 $ 0.7 $ 1.4
========================================= ========== ======== ====== =======
-----------------------------------
Assumptions
------------------------------------------------------------------------------------------------------------------------------
Aggregate Portfolio Growth Rate
Core Portfolio Growth Rate
Non-Core Portfolio Growth Rate
Expenses (as a % of Revenues)
Corporate Overhead (as a % Revenues)
Depreciation (as a % of PPE)
CAPEX (6% of Revenues)
Interest Rate on Bank Financing
<CAPTION>
-----------------------------------------------------------------------------------------
2000E 2001E 2002E 2003E 2004E 2005E 2006E 2007E
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenues $214.7 $221.1 $224.5 $227.8 $231.2 $234.7 $238.2 $241.8
Core Portfolio 152.5 158.9 162.3 165.6 169.0 172.5 176.0 179.6
Non-Core Portfolio 62.2 62.2 62.2 62.2 62.2 62.2 62.2 62.2
Revenues Lost From Asset Sales (5.4) (13.5) (13.5) (13.5) (13.5) (13.5) (13.5) (13.5)
-----------------------------------------------------------------------------------------
Total Revenues $209.3 $207.6 $211.0 $214.3 $217.7 $221.2 $224.7 $228.3
Expenses $138.4 $144.8 $147.0 $149.2 $151.5 $153.7 $156.0 $158.4
Core Portfolio 92.9 99.3 101.5 103.7 105.9 108.2 110.5 112.8
Non-Core Portfolio 45.5 45.5 45.5 45.5 45.5 45.5 45.5 45.5
Expenses Lost From Asset Sales (4.0) (9.9) (9.9) (9.9) (9.9) (9.9) (9.9) (9.9)
-----------------------------------------------------------------------------------------
Total Expenses $134.4 $135.0 $137.1 $139.3 $141.6 $143.8 $146.1 $148.5
NOP $ 76.3 $ 76.3 $ 77.4 $ 78.6 $ 79.8 $ 81.0 $ 82.2 $ 83.4
Core Portfolio 59.6 59.6 60.8 61.9 63.1 64.3 65.5 66.8
Non-Core Portfolio 16.7 16.7 16.7 16.7 16.7 16.7 16.7 16.7
NOP Lost From Asset Sales (1.4) (3.6) (3.6) (3.6) (3.6) (3.6) (3.6) (3.6)
-----------------------------------------------------------------------------------------
NOP $ 74.9 $ 72.7 $ 73.8 $ 75.0 $ 76.2 $ 77.4 $ 78.6 $ 79.8
Corporate Overhead 11.6 10.0 10.0 10.0 10.0 10.0 10.0 10.0
EBITDA $ 63.3 $ 62.7 $ 63.8 $ 65.0 $ 66.2 $ 67.4 $ 68.6 $ 69.8
EBITDA Margin 30.3% 30.2% 30.3% 30.3% 30.4% 30.5% 30.5% 30.6%
Depreciation & Amoritzation 27.5 27.5 27.7 27.8 27.9 28.0 28.1 28.2
-----------------------------------------------------------------------------------------
EBIT $ 35.8 $ 35.2 $ 36.1 $ 37.2 $ 38.3 $ 39.4 $ 40.5 $ 41.6
Interest Income 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Asset Sale Bridge Interest Expense 2.0 6.6 4.6 2.7 0.7 0.0 0.0 0.0
Term Loan Interest Expense 4.9 20.1 20.8 21.3 21.4 19.7 17.0 14.2
Choice Subnote (PIK) Interest Expense 0.0 0.0 6.1 8.1 8.1 8.1 8.1 8.1
Existing Debt Interest Expense 22.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Amortization of Financing Fees 0.3 1.2 1.2 1.2 1.2 0.9 0.0 0.0
-----------------------------------------------------------------------------------------
Cash Interest Expense $ 29.7 $ 27.9 $ 32.6 $ 33.2 $ 31.3 $ 28.6 $ 25.1 $ 22.3
Total Interest Expense (w/PIK) $ 31.3 $ 35.2 34.5 33.2 31.3 28.6 25.1 22.3
Pretax Income $ 4.5 $ 0.1 $1.7 $ 4.1 $ 7.1 $ 10.9 $ 15.5 $ 19.4
Taxes 1.9 $ 0.1 0.7 1.7 2.9 4.5 6.4 8.0
Net Income $ 2.7 ($1.2) $1.0 $ 2.4 $ 4.2 $ 6.4 $ 9.1 $ 11.4
=========================================================================================
--------------------------------------
Assumptions 2000E 2001E 2002E 2003E 2004E 2005E 2006E 2007E
-----------------------------------------------------------------------------------------------------------------------------------
Aggregate Portfolio Growth Rate NM 3.0% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%
Core Portfolio Growth Rate NM 4.2% 2.1% 2.1% 2.1% 2.1% 2.0% 2.0%
Non-Core Portfolio Growth Rate NM 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Expenses (as a % of Revenues) 65.5% 65.5% 65.5% 65.5% 65.5% 65.5% 65.5% 65.5%
Corporate Overhead (as a Revenues) 5.5% 4.8% 4.7% 4.7% 4.6% 4.5% 4.4% 4.4%
Depreciation (as a % of PPE) 2.0% 2.1% 2.2% 2.3% 2.5% 2.6% 2.8% 3.0%
CAPEX (6% of Revenues) 9.3 12.5 12.7 12.9 13.1 13.3 13.5 13.7
Interest Rate on Bank Financing 10.31% 10.81% 11.06% 11.31% 11.31% 11.31% 11.31% 11.31%
</TABLE>
2
<PAGE>
Project Nova -- (Base Case - No Asset Sales)
Balance Sheet
--------------------------------------------------------------------------------
(dollars in millions, except per share)
<TABLE>
<CAPTION>
Pro Forma
----------------------------- ------------------ ---------
1Q00 2Q00 3Q00 DR CR 9/30/00
----------------------------- ------------------ ---------
<S> <C> <C> <C> <C> <C> <C>
Cash and Equivalents $ 2.9 $ 2.9 $ 2.9 $ 2.1 $ 0.0 $ 5.0
Accounts Recievables 12.4 14.3 14.3 0.0 0.0 14.3
Other Current Assets 7.5 8.6 8.6 0.0 0.0 8.6
PP&E 389.6 361.5 356.6 0.0 16.3 340.3
Financing Fees 0.0 0.0 0.0 5.8 0.0 5.8
----------------------------- ------------------ ---------
Total Assets 412.4 $387.3 $382.5 7.9 $ 16.3 $374.0
============================= ================== =========
Accounts Payable $ 26.0 $ 28.3 $ 28.3 0.0 $ 0.0 $ 28.3
Def Income Taxes & Current Liabilities 5.9 6.8 6.8 0.0 0.0 6.8
New Revolving Credit 0.0 0.0 0.0 0.0 0.0 0.0
Term Loan 0.0 0.0 0.0 0.0 190.0 190.0
Asset Sale Bridge 0.0 0.0 0.0 0.0 80.0 80.0
Old CMBS 98.8 98.8 98.8 98.8 0.0 0.0
Old Revolver 51.0 16.8 6.6 6.6 0.0 0.0
Capital Leases 1.1 1.1 1.1 0.0 0.0 1.1
Other Liabilities 0.0 0.0 0.0 0.0 0.0 0.0
Choice Subnote (PIK) 145.6 149.6 153.6 153.6 60.0 60.0
Common Equity 83.8 85.9 87.2 49.4 0.0 37.8
Retained Earnings 0.0 0.0 0.0 30.0 0.0 (30.0)
----------------------------- ------------------ ---------
Total Liabilities and Equity $ 412.4 $387.3 $382.5 $338.4 $330.0 $374.0
============================= ================== =========
------------------------------------------
Assumptions
------------------------------------------------------------------------------------------------------------------------------------
Accounts Receivables (% of Revenues)
Other Current Assets (as a % of Revenues)
Accounts Payables (as a % of Expenses)
Def Income Taxes & Current Liabilities
(as a % of Rev)
<CAPTION>
-------------------------------------------------------------------------------------
2000E 2001E 2002E 2003E 2004E 2005E 2006E 2007E
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Cash and Equivalents $ 3.0 $ 3.0 $ 3.0 $ 3.0 $ 3.0 $ 3.0 $ 3.0 $ 3.0
Accounts Recievables 11.3 11.6 11.8 12.0 12.2 12.4 12.6 12.8
Other Current Assets 6.8 7.0 7.1 7.2 7.3 7.4 7.6 7.7
PP&E 336.3 321.3 306.3 291.3 276.5 261.8 247.2 232.7
Financing Fees 5.5 4.4 3.2 2.0 0.9 0.0 0.0 0.0
-------------------------------------------------------------------------------------
Total Assets $362.8 $347.2 $331.4 $315.6 $299.9 $284.6 $270.3 $256.2
=====================================================================================
Accounts Payable $ 23.4 $ 24.1 $ 24.5 $ 24.9 $ 25.3 $ 25.7 $ 26.1 $ 26.5
Def Income Taxes & Current Liabilities 5.4 5.5 5.6 5.7 5.8 5.9 6.0 6.1
New Revolving Credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Term Loan 190.0 190.0 190.0 190.0 186.3 164.1 140.2 114.0
Asset Sale Bridge 75.8 53.2 34.8 16.6 0.0 0.0 0.0 0.0
Old CMBS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Old Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Capital Leases 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1
Other Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Choice Subnote (PIK) 61.7 69.0 71.0 71.0 71.0 71.0 71.0 71.0
Common Equity 37.8 37.8 37.8 37.8 37.8 37.8 37.8 37.8
Retained Earnings (32.4) (33.5) (33.5) (31.5) (27.3) (20.9) (11.8) (0.4)
-------------------------------------------------------------------------------------
Total Liabilities and Equity $362.8 $347.2 $331.4 $315.6 $299.9 $284.6 $270.3 $256.2
=====================================================================================
-----------------------------------------
Assumptions 2000E 2001E 2002E 2003E 2004E 2005E 2006E 2007E
------------------------------------------------------------------------------------------------------------------------------------
Accounts Receivables (% of Revenues) 5.4% 5.6% 5.6% 5.6% 5.6% 5.6% 5.6% 5.6%
Other Current Assets (as a % of Revenues) 3.2% 3.4% 3.4% 3.4% 3.4% 3.4% 3.4% 3.4%
Accounts Payables (as a % of Expenses) 17.4% 17.9% 17.9% 17.9% 17.9% 17.9% 17.9% 17.9%
Def Income Taxes & Current Liabilities 2.6% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7%
(as a % of Rev)
</TABLE>
<PAGE>
Project Nova -- (Base Case - No Asset Sales)
Cash Flow Statement
--------------------------------------------------------------------------------
(dollars in millions, except per share)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
(dollars in millions, except per share) 2000E 2001E 2002E 2003E 2004E 2005E 2006E 2007E
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH FROM OPERATING ACTIVITIES
Net Income $ 2.7 ($ 1.2) $ 1.0 $ 2.4 $ 4.2 $ 6.4 $ 9.1 $ 11.4
Depreciation 27.5 27.5 27.7 27.8 27.9 28.0 28.1 28.2
Amortization of Financing Fees 0.3 1.2 1.2 1.2 1.2 0.9 0.0 0.0
Goodwill Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non-Cash Interest/Dividends (Choice Sub Note) 13.6 7.3 2.0 0.0 0.0 0.0 0.0 0.0
(Inc)/Dec in Accounts Recievables (3.4) (0.4) (0.2) (0.2) ( 0.2) (0.2) (0.2) (0.2)
(Inc)/Dec in Other Current Assets 1.9 (0.2) (0.1) (0.1) ( 0.1) (0.1) (0.1) (0.1)
(Inc)/Dec in Accounts Payables (6.7) 0.7 0.4 0.4 0.4 0.4 0.4 0.4
(Inc)/Dec in Deferred Income Taxes & Other liabilities (1.0) 0.2 0.1 0.1 0.1 0.1 0.1 0.1
----------------------------------------------------------------------------
Cash Flow from Operations $ 34.8 $ 35.0 $ 32.0 $ 31.5 $ 33.4 $ 35.5 $ 37.4 $ 39.8
----
Use Cash from Balance Sheet Cash Floor of: $3.0 $ 2.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0
----
CASH FROM INVESTING ACTIVITES
Capital Expenditures ($ 9.3) ($ 12.5) ($ 12.7) ($ 12.9) ($ 13.1) ($ 13.3) ($ 13.5) ($ 13.7)
Proceeds From Assets Sales 23.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0
----------------------------------------------------------------------------
Cash Flow From Investing $ 13.9 ($ 12.5) ($ 12.7) ($ 12.9) ($ 13.1) ($ 13.3) ($ 13.5) ($ 13.7)
CASH FROM FINANCING ACTIVIITES
Payment of Dividends $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0
Cash Flow From Financing 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Available for Principal Repayment $ 49.7 $ 22.6 $ 18.4 $ 18.2 $ 20.3 $ 22.2 $ 23.9 $ 26.1
Total Debt Service (49.7) (22.6) (18.4) (18.2) (20.3) (22.2) (23.9) (26.1)
Change in Cash $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 ($0.0)
----------------------------------------------
Assumptions:
------------------------------------------------------------------------------------------------------------------------------------
CAPEX (6% of Revenues) $ 9.3 $ 12.5 $ 12.7 $ 12.9 $13.1 $13.3 $ 13.5 $ 13.7
Market Value of Asset Sold $ 23.2 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0
</TABLE>
<PAGE>
Project Nova -- (Base Case - No Asset Sales)
Financial Ratios
-------------------------------------------------------------------------------
(dollars in millions, except per share)
<TABLE>
<CAPTION>
Fiscal Year Ended December 31,
------------------------------ --------------------------------------------------------------------
1998 1999 9/30/00 2000E 2001E 2002E 2003E 2004E 2005E 2006E 2007E
---- ---- ------- ----- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Senior Debt $149.8 $270.0 $265.8 $243.2 $224.8 $206.6 $186.3 $164.1 $140.2 $114.0
Sub Debt 141.9 60.0 61.7 69.0 71.0 71.0 71.0 71.0 71.0 71.0
Total Debt 291.7 291.7 330.0 327.5 312.2 295.8 277.6 257.2 235.1 211.2 185.0
Less: Cash (3.0) (3.0) (5.0) (3.0) (3.0) (3.0) (3.0) (3.0) (3.0) (3.0) (3.0)
--------------------------- --------------------------------------------------------------------
Net Debt $288.7 $288.7 $325.0 $324.5 $309.2 $292.8 $274.6 $254.2 $232.1 $208.2 $182.0
Book Equity + Preferred 7.8 7.8 7.8 5.5 4.3 4.4 6.3 10.5 16.9 26.0 37.4
Total Capitalization $299.5 $299.5 $337.8 $332.9 $316.5 $300.2 $283.9 $267.7 $251.9 $237.2 $222.5
----------------------------------------------------------------------------------------------------------------------------------
Coverage Ratios:
Total Interest Expense $24.7 $ 24.7 $ 33.7 $ 33.7 $ 35.2 $ 34.5 $ 33.2 $ 31.3 $ 28.6 $ 25.1 $ 22.3
Senior Interest Expense 29.7 21.7 26.7 25.3 24.0 22.1 19.7 17.0 14.2
EBITDA $58.2 $ 57.2 $ 58.8 $ 63.3 $ 62.7 $ 63.8 $ 65.0 $ 66.2 $ 67.4 $ 68.6 $ 69.8
vs. Total Interest 2.4x 2.3x 1.7x 1.9x 1.8x 1.8x 2.0x 2.1x 2.4x 2.7x 3.1x
vs. Senior Interest 2.0x 2.9x 2.3x 2.5x 2.7x 3.0x 3.4x 4.0x 4.9x
EBITDA - CAPX $50.0 $ 49.2 $ 51.0 $ 50.2 $ 51.5 $ 52.4 $ 53.4 $ 54.4 $ 55.4 $ 56.4 $ 57.5
vs. Total Interest 2.0x 2.0x 1.5x 1.5x 1.5x 1.5x 1.6x 1.7x 1.9x 2.2x 2.6x
vs. Senior Interest 1.7x 2.3x 1.9x 2.1x 2.2x 2.5x 2.8x 3.3x 4.0x
----------------------------------------------------------------------------------------------------------------------------------
Leverage Ratios:
Total Debt / Real Estate Value 71.9% 70.4% 64.4% 60.0% 55.5% 50.7% 45.5% 40.3% 34.8%
Net Total Debt / Real Estate 70.9% 69.7% 63.8% 59.4% 54.9% 50.1% 45.0% 39.7% 34.2%
Value
Senior Debt / Real Estate Value 58.9% 57.1% 50.2% 45.6% 41.3% 36.7% 31.8% 26.8% 21.4%
Total Debt / TTM EBITDA 5.0x 5.1x 5.6x 5.5x 5.0x 4.6x 4.3x 3.9x 3.5x 3.1x 2.7x
Net Total Debt / TTM EBITDA 5.0x 5.0x 5.5x 5.4x 4.9x 4.6x 4.2x 3.8x 3.4x 3.0x 2.6x
Senior Debt / TTM EBITDA 4.6x 4.4x 3.9x 3.5x 3.2x 2.8x 2.4x 2.0x 1.6x
CFAD $ 6.5 $ 35.2 $ 36.1 $ 37.2 $ 38.3 $ 39.4 $ 40.5 $ 41.6
Cumulative CFAD -- -- -- $ 6.5 $ 41.8 $ 77.9 $115.1 $153.4 $192.8 $233.3 $274.9
Memo: TTM PF EBITDA $ 59.8 $ 62.7 $ 63.9 $ 65.0 $ 66.2 $ 67.4 $ 68.6 $ 69.8
</TABLE>
2
