Data shows increase in Gen Z choosing trade school over 4-year degrees
For decades, high school graduates were encouraged to pursue college degrees as the default route to financial stability. However, with skyrocketing tuition costs, increasing student debt, and uncertain returns on investment, many Gen Zers are charting a different course.
'I'm not really the best at school as far as sitting in front of a computer with a sheet of paper and filling in numbers, that doesn't work for me,' plumbing technician student Braden Cohli said.
Data from the U.S. Department of Labor shows a 19% increase in enrollment in trade schools and apprenticeships over the past three years. Fields like plumbing, electrical work, welding, HVAC, and automotive repair are seeing surges in interest.
As AI continues to evolve, it's becoming clear that not all jobs are equally vulnerable to automation. Gen Z's move toward blue-collar careers may not only be a reaction to economic pressures but it could also be a forward-looking strategy to future-proof their livelihoods.
'You can't replace the tradesman. There's no way artificial intelligence can go and sit in front of a sink, look at it, open it and take it apart,' Cohli said.
According to Resume Builder, 42% of Gen Z is currently working in or pursuing a blue-collar trade job with nearly 40% of those with a bachelor's degree.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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FrontView REIT Announces Second Quarter 2025 Results and Updated Full Year 2025 Guidance
DALLAS--(BUSINESS WIRE)--FrontView REIT, Inc. (NYSE: FVR) (the 'Company', 'FrontView', 'we', 'our', or 'us'), today announced its operating results for the quarter ended June 30, 2025. MANAGEMENT COMMENTARY Stephen Preston, CEO and Chairman, commented, 'We are pleased to report a very successful second quarter driven by strong portfolio execution and prudent capital allocation. We improved key portfolio metrics, increasing occupancy to 97.8%, successfully resolving the vacancy related to the twelve previously reported properties, with nine sold or leased. We acquired approximately $17.8 million of high-quality assets with frontage at a 8.2% cash cap rate and sold $22.7 million of assets, of which $11.6 million were occupied, at a cap rate of 6.75%. As a result of these actions, we delivered strong AFFO per share and reduced net debt to annualized adjusted EBITDAre. Following the end of the quarter, we announced Pierre Revol as our new Chief Financial Officer. We are excited about his appointment and eager to drive the company's growth together.' SECOND QUARTER 2025 HIGHLIGHTS Generated loss of $4.5 million, or $0.16 per share with funds from operations ('FFO') of $6.7 million, or $0.24 per share and adjusted funds from operations ('AFFO') of $9.0 million, or $0.32 per share Closed on 5 properties for $17.8 million at an average capitalization of 8.2% and a weighted average lease term of 11.0 years Sold 9 properties, including 5 occupied properties for $11.6 million in gross proceeds with an average capitalization rate of 6.75% on the occupied properties and a weighted average lease term of 8.0 years Maintained a strong balance sheet with an improved net debt to Adjusted EBITDAre of 5.5x, Fixed Charge Coverage Ratio of 3.3x, and $139.9 million of total available liquidity Improved occupancy to 97.8% with annualized base rent ('ABR') of $62.3 million Paid a $0.215 dividend, equating to a 7.2% dividend yield based on our stock price as of June 30, 2025 and a 66% AFFO payout ratio SUMMARIZED FINANCIAL RESULTS The following table summarizes the Company's select financial results for the three and six months ended June 30, 2025, and 2024: (1) The Company determined that FFO per share and AFFO per share in the Predecessor period would not be meaningful to users of this filing, given the different unitholders in the Predecessor. Expand INVESTMENT ACTIVITY The following table summarizes the Company's investment and dispositions for the three and six months ended June 30, 2025: PORTFOLIO UPDATE The following table summarizes the Company's real estate portfolio as of June 30, 2025: June 30, 2025 Number of Properties 319 Annualized Base Rent (000s) $ 62,293 Gross Real Estate Investment (000s) $ 900,305 Average Rent per Square Foot $ 24.01 Rentable Square Feet (000s) 2,594 Number of Tenants 334 Number of Industries 16 Occupancy 97.8% Weighted Average Lease Term (years) 7.3 Investment Grade % 33.1% Expand BALANCE SHEET AND LIQUIDITY The following tables summarize the Company's leverage, fixed charge coverage and liquidity: Leverage and Fixed Charge June 30, 2025 Net Debt/ Annualized EBITDAre 6.2x Net Debt/ Annualized Adjusted EBITDAre 5.5x Fixed Charge Coverage Ratio 3.3x Expand Liquidity June 30, 2025 Unused Revolver Capacity $ 131,500 Cash and Cash Equivalents 8,363 Total Liquidity $ 139,863 Expand DISTRIBUTIONS On August 12, 2025, our board of directors declared a quarterly dividend of $0.215 per common share and OP unit to holders of record as of September 30, 2025, payable on or before October 15, 2025. REVISED GUIDANCE UPDATE The following table summarizes the Company's guidance and key underlying assumptions for the year ended December 31, 2025. Our per share results are sensitive to both the timing and amount of real estate investments, property dispositions, and capital markets activities that occur throughout the year. We do not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO to net income computed in accordance with GAAP, because we are unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of our ongoing operations, including, without limitation, potential impairments of real estate assets, net gain/loss on dispositions of real estate assets, changes in allowance for credit losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance periods. CONFERENCE CALL AND WEBCAST The Company will host its second quarter earnings conference call and audio webcast on Thursday, August 14, 2025, at 10:00 a.m. Central Time. To access the live webcast, which will be available in listen-only mode, please visit: If you prefer to listen via phone, U.S. participants may dial: 1-800-549-8228 (toll free) or 1-646-564-2877 (local), conference ID 71726. A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. To listen to a replay of the call via the web, which will be available for one year, please visit: About FrontView REIT, Inc. FrontView is an internally-managed net-lease REIT that acquires, owns and manages primarily properties with frontage that are net leased to a diversified group of tenants. FrontView is differentiated by an investment approach focused on properties that are in prominent locations with direct frontage on high-traffic roads that are highly visible to consumers. As of June 30, 2025, FrontView owned a well-diversified portfolio of 319 properties with direct frontage across 37 U.S. states. FrontView's tenants include service-oriented businesses, such as medical and dental providers, quick service restaurants, casual dining, financial institutions, cellular stores, automotive stores, convenience stores and gas stations, discount retail, automotive dealers, fitness operators, car washes, pharmacies, home improvement stores, as well as professional services tenants. Forward-Looking Statements This press release contains 'forward-looking' statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as 'outlook,' 'potential,' 'may,' 'will,' 'should,' 'could,' 'seeks,' 'approximately,' 'projects,' 'predicts,' 'expect,' 'intends,' 'anticipates,' 'estimates,' 'plans,' 'would be,' 'believes,' 'continues,' or the negative version of these words or other comparable words. Forward-looking statements, including our 2025 guidance and assumptions, involve known and unknown risks and uncertainties, which may cause FVR's actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A. 'Risk Factors' of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which the Company filed with the SEC on March 20, 2025, which you are encouraged to read, and is available on the SEC's website at Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise. Notice Regarding Non-GAAP Financial Measures In addition to our reported results and net earnings per diluted share, which are financial measures presented in accordance with GAAP, this press release contains and may refer to certain non-GAAP financial measures, including Funds from Operations ('FFO'), Adjusted Funds from Operations ('AFFO'), EBITDA, EBITDAre, Adjusted EBITDAre, Annualized Adjusted EBITDAre, Adjusted Net Operating Income ('NOI'), Annualized Adjusted NOI, Adjusted Cash NOI, Annualized Adjusted Cash NOI, Net Debt and Fixed Charge Coverage Ratio. We believe the use of FFO and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDAre are not measures of financial performance under GAAP, and our EBITDA and EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. We believe Adjusted NOI and Adjusted Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level. Adjusted NOI and Adjusted Cash NOI are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. We believe presenting Net Debt to Annualized Adjusted EBITDAre is useful to investors because they provide information about Gross Debt less cash and cash equivalents, which could be useful to repay debt, compared to our performance as measured using EBITDAre and Annualized Adjusted EBITDAre. You should not consider our Annualized Adjusted EBITDAre as an alternative to net income or cash flows from operating activities determined in accordance with GAAP. We believe the Fixed Charge Coverage Ratio is useful to investors to show the Company's ability to cover its fixed charges including interest expense, principal repayments of debt and dividends. You should not consider our Fixed Charge Coverage Ratio as an alternative to net income or cash flows from operating activities determined in accordance with GAAP. A reconciliation of non-GAAP measures to the most directly comparable GAAP financial measure and statements of why management believes these measures are useful to investors are included below. FRONTVIEW REIT INC. (Unaudited) (in thousands, except share and per share amounts) Successor Predecessor (1) Successor Predecessor (1) For the three months ended June 30, For the six months ended June 30, 2025 2024 2025 2024 Revenues Rental revenues $ 17,467 $ 14,474 $ 33,612 $ 29,627 Other income 87 136 185 242 Total revenues 17,554 14,610 33,797 29,869 Operating expenses Depreciation and amortization 9,466 6,971 17,271 14,296 Property operating expenses 2,714 1,710 5,090 3,691 Property management fees — 497 — 1,007 Asset management fees — 1,034 — 2,068 General and administrative expenses 3,279 643 6,118 1,361 Total operating expenses 15,459 10,855 28,479 22,423 Other expenses (income) Interest expense 4,647 6,597 9,144 13,292 (Gain)/ loss on sale of real estate (1,194 ) 51 (1,661 ) (337 ) Impairment loss 2,978 — 3,406 591 Income taxes 194 119 296 281 Total other expenses 6,625 6,767 11,185 13,827 Net loss (4,530 ) (3,012 ) (5,867 ) (6,381 ) Less: Net loss attributable to convertible non-controlling preferred interests — 826 — 1,743 Less: Net loss attributable to non-controlling interests 1,629 — 2,133 — Net loss attributable to NADG NNN Property Fund LP (Predecessor) and to FrontView REIT, Inc. (Successor) $ (2,901 ) $ (2,186 ) $ (3,734 ) $ (4,638 ) Weighted average number of common shares outstanding Basic 19,136,225 — 18,229,095 — Diluted 27,827,037 — 27,824,932 — Net loss per share attributable to common stockholders Basic $ (0.16 ) $ — $ (0.22 ) $ — Diluted $ (0.16 ) $ — $ (0.22 ) $ — Comprehensive loss Net loss $ (4,530 ) $ (3,012 ) $ (5,867 ) $ (6,381 ) Other comprehensive loss Change in fair value of interest rate swaps (1,332 ) — (1,511 ) — Comprehensive loss (5,862 ) (3,012 ) (7,378 ) (6,381 ) Less: Comprehensive loss attributable to convertible non-controlling preferred interests — 826 — 1,743 Less: Comprehensive loss attributable to non-controlling interests 2,108 — 2,705 — Comprehensive loss attributable to NADG NNN Property Fund LP (Predecessor) and to FrontView REIT, Inc. (Successor) $ (3,754 ) $ (2,186 ) $ (4,673 ) $ (4,638 ) (1) The Company determined that earnings per unit in the Predecessor period would not be meaningful to users of this filing, given the different unitholders in the Predecessor. Expand Reconciliation of Non-GAAP Measures The following is a reconciliation of net income (which is the most comparable GAAP measure) to FFO and AFFO: Successor Predecessor Successor Predecessor For the three months ended June 30, For the six months ended June 30, (unaudited, in thousands, except per share amounts) 2025 2024 2025 2024 Net loss $ (4,530 ) $ (3,012 ) $ (5,867 ) $ (6,381 ) Depreciation on real property and amortization of real estate intangibles 9,466 6,971 17,271 14,296 (Gain)/ loss on sale of real estate (1,194 ) 51 (1,661 ) (337 ) Impairment loss on real estate held for investment 2,978 — 3,406 591 Funds from Operations ('FFO') $ 6,720 $ 4,010 $ 13,149 $ 8,169 Diluted Weighted Average Shares Outstanding 27,827 — 27,825 — FFO per share $ 0.24 $ — $ 0.47 $ — Straight-line rent adjustments (286 ) (446 ) (408 ) (777 ) Amortization of financing transaction and discount costs 400 1,036 795 2,092 Amortization of above/below market lease intangibles 941 476 1,652 915 Stock-based compensation 200 — 815 — Lease termination fees — (223 ) — (637 ) Adjustment for structuring and public company readiness costs 89 23 290 74 Other non-recurring expenses (1) 964 16 964 45 Adjusted Funds from Operations ('AFFO') $ 9,028 $ 4,892 $ 17,257 $ 9,881 Diluted Weighted Average Shares Outstanding 27,827 — 27,825 — AFFO per share $ 0.32 $ — $ 0.62 $ — Expand (1) Other non-recurring expenses include one-time legal expenses, deal pursuit costs and other non-recurring items. Expand Our reported results and net earnings per diluted share are presented in accordance with GAAP. We also disclose FFO and AFFO, each of which are non-GAAP measures. We believe these non-GAAP financial measures are industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts ('Nareit'). Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of certain depreciated real estate assets, depreciation and amortization expense from real estate assets, gains and losses from change in control, and impairment charges related to certain previously depreciated real estate assets. To derive AFFO, we modify the Nareit computation of FFO to include other adjustments to GAAP net income related to certain non-cash or non-recurring revenues and expenses, including straight-line rents, cost of debt extinguishments, amortization of lease intangibles, amortization of debt issuance costs, amortization of net mortgage premiums, (gain) loss on interest rate swaps and other non-cash interest expense, realized gains or losses on foreign currency transactions, Internalization expenses, structuring and public company readiness costs, extraordinary items, and other specified non-cash items. We believe that such items are not a result of normal operations and thus we believe excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors. Our leases typically include cash rents that increase through lease escalations over the term of the lease. Our leases do not typically include significant front-loading or back-loading of payments, or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates. We further exclude costs or gains recorded on the extinguishment of debt, non-cash interest expense and gains, the amortization of debt issuance costs, net mortgage premiums, and lease intangibles, realized gains and losses on foreign currency transactions, Internalization expenses, and structuring and public company readiness costs, as these items are not indicative of ongoing operational results. We use AFFO as a measure of our performance when we formulate corporate goals. FFO is used by management, investors, and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers, primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by one-time cash and non-cash revenues or expenses. FFO and AFFO may not be comparable to similarly titled measures employed by other REITs, and comparisons of our FFO and AFFO with the same or similar measures disclosed by other REITs may not be meaningful. FFO and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. Neither the SEC nor any other regulatory body has passed judgment on the acceptability of the adjustments to FFO that we use to calculate AFFO. In the future, the SEC, Nareit or another regulatory body may decide to standardize the allowable adjustments across the REIT industry and in response to such standardization we may have to adjust our calculation and characterization of AFFO accordingly. The following is a reconciliation of net income to EBITDA, EBITDAre, Adjusted EBITDAre, Adjusted NOI and Adjusted Cash NOI: Three months ended June 30, (unaudited, in thousands) 2025 Net loss $ (4,530 ) Depreciation and amortization 10,407 Interest expense 4,647 Income taxes 194 EBITDA 10,718 Gain on sale of real estate (1,194 ) Impairment loss on real estate held for investment 2,978 EBITDAre 12,502 Adjustment for current period investment activity (1) 383 Adjustment for current period disposition activity (2) (72 ) Adjustment for non-cash compensation expense (3) 200 Adjustment to exclude non-recurring expenses (4) 1,053 Adjustment to exclude net write-offs of accrued rental income 158 Adjusted EBITDAre 14,224 General and administrative, net of non-recurring 1,962 Adjusted Net Operating Income 16,186 Straight-line rental revenue, net (277 ) Adjusted Cash NOI $ 15,909 Annualized EBITDAre $ 50,008 Annualized Adjusted EBITDAre $ 56,896 Annualized Adjusted NOI $ 64,744 Annualized Adjusted Cash NOI $ 63,636 Expand (1) Reflects an adjustment to give effect to all acquisitions during the period as if they had been acquired as of the beginning of the period. (2) Reflects an adjustment to give effect to all dispositions during the period as if they had been sold as of the beginning of the period. (3) Reflects an adjustment to exclude non-cash stock-based compensation expense. (4) Reflects an adjustment to exclude non-recurring expenses, including structuring and public readiness costs, lease termination fees, legal one-time expenses, and other non-recurring income or expenses. Expand We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that this ratio provides investors and analysts with a measure of our leverage that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. In 2017, Nareit issued a white paper recommending that companies that report EBITDA also report EBITDAre in financial reports. We compute EBITDAre in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as EBITDA (as defined above) excluding gains (loss) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDAre are not measures of financial performance under GAAP, and our EBITDA and EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. We compute adjusted EBITDAre as EBITDAre for the applicable quarter, as adjusted to (i) reflect all investment and disposition activity that took place during the applicable quarter as if each transaction had been completed on the first day of the quarter, (ii) exclude certain GAAP income and expense amounts that we believe are infrequent and unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, (iii) eliminate the impact of lease termination fees from certain of our tenants, and (iv) exclude non-cash stock-based compensation expense. Annualized adjusted EBITDAre is calculated by multiplying adjusted EBITDAre for the applicable quarter by four, which we believe provides a meaningful estimate of our current run rate for all of our investments as of the end of the most recently completed quarter given the contractual nature of our long term net leases. You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre for future periods may be significantly different from our annualized adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Adjusted Net Operating Income ("NOI") and Adjusted Cash NOI are non-GAAP financial measures which we use to assess our operating results. We compute Adjusted NOI as Adjusted EBITDAre and exclude general and administration expenses. We further adjust Adjusted NOI for non-cash revenue components of straight-line rent and other amortization expense to derive Adjusted Cash NOI. We believe Adjusted NOI and Adjusted Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level. Adjusted NOI and Adjusted Cash NOI are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Annualized Adjusted NOI is calculated by multiplying Adjusted NOI for the applicable quarter by four and Annualized Adjusted Cash NOI is calculated by multiplying Adjusted Cash NOI for the applicable quarter by four. We believe these annualized figures provide a meaningful estimate of our current run rate for all of our investments as of the end of the most recently completed quarter given the contractual nature of our long term net leases. You should not unduly rely on these measures as they are based on assumptions and estimates that may prove to be inaccurate. Our actual reported NOI for future periods may be significantly different from our Annualized Adjusted NOI and Annualized Adjusted Cash NOI. The following table reconciles total debt (which is the most comparable GAAP measure) to Net Debt, and presents the ratios of Net Debt to EBITDAre and Net Debt to Annualized Adjusted EBITDAre: Net Debt is a non-GAAP financial measure. We define Net Debt as our Gross Debt less cash and cash equivalents. The ratios of Net Debt to EBITDAre and Net Debt to Annualized Adjusted EBITDAre represent Net Debt as of the end of the applicable period divided by EBITDAre or Annualized Adjusted EBITDAre for the period, respectively. We believe that these ratios are useful to investors and analysts because they provide information about Gross Debt less cash and cash equivalents, which could be useful to repay debt, compared to our performance as measured using EBITDAre and Annualized Adjusted EBITDAre. The following table summarizes our fixed charges, and presents Annualized Fixed Charges to Annualized Adjusted EBITDAre: The Adjusted EBITDA to Fixed Charge Ratio is the ratio of Adjusted EBITDA to fixed charges as of the last day of any fiscal quarter. Adjusted EBITDA is computed as net income adjusted for depreciation and amortization, interest expense, income tax expense, extraordinary or nonrecurring items, fees in connection with debt financing, acquisitions and dispositions and capital markets transactions, non-cash items and equity in net income of unconsolidated subsidiaries minus a reserve for replacements with respect to certain properties. Fixed charges are computed on a consolidated basis as interest expense (excluding amortization of fees paid in cash and discounts and premiums on debt), plus regularly scheduled principal repayments of debt (excluding any balloon or similar payments), plus any preferred dividends payable in cash. The Annualized Fixed Charges is calculated by multiplying fixed charges for the applicable quarter by four. The Fixed Charge Coverage Ratio is the ratio of Annualized Adjusted EBITDAre to Annualized Fixed Charges. We believe this ratio is useful to investors and analysts as it is used to evaluate our liquidity and ability to obtain financing.
