Question-and-Answer Session
Operator
(Operator Instructions) Our first call comes from Dustin Pizzo with Banc of America Securities. Go ahead please.
Sumit Preet - Banc of America Securities
Hi, this is actually [Sumit Preet] for Dustin Pizzo.
Tom Lewis
Yeah. How are you Sumit?
Sumit Preet - Banc of America Securities
Pretty good. I wanted to know what the? I have questions on coverage ratios. You can tell me what the coverage ratio is on Buffets portfolio, and also maybe the coverage on your top ten tenants?
Tom Lewis
Yeah. I won't comment specifically on the coverage ratios due to confidentiality agreement with FAS, but I can give you some good background that I think will get you where you need to go. As of 12/31, our largest then out of 15 tenants did about 55% of our revenue as I mentioned earlier The average cash-flow coverage in the portfolio was about 2.72 times. And if you didn’t look at the overall, then out of that at 2.72 I think the lowest coverage that we had out of the top 15 was a 19 coverage. The highest was the 419, and again a 2.72 average. I will tell you that 19 was not a restaurant company, it was in another industry, So it felt -- the coverages on our portfolio felt somewhere within that grouping, which is very strong.
We've been working since right after the end of the year here updating that, and we have seen the coverages move a little bit overall in the portfolio. But still for the top 15, just getting in some numbers last week on a couple of the tenants, and we do these updating and rolling throughout the year because we get the information at different times. I think the average, when we calculated the last week, was 264, and I think the spread was 170 to about 420, and I would say again the 170, which was lowest then. It was not a restaurant company. So that will give you an idea of where we sit on coverages.
For those of you that aren’t familiar with that, that is looking at the EBITDA of the stores that we own in our portfolio and the ramp about basically get how many times coverage that's a possibility that store is of rent. And to give an idea that 20 coverage, you need about a 50% decline in EBITDA to get a one-to-one coverage. And if you look at two six times coverage -- that means on average there is about a 61.5% decline in EBITDA would take on the properties in our portfolio to get to a break-even.
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