Proper Capitalization
- Average Net Debt** to Adjusted EBITDA**: 5.8x1
- Target FFO Payout Ratio**: 45% - 50% of FFO
1. The debt ratios are non-GAAP ratios. Average Net Debt** to Adjusted EBITDA** was calculated on a rolling four-quarter basis. See Section 10.4, "Capital Structure" of the MD&A.