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Meridian Industrial REIT · MIR
DEMO DATAUNDERWRITING ASSUMPTIONHOLDCredit metrics — FY2025A
DEMO DATA inputs · CALCULATED metrics| Metric | Value | Formula | Raw inputs used |
|---|---|---|---|
| Total debt | $1.8B | Σ tranche principal (face value) | debt=1750.0 |
| Net debt | $1.7B | Total debt − cash | debt=1750.0 · cash=60.0 |
| Gross leverage (Debt / EBITDA) | 4.81x | Total debt ÷ EBITDA | debt=1750.0 · ebitda=364.0 |
| Secured leverage | 0.00x | Secured debt ÷ EBITDA | secured=0.00 · ebitda=364.0 |
| Net leverage | 4.64x | Net debt ÷ EBITDA | netDebt=1690.0 · ebitda=364.0 |
| Interest coverage (EBIT / interest) | 2.33x | EBIT ÷ interest expense | ebit=208.0 · interest=89.2 |
| EBITDA / interest | 4.08x | EBITDA ÷ interest expense | ebitda=364.0 · interest=89.2 |
| FCF / debt | 11.0% | Free cash flow ÷ total debt | fcf=192.4 · debt=1750.0 |
| Debt service coverage | 3.17x | (EBITDA − capex − taxes) ÷ (interest + mandatory amortization) | ebitda=364.0 · capex=52.0 · taxes=29.7 · interest=89.2 · amort=0.00 |
| Cash conversion | 85.7% | (EBITDA − capex) ÷ EBITDA | ebitda=364.0 · capex=52.0 |
| Liquidity ratio | 5.72x | (Cash + undrawn revolver) ÷ (debt due next period + amortization + interest) | liquidity=510.0 · stObl=89.2 |
| Current ratio | 0.87x | Current assets ÷ (current liabilities ex-debt + debt due next period) | currentAssets=130.0 · curLiab=150.0 |
| Short-term debt / liquidity | 0.00x | Debt due next period ÷ (cash + undrawn revolver) | std=0.00 · liquidity=510.0 |
Credit scorecard — deterministic, auditable
Score 82.9 / 100 · Low| Factor | Measure | Value | Best | Worst | Points | Max | Proj. base | Proj. downside | Proj. severe |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | Net debt / LTM EBITDA | 4.64 | 2 | 7 | 7.1 | 15 | 9.2 | 7.3 | 4.3 |
| Coverage | LTM EBITDA / interest expense | 4.08 | 5 | 1 | 11.6 | 15 | 12.2 | 9.1 | 6.2 |
| Liquidity | Cash + undrawn revolver vs next-period obligations | 5.72 | 2 | 0.5 | 10.0 | 10 | 10.0 | 10.0 | 10.0 |
| Free cash flow | LTM FCF / total debt | 0.11 | 0.12 | -0.02 | 9.3 | 10 | 10.0 | 8.9 | 7.2 |
| Maturity risk | Share of debt maturing within 3 periods | 0.00 | 0 | 0.5 | 10.0 | 10 | 10.0 | 10.0 | 10.0 |
| Margin stability | Std-dev of annual EBITDA margin | 0.00 | 0.01 | 0.05 | 10.0 | 10 | 10.0 | 10.0 | 10.0 |
| Revenue stability | Std-dev of annual revenue growth | 0.01 | 0.03 | 0.15 | 8.0 | 8 | 8.0 | 8.0 | 8.0 |
| Asset coverage | Asset base / total debt | 3.49 | 2 | 0.6 | 12.0 | 12 | 12.0 | 12.0 | 12.0 |
| Industry risk | Sector factor (config.ts) | 0.50 | 1 | 0 | 5.0 | 10 | 5.0 | 5.0 | 5.0 |
| Total | 82.9 | 100 | 86.4 | 80.2 | 72.6 | ||||
Why did the score change?
FY2024A (same capital structure) → FY2025A: 81.9 → 82.9
- ▲ Net leverage fell from 4.9x to 4.6x (+0.7 pts, positive)
- • Interest coverage broadly stable at 4.1x
- • Liquidity ratio broadly stable at 5.7x
- ▲ FCF / debt increased from 10.5% to 11.0% (+0.4 pts, positive)
- • Near-term maturity share unchanged at 0%
- • Margin volatility unchanged at 0.4 pts
- • Revenue volatility unchanged at 0.8 pts
- • Asset coverage unchanged at 3.49x
- • Industry risk factor unchanged at 0.50
Each factor earns its weight linearly between a “worst” (0 pts) and “best” (full pts) threshold; weights and thresholds live in src/lib/config.ts. “Proj.” columns re-score the first projected period of each scenario. Risk bands: ≥75 Low · ≥60 Moderate · ≥45 Elevated · else High.
Covenant analysis
Metrics are computed from the projection by the scenario engine — no covenant output is typed in. Headroom = distance to the covenant (positive = cushion). Hypothetical covenants are UNDERWRITING ASSUMPTION; disclosed covenants are tested on a model-basis proxy.
Base Case: no breachDownside: no breachSevere Downside: no breach
No active covenants.
Projected credit metrics by scenario
ANALYST PROJECTION| Scenario | Metric | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|
| Base Case | Net debt / EBITDA | 3.9x | 3.2x | 2.5x | 1.8x | 1.2x |
| EBITDA / cash interest | 4.2x | 5.0x | 5.3x | 5.5x | 5.8x | |
| DSCR | 3.3x | 3.8x | 4.0x | 4.2x | 4.4x | |
| Liquidity ($M) | $713M | $935M | $1.2B | $1.4B | $1.3B | |
| Downside | Net debt / EBITDA | 4.6x | 4.3x | 3.6x | 3.0x | 2.4x |
| EBITDA / cash interest | 3.4x | 3.8x | 3.9x | 4.0x | 4.1x | |
| DSCR | 2.7x | 3.0x | 3.1x | 3.1x | 3.2x | |
| Liquidity ($M) | $677M | $843M | $1.0B | $1.2B | $978M | |
| Severe Downside | Net debt / EBITDA | 5.6x | 5.9x | 5.4x | 4.9x | 4.2x |
| EBITDA / cash interest | 2.6x | 2.7x | 2.7x | 2.8x | 2.9x | |
| DSCR | 2.2x | 2.3x | 2.3x | 2.3x | 2.4x | |
| Liquidity ($M) | $639M | $752M | $865M | $981M | $704M |
Red = payment default reached in or before that period. After a default the model keeps rolling mechanically for illustration; the recovery waterfall is struck at the default period.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| CreditIQ demo dataset | Meridian Industrial REIT — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Meridian Industrial REIT — illustrative capital structure & covenants | Debt schedule | As of 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Illustrative indicative bid marks (% of par) | Market price | 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |