sorry for the delay in answering Avalon but AOG had drawn debt of $687.7m (excluding any resident loans) last June 30 2018 and adjusted EBITDA of $94.9m giving a gross leverage ratio of 7.25x. The adjusted EBITDA I got from Bloomberg which stripped out the asset reval on investment properties which of course does not generate any cash. However, on closer inspection Bloomberg did not drop out the negative reval on resident loans of $35.5m, so really the correct adjusted EBITDA should be $128.2m giving gross leverage of 5.36x which is far better. My apologies for quoting shite numbers but I will blame Bloomberg.
Next year for June 2019, EBITDA is expected to drop marginally to $121.4m which would pushes leverage ratio to 5.66x. but still too high for where we are in the cycle.
On the level of short interest i was quoting the free float %, ie excluding Mulpha's 24% share. Again according to Bloomberg, SI is 3.53% against total shares and 4.97% against the free float.
