Financial flexibility is important to long-term performance and the ability to take advantage of investment opportunities. We target debt levels no higher than 35% of enterprise value, a fixed-charge coverage ratio of more than 2.0x and a debt-to-adjusted EBITDA ratio below 6.0x. Our focus is on per share, rather than aggregate, results.
We acquire, own and operate functional, flexible properties in infill locations at discounts to replacement cost within our six markets. We operate with a conservative capital structure. We do not do greenfield ground up development or make raw land investments. We are aligned with our shareholders.