At a Glance
FIXED CHARGE COVERAGE3
Please see Prologis’ Annual Report on Form 10-K for the year ended December 31, 2017, and our 4Q17 earnings supplemental for additional detail regarding the financial information presented in this annual report and definitions and reconciliations of non-GAAP measurements, such as Core FFO, GAAP same store NOI and adjusted EBITDA. Regarding securities ratings presented, such ratings are not recommendations to buy, sell or hold securities and are subject to revision or withdrawal at any time by the rating organizations.
1. Prologis’ share of estimated value creation from development stabilizations
2. LTV is defined as the mortgage value of a property divided by the appraised value of the property.
3. This figure essentially represents how many times our interest payments (Fixed Charges) could be paid (or “covered”) from our cash flow. Fixed Charge Coverage is defined as Adjusted EBITDA divided by total fixed charges. Fixed charges consist of net interest expense adjusted for amortization of finance costs and debt discount (premium), capitalized interest and preferred stock dividends.