At a Glance

Financial and operating results in 2017 exceeded expectations and reflected outstanding execution by the team and favorable market conditions. Core FFO grew 9.3% year-over-year, occupancy reached a record 97.2% and rent change on lease rollover was 21.4%. We entered 2018 with a simplified business, record occupancy levels and an “A-” rated balance sheet. We are positioned better than ever to navigate a broad spectrum of economic scenarios.

ASSETS UNDER MANAGEMENT
(in billions)

'17
$78.7
'16
$66.0
'15
$59.5

Revenue Summary
(in millions)

'17
$2,618
'16
$2,533
'15
$2,197

Value Creation1
(in millions)

'17
$583
'16
$571
'15
$533

TOTAL SHAREHOLDER RETURN
 

'17
25.9%
'16
27.3%
'15
3.6%

CORE FFO
(per diluted share)

'17
$2.81
'16
$2.57
'15
$2.23

DIVIDENDS PER COMMON SHARE

'17
$1.76
'16
$1.68
'15
$1.52

LOAN-TO-VALUE2

'17
33.6%
'16
34.6%
'15
38.4%

DEBT-TO-EBITDA

'17
4.55x
'16
4.72x
'15
6.01x

FIXED CHARGE COVERAGE3

'17
6.71x
'16
5.75x
'15
4.43x
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.