Financial Highlights

Our industry-leading financial and operating results in 2018 reflect our best year yet and even greater core strength in our business. Core FFO per diluted share was $3.03 for the year compared with $2.81 in 2017. Vacancy is at historic lows—we ended 2018 with global occupancy at 97.5 percent. Utilization is at historic highs, new supply is limited and e-commerce continues to act as a secular tailwind. Our best-in-the-business balance sheet provides notable advantages: strong credit metrics and access to capital at attractive terms. Even though we have a strong record of self-funding our growth, we have preserved more than $4 billion in liquidity, and our consistently prudent approach keeps us well-positioned to navigate a spectrum of economic scenarios.

ASSETS UNDER MANAGEMENT
(in billions)

'18
$86.7
'17
$78.7
'16
$66.0

Revenue Summary
(in millions)

'18
$2,804
'17
$2,618
'16
$2,533

Value Creation1
(in millions)

'18
$661
'17
$583
'16
$571

CORE FFO
(per diluted share)

'18
$3.03
'17
$2.81
'16
$2.57

DIVIDENDS PER COMMON SHARE

'18
$1.92
'17
$1.76
'16
$1.68

DEBT TO GROSS MARKET CAPITALIZATION

'18
25.0%
'17
23.7%
'16
27.1%

DEBT-TO-EBITDA

'18
4.20x
'17
4.55x
'16
4.72x
Please see Prologis’ Annual Report on Form 10-K for the year ended December 31, 2018, and our Q4’18 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