![]() ![]() In reconciling from net earnings to Core FFO*, Prologis makes certain adjustments, including but not limited to real estate depreciation and amortization expense, gains (losses) recognized from real estate transactions and early extinguishment of debt, impairment charges, deferred taxes and unrealized gains or losses on foreign currency or derivative activity. ![]() The earnings guidance described above includes potential gains recognized from real estate transactions but excludes any future or potential foreign currency or derivative gains or losses as our guidance assumes constant foreign currency rates. See the Notes and Definitions in our supplemental information for further explanation and a reconciliation to the most directly comparable GAAP measure. The expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods. Strategic capital revenue, excl promote revenueĬapital Deployment – Prologis Share (in millions)Īt the midpoint, this includes approximately 20 basis points of bad debt expense, in line with the company's historical levels.Ĭore FFO guidance includes $0.02 of net promote expense. "Year-over-year Core FFO growth, excluding promotes, is sector-leading at 12.0 percent at the midpoint, while generating $1.25 billion of free cash flow after dividends." Olinger, chief financial officer, Prologis. "Given the strength of our results and the market, we are taking up our guidance metrics across the board," said Thomas S. In addition, we built on the company's excellent liquidity position, which collectively has set the company up well for this incredibly strong operating environment," said Tim Arndt, treasurer, Prologis. ![]() "Through just a few transactions during the first quarter, we reduced our weighted average interest rate by 20 basis points and effectively addressed our unsecured bond maturities through 2026. The combined investment capacity of Prologis and its open-ended vehicles, at levels in line with their current credit ratings, is now $14 billion. This activity includes $2.6 billion in global bond raises, as well as a €500 million green bond.Īt March 31, 2021, debt as a percentage of total market capitalization was 18.6 percent, and the company's weighted average interest rate on its share of total debt was 1.8 percent with a weighted average term of 10.6 years. Weighted avg stabilized cap rate (excluding land and other real estate)ĭuring the first quarter, Prologis and its co-investment ventures issued $3.5 billion of debt at a weighted average interest rate of 0.96 percent and a weighted average term of approximately 11 years. ![]()
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