2026 Outlook
The table below includes the details of our annual guidance. The Company's guidance is provided for informational purposes based on current plans and assumptions and is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced. The ranges for these metrics also do not include the impact of the joint venture announced on May 7, 2026.
| As of | |
| February 19, 2026 | |
| Warehouse segment same store revenues (constant currency) | $2.20B - $2.27B |
| Warehouse segment same store NOI (constant currency) | $735M - $785M |
| Total Company NOI (constant currency) | $780M - $845M |
| Total selling, general and administrative expense (guidance is inclusive of approximately $218M - $228M of core SG&A, $23M - $24M of share-based compensation expense, and $8M - $10M of Project Orion deferred costs amortization) | $250M - $260M |
| Core EBITDA | $570M - $620M |
| Interest expense | $170M - $180M |
| Current income tax expense | $6M - $8M |
| Total maintenance capital expenditures | $60M - $70M |
| Adjusted FFO per share | $1.20 - $1.30 |
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