Highly Diversified Business Model Produces Stable Cash Flows
Warehouse Financial Summary
Contribution (NOI)
Margin
Warehouse Revenue ($mm)
2015A-2020A CAGR
$1,549
$1,377
Actual $
Constant
Currency (1)
$1,146
$1,177
$1,057
$1,081
$883
$795
Warehouse
Services
8.5%
8.8%
$588
$604
$644
$662
$469
$477
$502
$515
$583
$666
Rent &
Storage
7.3%
7.4%
2015A
2016A
2017A
Rent & Storage
2018A
2019A
2020A
Total
7.9%
8.2%
Warehouse Services
Warehouse NOI ($mm)
2015A-2020A CAGR
29.1%
29.1%
30.4%
31.8%
32.5%
33.6%
$520
Constant
Actual $ Currency (1)
$448
$82
$375
$61
$348
$308
$314
$37
Warehouse
Services
42.4%
43.7%
$24
$14
$11
$438
$387
$294
$303
$324
$338
Rent &
Storage
8.3%
8.5%
Total
11.1%
11.4%
2015A
2016A
2017A
2018A
2019A
2020A
Rent & Storage
Warehouse Services
Margin expansion has been driven by improved commercialization and customer
mix, contractual rate increases, occupancy growth and operational improvements
Note: All figures exclude revenue for properties acquired from Agro Merchants Group.
(1)
On a constant currency basis relative to fiscal year 2015 foreign currency exchange rates
11
americOLD.View entire presentation