Highly Diversified Business Model Produces Stable Cash Flows
Expenses
Substantially All Warehouse NOI Driven by Rental & Storage Revenue
Revenues
Rent & Storage
+
Warehouse Services
$0.43
Power
($0.06)
$0.57
||
Total Warehouse
Commentary
REIT: Rent & Storage
$1.00
TRS: Warehouse Services
($0.06)
Power and utilities
Other
Facility ($0.09)
($0.09)
Costs
Labor
($0.44)
($0.44)
Real Estate Related Costs: facility
maintenance, property taxes, insurance,
rent, security, sanitation, etc.
Direct labor, overtime, contract labor,
indirect labor, workers'
compensation and benefits
Other
Services
Costs
-
($0.08)
($0.08)
MHE (1), warehouse operations
(pallets, shrink wrap, OS&D and D&D (2))
PPE and warehouse administration
Margin:
% WH Total: 84%
$0.28
66%
$0.05
$0.34
+
9%
=
34%
WAREHOUSE
16%
100%
12
Note: Based on LTM warehouse segment as of December 31, 2020. Future results may vary. Figures may not sum due to rounding
(1)
Material Handling Equipment
(2)
OS&D and D&D refer to Over Short & Damaged and Detentioned & Demurrage, respectively
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