Inventory Resiliency and Value Proposition
Notes and Definitions
Please refer to our annual and quarterly financial statements filed with the Securities and Exchange
Commission on Forms 10-K and 10-Q and other public reports for further information about us and
our business.
See our Q1 2023 Supplemental for definitions of terms used in this presentation, further explanations,
and reconciliations of non-GAAP measures to the most directly comparable GAAP measures.
Free Cash Flow is calculated as net cash provided by operating activities less recurring capital
expenditures and dividends.
in thousands
Net cash provided by operating activities
Gains on dispositions of development properties and land, net
Tenant improvements and lease commissions on previously leased space
Property improvements
Dividends paid on common and preferred stock
Noncontrolling interest distributions
Free cash flow
$
$
Twelve Months Ended
December 31,
2022
4,126
598
(339)
(211)
(2,495)
(270)
1,409
Lease Mark-to-Market ("LMTM") on a Prologis Share Net Effective Rent basis represents the
difference between current in place Net Effective Rent in the Operating Portfolio compared to
current market Net Effective Rent for comparable spaces divided by the current in place Net Effective
Rent. Note that consistent with the definition of Rent Change, rents are reflected on a triple net
basis and this measure excludes short-term leases of less than one year and holdover payments.
When calculating incremental earnings and FFO growth from LMTM, we assume no further market
rent growth and utilize our share count as of the end of the period.
PROLOGIS
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