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