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Achieved record first-quarter leasing of 64 million square feet, driven by resilient demand and a broadening mix of transaction sizes and geographies.

Management observes a transition through a market inflection point, with vacancy rates topping out and market rents showing the first increase in 2.5 years.

Strategic pivot toward data centers is accelerating, with $1.3 billion in starts this quarter supported by a 1.3 gigawatt pipeline under LOI.

Geopolitical uncertainty in the Middle East is being closely monitored, though management reports that customer business plans for 2026 remain largely unchanged to date.

Operational outperformance was aided by unusually low bad debt and strong retention rates of nearly 76% despite seasonal occupancy dips.

Large-format logistics space (over 500,000 square feet) is essentially sold out globally at 98% leased, positioning these assets for imminent rent growth.

Raised full-year Core FFO guidance by 80 basis points at the midpoint, reflecting stronger-than-expected occupancy and development momentum.

Increased development start guidance to a range of $4.5 billion to $5.5 billion, with approximately 40% now allocated to data center build-to-suits.

Expects full-year net effective rent change to approach 40%, despite a muted 32% in Q1 caused by a high concentration of renewals in softer West Coast markets.

Assumes a relative balance between supply and demand for the remainder of 2026, allowing U.S. vacancy rates to drift lower as construction completions decline.

Guidance incorporates a cautious macro outlook, balancing resilient demand against potential delays in customer decision-making due to inflationary pressures.

Expanded the strategic capital platform through new joint ventures with GIC ($1.6 billion) and La Caisse ($1.2 billion) to fund global development.

Identified Southern California and Seattle as current regional laggards where vacancy remains elevated and rent recovery is expected to trail other markets by 2-3 quarters.

Maintained a fortress balance sheet by raising $5.5 billion in new financing at a weighted average rate of 3.75%, including a record-low spread on a credit facility recast.

Marked the 10-year anniversary of Prologis Ventures, having invested $300 million in over 50 supply chain technology companies to drive platform innovation.

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Management clarified that data center development margins are between 25% and 50%.

Prologis is using its balance sheet to preorder long-lead equipment, creating a competitive advantage over developers facing supply chain bottlenecks.

Data center suppliers have grown from 5% to 10% of new leasing activity over the past year, representing a new structural demand driver.

These tenants are signing long-term leases to regionalize their supply chains closer to data center production hubs.

Management is evaluating multiple options for a dedicated data center vehicle but currently favors building on the balance sheet and selling stabilized assets.

Investor interest in the data center pipeline is described as exceptional, with 5.6 gigawatts of power capacity either secured or in advanced stages.

Rent growth is currently strongest in Central and Southeast U.S. markets, as well as Latin America and Western Europe.

Southern California is in a 'bottoming process' where demand is picking up, but broad-based rent increases are not expected until later in the year.

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