Financial Data and Key Metrics Changes - Q4 core FFO was $1.44 per share, finishing at the top end of guidance ranges [10] - Average occupancy was 95.3% for Q4 and 95% for the full year, with period-end occupancy at 95.8% [10] - Same-store NOI growth was 4.7% on a net effective basis and 5.7% on a cash basis, exceeding guidance [11] - Net effective rent change for the year was over 50%, with a quarterly change of 44% [10][11] Business Line Data and Key Metrics Changes - The company signed 57 million sq ft of leases in Q4, driving occupancy towards 96% [9] - Development platform, particularly build-to-suits, exceeded expectations, capturing significant market share [9] - The Data Center business saw a growing power pipeline, with expectations for solid starts in the upcoming year [9] Market Data and Key Metrics Changes - Q4 net absorption was 59 million sq ft in the U.S., leading to a decline in U.S. vacancy to 7.4% [14] - Many markets are experiencing a slowdown in rent decline, with some showing positive growth [14] - International markets, particularly in Latin America and Europe, are outperforming, with strong occupancy and rent growth [16] Company Strategy and Development Direction - The company focuses on three priorities: extending leadership as a best-in-class operator, capturing value creation opportunities in logistics and data centers, and enhancing shareholder returns through growth in assets under management [7][8] - The company aims to develop critical infrastructure in logistics and data centers, leveraging customer relationships and expertise [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational momentum and strategic initiatives in place for 2026, indicating a strong position for long-term growth [22] - The tone of customer conversations is increasingly positive, with e-commerce driving demand [15] - Management noted that while uncertainties exist, they are treated as planning assumptions rather than impediments [15] Other Important Information - The company sold approximately $900 million of value-maximized assets and acquired $625 million at attractive discounts [11] - The company achieved significant milestones in strategic capital, including the IPO of the China AMC Prologis Logistics REIT [17] Q&A Session Summary Question: Changes in strategic initiatives with new leadership - Management highlighted a focus on compounding the core logistics business while broadening the platform, with plans to grow strategic capital significantly [24][25] Question: Market rent growth expectations for 2026 - Management expects net absorption to approach 200 million sq ft in 2026, with vacancies declining to 7.1%-7.2% by year-end [33] Question: Data Center project details and guidance - Management indicated that 40% of the overall development starts guidance will be in Data Centers, with a mix of powered shell and turnkey projects [38] Question: Update on the 10 GW power outlook - Management remains confident in the 10 GW pipeline, emphasizing the significant opportunities available [43] Question: Capital deployment pipeline and ramp-up - Management noted that capital deployment decisions are made based on market conditions, with a significant number of opportunities available [56][57] Question: Same-store growth guidance breakdown - Management indicated that occupancy gains are expected across geographies, with a smaller contribution from mark-to-market as rent changes normalize [79]