Core Viewpoint - Prologis, Inc. has approved a 6% increase in its quarterly common stock dividend, raising it to $4.28 per share [1] Dividend Announcement - The Board declared a cash dividend of $1.07 per share for common stockholders, payable on March 31, 2026, to stockholders of record as of March 17, 2026 [1] - Additionally, a dividend of $1.0675 per share for the company's 8.54% Series Q Cumulative Redeemable Preferred Stock will also be paid on the same date to Series Q stockholders of record [1] Company Overview - Prologis is a leader in logistics real estate, focusing on creating intelligent infrastructure that supports global commerce [1] - The company emphasizes the integration of digital and physical worlds, aiming to enhance supply chain efficiency and promote sustainable growth [1] - Prologis positions itself as a unique entity in the logistics sector, committed to innovation and unmatched scale [1]

Core Insights - U.S. logistics real estate rents experienced a 4.5% year-over-year decline in 2025, driven by subdued demand and a shift towards more cost-efficient locations [3][9] - Coastal markets were significantly impacted, with rents declining by 7.6% year-over-year, while inland markets saw a smaller decline of 3% [3][9] - The overall decline in rents was less severe than in 2024, which saw a 6.5% year-over-year drop, indicating potential for a rebound in the current year [9] Market Trends - Warehouse tenants are increasingly seeking newly completed, large-format facilities with lower rental rates, often located in more distant markets to enhance cost-efficiency [3][4] - Demand for logistics real estate began to heat up in the second half of the previous year, as companies became more comfortable with long-term leasing despite ongoing trade uncertainties [5] - Net absorption outpaced new supply in Q4, resulting in a decrease in vacancy rates to 7.4% [5] Competitive Landscape - Limited speculative deliveries and quicker lease execution are setting the stage for heightened competition for logistics space as networks expand to meet growth and supply chain needs [6] - Large retailers, particularly those with e-commerce operations, are driving demand as they expand their networks to improve delivery times and efficiency, contributing to approximately 20% of Prologis' new leasing activity [7] - Improved customer sentiment and better-than-expected market conditions suggest that vacancy rates have peaked and rents may be starting to increase in various markets [8]

Core Viewpoint - Prologis, Inc. is recognized as a strong investment opportunity within the REIT sector, with varying price target adjustments from different research firms indicating a mix of confidence and caution regarding its future performance [1][2]. Group 1: Analyst Ratings and Price Targets - Truist Securities reiterated a Buy rating on Prologis, Inc. but reduced the price target to $139 from $142, citing minor downward adjustments to normalized funds from operations estimates for 2026 and 2027 [1]. - Freedom Capital Markets downgraded Prologis to a Hold from a Buy but raised the price target to $138 from $134, emphasizing the company's stable financial and operational performance [2]. Group 2: Financial Performance - Prologis reported mixed results for the fourth quarter and full-year 2025, with net earnings per diluted share at $1.49, an increase from $1.37 in the same quarter the previous year, while full-year earnings decreased to $3.56 per share from $4.01 in 2024 [3]. Group 3: Business Operations and Market Position - Prologis is a global leader in logistics real estate, focusing on high-barrier, high-growth markets, and managing approximately 1.3 billion square feet of industrial space globally, serving over 6,500 customers across various sectors [4]. - The CEO highlighted that 2025 was a record year for lease signings, indicating strong momentum for 2026, with customers making long-term decisions and the company meeting demand through a comprehensive logistics platform [4].

Core Insights - First Industrial Realty Trust reported a fourth quarter and full year 2025 results showing growth in funds from operations (FFO) and net income, despite a volatile leasing market [1][2] Financial Performance - Fourth quarter diluted net income per share was $0.59, up from $0.52 a year ago; full year 2025 EPS was $1.87, down from $2.17 in 2024 [1][4] - Fourth quarter FFO was $0.77 per share/unit, compared to $0.71 a year ago; full year 2025 FFO was $2.96 per share/unit, an 11.7% increase from $2.65 in 2024 [1][4] - Cash same store NOI growth for the full year 2025 was 7.1%, driven by increased rental rates on new and renewal leases [1][4] Leasing and Rental Rates - In the fourth quarter, cash rental rates on new and renewal leases increased by 35%; for the full year, cash rental rates increased by 32%, with a 37% increase excluding fixed-rate renewals [1][4] - The company signed 447,000 square feet of new leases for development projects in the fourth quarter, with an additional 231,000 square feet signed after the third quarter earnings call [1][2] Development and Investment Activities - The company commenced two development projects in 1Q26 totaling 305,000 square feet with an estimated investment of $70 million [1][2] - Acquired a 968,000 square-foot building in Phoenix for $125 million, fully leased [1][4] - Sold 71 acres from its Camelback 303 joint venture for gross proceeds of $58 million [1][4] Capital Markets and Dividend - Closed $425 million and $375 million unsecured term loans in 1Q26, with interest rates based on SOFR plus 85 basis points [2][4] - Increased the first quarter 2026 dividend to $0.50 per share, a 12.4% increase from the previous rate of $0.445 [1][2] 2026 Outlook - Guidance for 2026 NAREIT FFO is set between $3.09 and $3.19 per share/unit, indicating approximately 6% growth at the midpoint [1][2] - The company expects cash same store NOI growth of 5.0% to 6.0% and average quarter-end in-service occupancy of 94.0% to 95.0% [2][4]

Core Viewpoint - Prologis, Inc. has announced the tax treatment of its 2025 distributions for both common and preferred stock, detailing the amounts and classifications of dividends as per IRS regulations [1][4][5]. Summary by Category Tax Treatment of Common Dividends - Prologis will distribute a total of $1.01 per share in cash for each of the four quarters in 2025, with specific allocations for ordinary income, qualified dividends, and capital gains [4]. - The breakdown for each quarter is as follows: - Q1: $1.01 total, with $0.919326 as ordinary income and $0.074260 as long-term capital gain [4]. - Q2: $1.01 total, with $0.897470 as ordinary income and $0.085983 as long-term capital gain [4]. - Q3: $1.01 total, with the same distribution as Q2 [4]. - Q4: $1.01 total, with the same distribution as Q2 [4]. Tax Treatment of Preferred Dividends - Prologis will distribute a total of $1.0675 per share in cash for each of the four quarters in 2025, with similar classifications for ordinary income and capital gains [5]. - The breakdown for each quarter is as follows: - Q1: $1.0675 total, with $1.005297 as ordinary income and $0.060450 as long-term capital gain [5]. - Q2: $1.0675 total, with $0.948563 as ordinary income and $0.090878 as long-term capital gain [5]. - Q3: $1.0675 total, with the same distribution as Q2 [5]. - Q4: $1.0675 total, with the same distribution as Q2 [5]. Additional Information - Shareholders will receive IRS Form 1099-DIV for tax reporting purposes, with specific instructions for those holding shares in "street name" [2]. - Prologis advises consultation with a tax advisor for understanding the federal, state, and local tax implications of these distributions [3].

Core Viewpoint - Mapletree Logistics Trust (MLT) has experienced a decline in financial performance for 3Q FY2024/25 and 9M FY2024/25, primarily due to currency depreciation against the Singapore Dollar and weaker contributions from properties in China, despite some offsetting factors from new developments and existing properties in other regions [2][3][5]. Financial Performance - For 3Q FY2024/25, gross revenue decreased by 3.1% to S$176.8 million, while net property income fell by 3.3% to S$152.0 million [2][3]. - Distributable income to unitholders dropped by 8.5% to S$92.7 million, reflecting the lower net property income and absence of contributions from divested properties [4]. - For the first nine months, gross revenue and net property income both declined by 2.9% to S$531.7 million and S$458.7 million, respectively, due to currency depreciation and weaker contributions from properties in China and South Korea [5][6]. Property Operating Expenses - Property operating expenses decreased by 1.6% year on year to S$24.8 million, attributed to currency depreciation and the absence of expenses from divested properties [4][7]. - For the first nine months, property operating expenses fell by 2.5% to S$73.0 million, influenced by similar factors as the quarterly performance [5][7]. Portfolio Occupancy and Rental Reversion - The portfolio occupancy rate improved to 96.4%, with properties in Australia, Malaysia, Vietnam, and India achieving full occupancy [9]. - Rental reversion for new and renewed leases showed positive percentages, with an overall increase of 1.1% in 3Q FY2025/26, although China experienced a negative reversion of -2.2% [10]. Debt Profile - MLT's aggregate leverage decreased slightly to 40.7%, remaining below the regulatory limit of 50% [12][20]. - The interest coverage ratio remained stable at 2.9 times, with an average cost of debt at 2.6% [12]. Distribution to Unitholders - Distribution per unit for 3Q FY2025/26 fell by 9.3% to 1.816 cents, driven by lower net property income and a larger unit base [15]. - For the first nine months, distribution per unit decreased by 10.7% to 5.443 cents [17]. Outlook - The logistics sector remains resilient despite macroeconomic uncertainties, with the company focusing on portfolio rejuvenation and expanding its regional footprint to meet growing demand for logistics space [17].

Core Viewpoint - First Industrial Realty Trust, Inc. has successfully refinanced multiple term loans, enhancing its financial flexibility and supporting long-term growth strategies [1][3][5]. Group 1: Refinancing Details - The company refinanced a $425 million unsecured term loan with a maturity date of January 22, 2030, including a one-year extension option, with interest-only payments at SOFR plus 85 basis points [1]. - Additionally, the company expanded a $300 million term loan to $375 million, with an initial maturity date of January 22, 2029, and two one-year extension options, also at SOFR plus 85 basis points [3]. - The company amended a $200 million unsecured term loan to eliminate the previous 10 basis point SOFR adjustment [5]. Group 2: Financial Partners - Wells Fargo Securities, LLC and PNC Capital Markets LLC acted as Joint Lead Arrangers and Joint Book Runners for the refinancing [2]. - Other financial institutions involved include BofA Securities, U.S. Bank National Association, Regions Capital Markets, and several others as additional Joint Lead Arrangers and Co-Syndication Agents [2][4]. Group 3: Company Overview - First Industrial Realty Trust, Inc. is a leading owner, operator, developer, and acquirer of logistics properties in the U.S., managing approximately 70.4 million square feet of industrial space across 15 target metropolitan statistical areas as of September 30, 2025 [6].

Core Insights - Prologis, Inc. is a leading global logistics real estate company specializing in high-quality warehouses and distribution centers, playing a crucial role in the logistics and real estate market [1] Financial Performance - Prologis reported earnings per share (EPS) of $1.55, surpassing the estimated $1.44, indicating strong financial performance driven by increased demand for warehouses [2][6] - The company's revenue reached approximately $2.25 billion, exceeding the estimated $2.09 billion, reflecting a positive shift in the logistics and real estate market [2][6] - Core funds from operations (FFO) per share for Q4 2025 was $1.44, aligning with the Zacks Consensus Estimate but declining from $1.50 per share in the previous year [3] Market Trends - There has been a resurgence in demand for warehouses, leading to an increase in fourth-quarter revenue, following a prolonged period of weakness in the sector [4] - Rental revenues increased to $2.09 billion from $1.94 billion in the same quarter the previous year, although this was below the Zacks Consensus Estimate of $2.17 billion [3] Future Outlook - Prologis issued a 2026 core FFO guidance of $6.00 to $6.20, anticipating steady occupancy and mid-single-digit net operating income (NOI) growth [5] - The company signed a record 228 million square feet of leases throughout 2025, positioning it with strong momentum for 2026 [5][6] - The CEO emphasized the company's focus on integrating logistics, digital infrastructure, and energy on a global scale to meet customer demand [5]

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]

Financial Data and Key Metrics Changes - Fourth quarter core FFO was $1.44 per share, finishing at the top end of guidance ranges [10] - Average occupancy was 95.3% for the quarter and 95% for the full year, with period-end finishing at 95.8% [10] - Net effective rent change was 44% for the quarter, contributing approximately $60 million of annualized NOI, with a full-year net effective rent change exceeding 50% [10] - Same-store NOI growth was 4.7% on a net effective basis and 5.7% on a cash basis, each ahead of guidance midpoint [11] Business Line Data and Key Metrics Changes - The company signed 57 million sq ft of leases in the quarter, driving occupancy toward 96% [9] - Development platform, particularly in build-to-suits, continues to outperform, with $1.1 billion in new buildings started in the quarter [12] - In strategic capital, two new investment vehicles were formed in the U.S. and China [9] Market Data and Key Metrics Changes - Fourth quarter net absorption was 59 million sq ft in the U.S., with a decline in U.S. vacancy to 7.4% [13][14] - Many markets are beginning to see expansion as market rent growth starts to outpace portfolio churn [11] - International markets, particularly in Latin America and Europe, are outperforming, with strong occupancy and ongoing 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 [6][8] - The company aims to develop critical infrastructure with a growing power pipeline and deep customer relationships [7] - Strategic capital partners are increasingly seeking fewer managers who can deliver consistent performance across geographies and strategies [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational and financial results despite challenges in 2025, highlighting the strength and resilience of the platform [20] - The company anticipates positive rent growth to emerge more clearly over the course of 2026, with market vacancies expected to improve [30][31] - Management noted that e-commerce remains a significant driver of demand, representing approximately 20% of new leasing activity over the last year [15] Other Important Information - The company achieved significant milestones in strategic capital, including the IPO of the China AMC Prologis Logistics REIT [17] - The installed capacity in the energy business reached 1.1 gigawatts, surpassing the previous goal [12] Q&A Session Summary Question: Changes in strategic initiatives with new leadership - Management emphasized a focus on compounding the core logistics business while broadening the platform, with plans to grow the strategic capital area significantly [22][24] 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 [30][31] Question: Data center project details and guidance - Approximately 40% of the development starts guidance for 2026 is expected to be in data centers, with a small number of imminent projects [35] Question: Clarification on occupancy growth and FFO growth limits - Management expressed confidence in occupancy growth despite potential downticks, with a forecast of a 25 basis points increase in average occupancy [43] Question: Capital deployment pipeline and ramp-up - Management highlighted a significant number of opportunities and the ability to make decisions based on market conditions [51][52] Question: Same-store growth guidance breakdown - The guidance reflects a mix of occupancy gains and mark-to-market improvements, with occupancy drag expected to lessen over time [64]