Financial Data and Key Metrics Changes - Rental revenue increased by 6.4% to $11.7 million in Q2 2025, and grew 9.6% on a six-month basis [6] - Net operating income rose by 3.7% in the quarter and 4.8% during the first half [7] - Operating cash flow increased by 23.5% year over year to $8.9 million [17] - Financing costs decreased by over 15% due to lower interest rates in Colombia [17] - Average net effective rent per square foot was $8.07, an increase of 2.5% compared to Q2 2024 [15] Business Line Data and Key Metrics Changes - Colombia led revenue growth with a 19% increase, followed by Peru at 10.7%, while Costa Rica saw a decrease of 1% [13] - Operating Gross Leasable Area (GLA) increased by 6.6% year over year to 5.3 million square feet, with total GLA rising by 9.1% to 5.8 million square feet [15] Market Data and Key Metrics Changes - Demand for premium logistics and industrial real estate continues to outstrip supply in target markets, particularly in Colombia and Peru [12][22] - The life sciences sector in Costa Rica and the mining sector in Peru are driving economic growth and demand for logistics facilities [22] Company Strategy and Development Direction - The company is expanding its property portfolio to capture growth in target markets, with a focus on Mexico as a key market for future growth [6][9] - Ongoing construction of new facilities, including Building 300 in Lima, is expected to contribute significantly to near-term growth [8] - The company aims to maintain a disciplined approach to investments in Mexico, focusing on domestic consumption-driven sectors [12][24] Management's Comments on Operating Environment and Future Outlook - Management emphasized strong domestic consumption trends supporting demand for logistics facilities [21] - The company expects to benefit from operating leverage as new facilities come online, enhancing earnings power by late 2025 and into 2026 [24] - There is a clear flight to quality in the market, with the company capturing premium pricing due to market tightness [23] Other Important Information - The company is facing administrative delays in the purchase of two logistics facilities in Puebla, Mexico, but remains confident in the attractiveness of the transaction [10] - A strategic partnership with Allos in Mexico is expected to enhance local market penetration and operational excellence [11] Q&A Session Summary Question: Decrease of other income - The decrease in other income was attributed to one-time fees related to lockup releases from shareholders when the company went public [20]

SAN FRANCISCO, July 30, 2025 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD) today released a new report from Oxford Economics on the company's global economic impact, revealing that nearly $3.2 trillion worth of goods flowed through a Prologis warehouse in 2024, which is equivalent to 2.9% of the world's gross domestic product (GDP). The report also found that operations across the company's 1.3 billion square foot portfolio supported 3.6 million jobs worldwide and contributed $348 billion to the global economy ...

Core Insights - First Industrial Realty Trust, Inc. reported a diluted net income per share of $0.42 for Q2 2025, up from $0.39 in the same period last year, and funds from operations (FFO) of $0.76 per share/unit, compared to $0.66 a year ago [1][5][20] Portfolio Performance - The company's diverse portfolio is performing strongly, with cash rental rate growth among sector leaders and healthy renewal activity [2] - Cash basis same store net operating income (SS NOI) increased by 8.7%, driven by rental rate increases on new and renewal leases [6][26] - In-service occupancy was 94.2% at the end of Q2 2025, down from 95.3% at the end of Q1 2025 and Q2 2024 [6] Development and Leasing Highlights - During Q2 2025, the company leased 58,000 square feet at First Loop Logistics Park Building 4 in Orlando [3] - The company started two development projects totaling 402,000 square feet with an estimated total investment of $54 million [7] Investment and Capital Markets Highlights - The company completed its first public bond offering since 2007, issuing $450 million of 5.25% senior unsecured notes due January 15, 2031 [5][7] - The company received a 'BBB+' unsecured credit rating from Fitch Ratings [5][7] Financial Guidance - The company provided guidance for 2025, estimating net income available to common stockholders and unitholders between $1.53 and $1.61 per share/unit, and NAREIT FFO between $2.88 and $2.96 per share/unit [8][9]

Financial Data and Key Metrics Changes - Core FFO including net promote income was $1.46 per share, and excluding net promotes was $1.47 per share, both ahead of forecasts [8] - Occupancy ended the quarter at 95.1%, down just 10 basis points sequentially, widening outperformance to the market by 290 basis points [8] - Net effective same store growth was strong, with rent change across the global portfolio monetizing an additional $75 million of NOI, reflecting a 53% net effective basis and 35% cash [8][9] Business Line Data and Key Metrics Changes - The company started over $900 million in new development, with nearly 65% being build-to-suit activity across seven projects in the U.S. and Europe [9] - Build-to-suit starts for the first half totaled $1.1 billion, marking the largest start to a year [10] - The build-to-suit pipeline remains full with over 30 projects representing more than 25 million square feet in active dialogue [15] Market Data and Key Metrics Changes - In the U.S., net absorption was subdued at 28 million square feet, with market vacancy ticking up 10 basis points to 7.4% [14] - Market rents declined approximately 1.4% during the quarter, while values remained flat [13] - The leasing pipeline reached historically high levels at 130 million square feet, reflecting significant interest and need for space [15] Company Strategy and Development Direction - The company remains committed to serving customers at the center of consumption, focusing on logistics real estate as a strategic asset [19][20] - The strategy includes expanding the distributed energy platform and increasing development starts, particularly in data centers [11][17] - The company is excited about broader global potential and sees meaningful opportunities in the U.S. market [12][19] Management's Comments on Operating Environment and Future Outlook - Management noted that while conditions remain choppy, the underlying activity reflects a market that is active and moving forward [19] - There is confidence in the long-term trends driving the business, despite short-term uncertainties [19][41] - The company expects to see improved clarity in policy and trade arrangements, which will be key determinants of net absorption pace [16] Other Important Information - The company closed on $5.8 billion in financing activity, contributing to over $7 billion of liquidity held at quarter end [12] - Strategic capital business saw net outflows of approximately $300 million during the quarter [13] - The company is making steady progress toward its goal of one gigawatt of solar production and storage by year-end [11] Q&A Session Summary Question: Can you provide more details on the leasing pipeline and its impact? - The leasing pipeline is promising, up 19% year on year, with good balance across different deal stages and types [24][25] Question: What is the cadence of leasing activity from Q1 to Q2? - Leasing activity accelerated through May and June, ending the quarter only down about 10% from normal [31] Question: Can you elaborate on the guidance and factors driving it? - The environment has calmed significantly since April, leading to improved visibility and confidence in guidance [36] Question: How do you see the timing of the growing pipeline translating to signed leases? - Decision-making remains deliberate, with clarity on the macro front being crucial for converting the pipeline into signed leases [40] Question: What are the expectations for occupancy in specific regions? - Occupancy is expected to improve, particularly in Asia, while other regions may experience volatility [103]

Financial Data and Key Metrics Changes - Core FFO including net promote income was $1.46 per share and excluding net promotes was $1.47 per share, both ahead of forecasts [7] - Occupancy ended the quarter at 95.1%, down just 10 basis points sequentially, outperforming the market by 290 basis points [7] - Net effective same store growth was strong, with rent change across the global portfolio monetizing an additional $75 million of NOI, reflecting a 53% net effective basis and 35% cash [7][8] Business Line Data and Key Metrics Changes - Build to suit activity saw significant growth, with $1.1 billion in starts for the first half, the largest start to a year ever [9] - The company signed agreements for an additional three build to suits post quarter end, indicating strong demand from major customers [9] - The leasing pipeline reached historically high levels, up 19% year on year, with a good balance across different deal stages and types [24][25] Market Data and Key Metrics Changes - In the U.S., net absorption was subdued at 28 million square feet, with market vacancy ticking up 10 basis points to 7.4% [13] - Market rents declined approximately 1.4% during the quarter, while values remained essentially flat [12] - The leasing pipeline stands at 130 million square feet, reflecting significant interest and need for space [14] Company Strategy and Development Direction - The company remains committed to its strategy of serving customers at the center of consumption, focusing on logistics real estate as a strategic asset [18][19] - There is a strong emphasis on expanding the distributed energy platform, with a goal of one gigawatt of solar production and storage by year-end [10] - The company is increasing development starts to a new range of $2.25 billion to $2.75 billion, reflecting improved visibility in logistics starts [16][17] Management's Comments on Operating Environment and Future Outlook - Management noted that while conditions remain choppy, the market is holding up reasonably well, with expectations for improved demand as clarity on policy emerges [15][18] - The company expressed confidence in long-term trends driving the business, despite short-term uncertainties [18] - Management highlighted that the current environment has calmed significantly since April, providing improved visibility for guidance [35] Other Important Information - The company closed on $5.8 billion in financing activity, contributing to over $7 billion of liquidity held at quarter end [11] - Strategic capital business saw net outflows of approximately $300 million during the quarter, with teams developing new offerings [12] - Bad debt trends were better than expected, with expectations of around 40 basis points for the balance of the year [71] Q&A Session Summary Question: Impact of Liberation Day on Leasing Pipeline - The leasing pipeline is promising, up 19% year on year, with good balance across different deal stages and types [24][25] Question: Cadence of Leasing Activity - Leasing activity accelerated through May and June, with the quarter ending only down about 10% from normal [31] Question: Guidance Details - The increase in guidance is due to improved visibility and outperformance in the quarter, with confidence in landing at the stronger end of the range [36] Question: Timing of Growing Pipelines to Signed Leases - Decision-making remains deliberate, with clarity on the macro front needed to convert the pipeline into signed leases [39] Question: Bad Debt Trends - Bad debt is trending better than expectations, with elevated levels around 35-40 basis points [71] Question: Geographic Market Dynamics - Strong long-term fundamentals in certain markets like Southern California could lead to a quick recovery as demand increases [78][79]

Company Overview - Prologis owned or had investments in properties and development projects expected to total approximately 13 billion square feet in 20 countries as of June 30, 2025[9] - The company leases modern logistics facilities to approximately 6,500 customers[9] - The build out of land (TEI) is $415 billion[10] Financial Performance - Rental and other revenues for the three months ended June 30, 2025, were $2037 million, compared to $1853 million for the same period in 2024[25] - Core FFO attributable to common stockholders/unitholders for the three months ended June 30, 2025, was $1396 million, compared to $1281 million for the same period in 2024[25] - AFFO attributable to common stockholders/unitholders for the three months ended June 30, 2025, was $1036 million, compared to $1072 million for the same period in 2024[25] - Strategic capital revenues for the three months ended June 30, 2025, were $147 million, compared to $155 million for the same period in 2024[25] Operations - The company's annual NOI is $64 billion[12] - 85% of the company's NOI comes from the U S[10] - The average occupancy for the Prologis Share was 95%[66] Strategic Capital - The company's gross AUM is $205 billion[17] - The company's Prologis Share AUM is $139 billion[23] - Fees and promotes are $452 million[14] Capital Deployment - Value creation from stabilizations is $731 million[23] - The estimated build out of the land portfolio is 216 million square feet, with a TEI of $379 billion[99]

Office Market - In Q2, Beijing's office market saw no new supply, maintaining a total stock of 13.68 million square meters, with a net absorption of 39,677 square meters in the city and -3,984 square meters in the five core business districts [2] - The rental market experienced a 2.3% month-on-month decline to RMB 221.94 per square meter, while the five core business districts saw a 2.6% decline to RMB 257.58 per square meter, indicating a narrowing of the rental decline trend [2] - The vacancy rate decreased by 1.4 percentage points to 16.9% compared to the end of 2024, with a half-year net absorption of 194,000 square meters, up 2.5% year-on-year [2] Retail Market - The retail market in Beijing added three new projects, contributing 200,000 square meters of quality retail space, bringing the total stock to 1.686 million square meters [4] - Five new quality retail projects are expected to be added in the second half of the year, providing over 500,000 square meters of retail space, with a focus on suburban new builds and traditional business district upgrades [4] - Policies supporting the retail market's upgrade include the "Beijing Fashion Consumption Expansion Action Plan," which aims to enhance market consumption potential through upgrades and brand introductions [4] Capital Market - Foreign investment in China's public REITs market has significantly increased, reflecting long-term confidence in Chinese assets [5] - The first foreign-initiated consumption REIT, with a total scale of approximately RMB 2.8 billion, was reported by Huaxia Fund, including assets from Guangzhou and Changsha [5] - The establishment of foreign projects is expected to enhance market confidence in public REITs and attract more quality assets [5] Industrial Market - The industrial park market in Beijing is experiencing a phase of supply increase and structural demand changes, particularly in the biopharmaceutical sector [6] - Short-term supply-demand imbalances are leading to sustained downward pressure on rental prices, with operators shifting towards a "service + ecosystem" competitive landscape [6] - Long-term potential demand is anticipated from the development of high-tech industries and innovation in Beijing [6]

Core Viewpoint - Three stocks have been added to the Zacks Rank 5 (Strong Sell) List, indicating a negative outlook for these companies based on recent earnings estimate revisions Group 1: Company Summaries - Americold Realty Trust, Inc. (COLD) is a temperature-controlled logistics real estate and value-added services company, with a current year earnings estimate revised downward by 5.9% over the last 60 days [1] - Colony Bankcorp, Inc. (CBAN) is the bank holding company for Colony Bank, experiencing a 6.4% downward revision in its current year earnings estimate over the last 60 days [1] - DoubleDown Interactive Co., Ltd. (DDI) is a digital gaming company, with its current year earnings estimate revised downward by 5.8% over the last 60 days [2]

Core Viewpoint - First Industrial Realty Trust, Inc. is set to announce its second quarter 2025 results on July 16, 2025, with a conference call scheduled for July 17, 2025, to discuss these results [1][2]. Company Overview - First Industrial Realty Trust, Inc. is a prominent U.S.-only owner, operator, developer, and acquirer of logistics properties, focusing on providing high-quality facilities and customer service to multinational corporations and regional firms [3]. - The company operates a fully integrated platform and has a portfolio of approximately 70.2 million square feet of industrial space as of March 31, 2025, with investments concentrated in 15 target metropolitan statistical areas (MSAs) [3].

SAN FRANCISCO, June 16, 2025 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD) will host a webcast and conference call with senior management to discuss its second quarter results, current market conditions and future outlook on Wednesday, July 16, 2025, at 9:00 a.m. PT/12:00 p.m. ET.To access a live broadcast of the call, please dial +1 (877) 897-2615 (toll-free from the United States and Canada) or +1 (201) 689-8514 (from all other countries). A live webcast can be accessed from the Investor Relations section of ...