Core Insights - Prologis anticipates a new cycle beginning in 2026, with improved rental demand expected as trade headwinds diminish and corporations focus on long-term supply chain needs [1][2] Rental Trends - Global rents fell by 3.7% last year, with a 2.3% decline in the first half of the year, slowing to 1.4% in the second half, indicating a critical transition for various stakeholders [2] - In the U.S., rents decreased by 4.5% in 2025, with coastal markets experiencing a 7.6% decline, while Nashville, Houston, and Indianapolis emerged as the top-performing markets [3] Supply and Demand Dynamics - Global facility completions are projected to deliver 474 million square feet in 2026, the lowest since 2018, with U.S. completions expected to hit a decade low due to high construction costs and regulatory barriers [4] - Replacement costs are currently 20% above market rents, suggesting a market in the early growth phase, with demand from large companies for sizable facilities [5] Future Projections - Prologis forecasts net absorption of 200 million square feet in 2026, an increase from 155 million square feet last year, while new warehouse deliveries are expected to decrease to 180 million square feet [6] - The anticipated changes are expected to reduce vacancies from 7.4% to approximately 7.1% to 7.2%, exerting upward pressure on rents throughout the year [6]

Core Insights - Prologis indicates a market turnaround with expectations for improved net absorption, occupancy, and rents through 2026 [1][5] Company Performance - Prologis achieved record lease signings in 2025, covering 228 million square feet, with the e-commerce sector accounting for 20% of new leases [2] - The fourth quarter saw lease starts of 43.8 million square feet, a 6% year-over-year decline, but occupancy reached 95.8%, marking the highest rate for 2025 [3] - Prologis reported fourth-quarter consolidated revenue of $2.09 billion, an 8% year-over-year increase, aligning with analysts' expectations [4] Financial Guidance - The 2026 guidance for core funds from operations (FFO) is set at $6.00 to $6.20 per share, with an average occupancy forecast of 94.75% to 95.75% [5] - Net absorption is projected at 200 million square feet in 2026, an increase from 155 million square feet last year, with expected vacancies reducing from 7.4% to approximately 7.1% to 7.2% [6] Market Trends - Net effective rent change on multiyear leases was 50% last year, with a target of 40% for this year [7] - Two-thirds of Prologis' 2026 development starts are in the U.S., with 40% of projects representing data centers [7]

Core Viewpoint - Prologis experienced an increase in fourth-quarter revenue due to a resurgence in demand for warehouses after a prolonged period of weakness [1] Group 1: Company Performance - Prologis reported higher revenue in the fourth quarter, indicating a recovery in the warehouse sector [1] Group 2: Industry Trends - The demand for warehouses is bouncing back, suggesting a positive shift in the logistics and supply chain industry following years of decline [1]

Group 1 - The U.S. labor market is showing signs of weakness, with only 50,000 jobs added in December 2025 and a total of 584,000 jobs for the year, a significant drop from the 2 million jobs added in 2024, marking the lowest record for non-recession periods since the early 2000s [2] - The introduction of tariff policies in April 2025 has been identified as a core factor affecting the labor market, leading to job losses in manufacturing and other sectors, creating survival pressures for ordinary workers [3] - The healthcare and social services sectors are among the few industries maintaining stable hiring, driven by aging population demands and the service-oriented nature of the work, which is less likely to be replaced by artificial intelligence [4] Group 2 - The uncertainty in policies and economic outlook has made job stability the primary consideration for young job seekers, with many preferring stable employment in healthcare over high-paying opportunities in tech [4] - A Supreme Court ruling declaring certain tariffs illegal could provide market certainty, alleviating business pressures and potentially boosting hiring demand [5] - Even if tariffs are ruled illegal, the impact on global trade and U.S. employment may not be fully resolved, as other tariffs imposed by the previous administration could still remain in effect [5]

Group 1 - AVG Logistics has acquired a land parcel of 2,295 square metres in Tahliwal, Himachal Pradesh for a warehouse and ancillary unit, located near a Nestlé factory, providing strong infrastructure support and easy access to manpower [1] - Adani Green Energy Ltd has incorporated a new step-down subsidiary, Adani Ecogen Five Ltd, which operates as a wholly-owned entity within the Adani Green Energy group [2] - Titan Co Ltd reported a 40% annual growth in standalone revenue during the December quarter of FY26, driven by a 41% YoY growth in its jewellery division, which constitutes around 85% of its business [3] Group 2 - IRB Infrastructure Trust has secured a toll-operate-transfer project from NHAI in Odisha for an upfront consideration of ₹3,087 crore, marking its entry into the Odisha market [4] - Acme Solar Holdings Ltd has successfully commissioned 12 MW of its upcoming 100 MW wind power project in Gujarat, with the commissioning certificate issued on January 6, 2026 [5] - Biocon Ltd's arm Biocon Biologics will introduce three new oncology biosimilars at the 2026 JP Morgan Healthcare Conference, enhancing its cancer portfolio [6] - Ceigall India has approved the incorporation of Ceigall Green Energy MP Ltd as a wholly-owned subsidiary to implement a solar power project in Madhya Pradesh with an aggregate capacity of 130 MW [7] - Delta Electronics India has announced an agreement to supply 100 units of 1.1 MW bi-directional Power Conditioning Systems for Battery Energy Storage System projects across India, supporting renewable integration and grid stability [8]

Core Insights - ARGAN, a leading French real estate company specializing in PREMIUM warehouses, reported a rental income of €212.0 million for the full year 2025, reflecting a 7% increase from €198.3 million in 2024, driven by the impact of eight projects delivered in 2024 and a rent indexation of 3.45% on January 1, 2025 [2][10] Financial Performance - Rental income for each quarter in 2025 showed consistent growth: Q1 at €52.9 million (+10%), Q2 at €52.9 million (+6%), Q3 at €52.9 million (+4%), and Q4 at €53.3 million (+9%), leading to a total of €212.0 million for the year [1][2] - The appraised value of ARGAN's portfolio increased by 4% to €4.07 billion at the end of 2025, up from €3.91 billion at the end of 2024, attributed to rising market rents and stable capitalization rates [3] Portfolio and Occupancy - As of December 31, 2025, ARGAN's portfolio comprised over 100 warehouses totaling approximately 3.77 million sq.m, with an occupancy rate exceeding 99%, maintaining a historic trend of high occupancy over the past decade [4][10] - The weighted average residual lease term was stable at 5.0 years, with the average age of the portfolio increasing to 12.4 years [4] Investment and Development - In 2025, ARGAN delivered €55 million in investments, adding nearly 70,000 sq.m of new areas that are expected to generate €4 million in annual rental income, yielding 7.2% [5] - For 2026, ARGAN has secured an investment program of approximately €165 million, with nearly €120 million allocated for acquisitions, expected to yield over 6% [5] Client Engagement and Sustainability - ARGAN's business model, particularly its AutOnom® warehouses that produce their own energy, has attracted major clients, including PUMA and NORTENE HOME DEPOT, with long-term leases established [7][8] - The company continues to support sustainable initiatives, such as the development of eco-responsible projects and partnerships with local businesses [7] Future Outlook - The 2026 targets for rental income and overall financial performance will be announced on January 22, 2026, following the release of the 2025 annual results [9]

Core Insights - Americold Realty Trust Inc. (NYSE:COLD) experienced a significant share price increase of 18.4% week-on-week, driven by seasonal demand for temperature-controlled services ahead of the Christmas season [1] - The company's stock price reached a high of $12.83 during intra-week trading, closing at $12.73, influenced by broader market optimism following a 25 basis point cut in the Federal Reserve's benchmark rate [2] Financial Performance - For the third quarter, Americold reported a widened attributable net loss of $11.37 million, a 207% increase from a loss of $3.7 million in the same period last year [5] - Total revenues decreased by 1.5% to $663.7 million from $674.17 million year-on-year, primarily due to lower volumes in the warehouse segment and a decline in transportation revenue [6] Future Outlook - The company reaffirmed its full-year 2025 outlook, targeting a revenue growth of 1 to 2% for the warehouse segment, while same-store revenues are projected to decline by up to 4% or remain flat year-on-year [3] - Non-same-store net operating income (NOI) is estimated to be between $7 million and $13 million, with transportation and management NOI expected to be in the range of $40 million to $44 million [4]

Company Overview - Lineage operates 488 warehouses with 3.1 billion cubic feet of space and approximately 86 million square feet across 19 countries[10] - The company's annual operating expense is $2.4 billion, including $1.4 billion in labor and $0.2 billion in energy[10] - Lineage's 2024 Adjusted EBITDA was $1.3 billion[10] Market Dynamics - The estimated US new PRW (Public Refrigerated Warehouse) supply from 2021-2025 is projected to increase by 14.5%[15] - Estimated demand is at 5%, resulting in an excess capacity of 9.5%[15] - Lineage's total physical occupancy is at 78%[15] LinOS and Technology - Lineage expects LinOS to deliver $180 million of NOI (Net Operating Income) upside by 2030[64] - The company plans to implement LinOS at over 250 warehouses by 2029[55] - Initial High Reach Operations (HRO) pilots have driven a +30% average unit per hour improvement[98] Labor and Productivity - Team member turnover has decreased from 56% in 2022 to 25% YTD in 2025[34] - LinOS implementation has shown a 5% average improvement in total labor/throughput pallet[98] Investment and Returns - The total cumulative project investment in LinOS is projected to be approximately $450 million[113] - The base case estimate for annualized savings in 3-5 years is $110 million, with a 24% ROIC (Return on Invested Capital)[113]

Core Viewpoint - Activist investor Jonathan Litt is urging First Industrial Realty Trust to take measures such as selling assets, returning capital to shareholders, and refreshing its board to potentially increase the stock price by 3% [1] Group 1: Investor Actions - Jonathan Litt is advocating for the sale of assets by First Industrial Realty Trust [1] - The proposal includes returning capital to shareholders as a strategy to enhance shareholder value [1] - A refresh of the board is suggested as a necessary step to improve governance and performance [1] Group 2: Potential Impact - Implementing these strategies could lead to a projected increase in stock price by 3% [1]

Core Insights - ARGAN has launched a new website aimed at enhancing user experience and providing clearer access to information about the company and its offerings [2][3] - The company has unveiled its corporate purpose, emphasizing its commitment to creating value for stakeholders through sustainable logistics spaces [4][5] Company Overview - ARGAN is a leading French real estate company specializing in the development and rental of premium warehouses, listed on Euronext [7][10] - As of June 30, 2025, ARGAN's portfolio includes 3.7 million square meters of warehouses, appraised at €4.0 billion, generating over €210 million in annual rental income [8] Website Features - The new website provides greater transparency and clarity for various stakeholders, including clients, journalists, investors, and local communities [3][6] - It includes enriched content about ARGAN's portfolio, development opportunities, financial data, and ESG strategy [3][6] Corporate Purpose and ESG Commitment - ARGAN's corporate purpose focuses on developing high-performance, sustainable logistics spaces that benefit users and local communities [4][5] - The company is committed to innovative and responsible warehouse solutions under the AutOnom® label, which supports client growth and integrates into local communities [5] Financial Health and Ratings - ARGAN maintains a strong financial model, reflected in its investment-grade rating of BBB- with a stable outlook from Standard & Poor's [9] - The company has received recognition for its ESG efforts from various third-party agencies, including a GRESB rating of 83/100 [9]