Group 1 - First Industrial Realty (NYSE: FR) has underperformed over the past year, losing approximately 7% of its value [1] - The company's warehouse business is significantly affected by international trade flows, particularly due to its substantial presence on the West Coast [1] - Shares of First Industrial Realty have only partially recovered from their losses [1]

Core Viewpoint - Wall Street analysts predict that Americold Realty Trust Inc. (COLD) will report a quarterly earnings per share (EPS) of $0.34, reflecting a year-over-year decline of 10.5%, with revenues expected to be $647.54 million, a decrease of 2% compared to the previous year [1]. Revenue Estimates - The average prediction for 'Revenues- Global Warehouse- Rent and storage' is $261.65 million, indicating a year-over-year change of -2.3% [5]. - Analysts estimate 'Revenues- Rent, storage and warehouse services' to be $587.74 million, suggesting a change of -2.1% year over year [5]. - 'Revenues- Global Warehouse- Warehouse services' is projected to reach $326.09 million, reflecting a -2% change from the year-ago quarter [6]. - 'Revenues- Third-party managed services' is expected to be $10.22 million, indicating a year-over-year increase of +2.9% [6]. - 'Revenues- Transportation services' is likely to reach $47.62 million, with an estimated year-over-year change of -6% [6]. Depreciation and Amortization - The consensus estimate for 'Depreciation and amortization' stands at $89.56 million [7]. Stock Performance - Shares of Americold Realty Trust have shown returns of +0.1% over the past month, compared to the Zacks S&P 500 composite's +0.5% change [7]. - With a Zacks Rank 3 (Hold), COLD is expected to perform in line with the overall market in the near future [7].

Financial Data and Key Metrics Changes - Prologis reported a core FFO of $1.42 per share, including net promotes, and $1.43 per share excluding net promotes, both exceeding forecasts [15] - Occupancy at the end of the quarter was 95.2%, a decrease of 70 basis points from year-end, attributed to strong retention [15] - Net effective rent change during the quarter was 54%, with cash basis at 32%, leading to same-store growth of 5.9% and 6.2% respectively [16] Business Line Data and Key Metrics Changes - The company leased 58 million square feet, nearing record levels, and initiated approximately $650 million in new developments, with 80% in built-to-suit projects [10][17] - In the data center business, 400 megawatts of power moved to advanced stages, totaling 2 gigawatts in this category [19] Market Data and Key Metrics Changes - Global rents declined by 1.5%, primarily driven by Southern California, while other markets remained flat or increased [88] - Net absorption for the quarter was 21 million square feet, down from 27 million a year ago, indicating a seasonal decline [144] Company Strategy and Development Direction - The company aims to leverage its global footprint and diversified rent roll to navigate market disruptions and capitalize on emerging opportunities [12][14] - Prologis is focusing on markets where goods are consumed rather than produced, reinforcing its long-term strategy [14] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about potential recession and inflation, emphasizing the need for flexible inventory positioning among customers [12][30] - The company anticipates increased inventory levels as businesses stockpile, with e-commerce expected to gain more market share [30] Other Important Information - The company raised approximately $400 million in new capital for its flagship open-ended funds, with a similar amount in redemptions, resulting in a neutral capital raise [20] - Prologis received a credit rating upgrade to A2 from Moody's, making it one of only two public REITs with an A-flat rating from both agencies [21] Q&A Session Summary Question: Insights on customer interactions and demand - Management noted that consumption is closely tied to GDP growth, with a historical relationship of about 70% in the U.S. [44] Question: Clarification on leasing and occupancy - The occupancy drop was attributed to a high volume of leases rolling in the first quarter, with retention at 73% [51] Question: Impact of 3PLs on the Inland Empire West - The U.S. businesses of Asian 3PLs represent just over 1.5% of the rent roll, and these companies are adapting by diversifying their sources and growing domestic footprints [57] Question: Amazon's market presence - Prologis has signed significant deals with Amazon, with the e-commerce segment showing strong leasing activity [65] Question: Opportunities in the current environment - Management indicated that it is too early to identify specific opportunities, as the market is currently in a wait-and-see mode [69] Question: Demand for smaller spaces - Smaller spaces typically have lower occupancy due to shorter lease terms and are more affected by economic downturns [120][124] Question: Expectations for cash same-store NOI - The strong 6.2% cash same-store NOI in Q1 was influenced by occupancy changes and is expected to be volatile throughout the year [129] Question: Timing of lease commitments - New lease commencements can occur rapidly, while renewals may take longer, depending on the lease size [136]

Financial Data and Key Metrics Changes - Prologis reported a core FFO of $1.42 per share, including net promotes, and $1.43 per share excluding net promotes, both exceeding forecasts [14] - Occupancy at the end of the quarter was 95.2%, a decrease of 70 basis points from year-end, attributed to strong retention [14] - Net effective rent change during the quarter was 54%, with cash basis at 32%, leading to same-store growth of 5.9% and 6.2% respectively [15] - The net effective lease mark-to-market ended at 25%, representing an additional $1.1 billion of incremental NOI [15][16] Business Line Data and Key Metrics Changes - Prologis leased 58 million square feet, nearing record levels, and initiated approximately $650 million in new developments, with 80% being build-to-suit projects [9][16] - The data center business expanded power capacity by 400 megawatts, a 13% increase, totaling 2 gigawatts in advanced stages [9][18] Market Data and Key Metrics Changes - The operating environment showed increased leasing activity in sectors like transport, food and beverage, consumer products, and electronics [20] - Net absorption for the quarter was 21 million square feet, with a global decline of 1.5%, primarily in Southern California [79] Company Strategy and Development Direction - The company aims to invest in markets where goods are consumed rather than produced, emphasizing the need for more warehouse space in a disconnected world [13][92] - Prologis plans to reduce development start guidance to $1.5 billion to $2 billion due to uncertainty in the market [31] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about potential recession impacts on consumption and decision-making, while also noting the resilience of Prologis due to its diversified rent roll and strong balance sheet [11][12] - The company anticipates increased inventory levels as businesses stockpile, with e-commerce expected to gain more market share [28] Other Important Information - Prologis raised approximately $400 million in new capital for its flagship open-ended funds, with a similar amount in redemptions, resulting in a near-neutral capital raise [19] - The company received a Moody's upgrade to an A2 rating, making it one of only two public REITs with an A-flat rating from both agencies [19] Q&A Session Summary Question: Insights on customer interactions and demand - Management noted that consumption is expected to decline in a recession, but long-term trends indicate growth [40][41] Question: Clarification on leasing and occupancy - The occupancy drop was attributed to a high number of leases rolling in the first quarter, with retention at 73% [48] Question: Stress test scenarios and market conditions - The stress test indicated potential occupancy declines and rent drops, with bad debt expectations adjusted to 75 basis points [78] Question: Impact of tariffs on customers - Management speculated that customers could absorb a 10% tariff, with Mexico expected to benefit from shifts in sourcing [86] Question: Demand for warehouse space - The company believes that a disconnected world will require more warehouse space due to the need for inventory and supply chain adjustments [91][92]