Prologis Inc (PLD) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Prologis second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Abhishek Kastiya, Director of Investor Relations. Thank you. You may begin.

您好，歡迎參加普洛斯 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人、投資者關係總監 Abhishek Kastiya。謝謝。你可以開始了。

Thanks, Molly, and good morning, everyone. Welcome to our second quarter 2025 earnings conference call. The supplemental document is available on our website at prologis.com under Investor Relations. I'd like to state that this conference call will contain forward-looking statements under Federal Securities laws. These statements are based on current expectations, estimates and projections about the market and the industry in which Prologis operates as well as management's beliefs and assumptions.

謝謝，莫莉，大家早安。歡迎參加我們的 2025 年第二季財報電話會議。補充文件可在我們網站 prologis.com 的「投資者關係」部分找到。我想聲明的是，本次電話會議將包含聯邦證券法規定的前瞻性陳述。這些聲明是基於對普洛斯所在市場和行業的當前預期、估計和預測以及管理層的信念和假設。

Forward-looking statements are not guarantees of performance, and actual operating results may be affected by a variety of factors. For a list of those factors, please refer to the forward-looking statement notice in our 10-K or other SEC filings.

前瞻性陳述不構成績效保證，實際經營績效可能受到多種因素的影響。有關這些因素的列表，請參閱我們的 10-K 或其他 SEC 文件中的前瞻性聲明通知。

Additionally, our second quarter earnings press release and supplemental do contain financial measures such as FFO and EBITDA that are non-GAAP. And in accordance with Reg G, we have provided a reconciliation to those measures.

此外，我們的第二季財報新聞稿和補充文件確實包含非 GAAP 的財務指標，例如 FFO 和 EBITDA。並且根據 Reg G，我們已經對這些措施進行了調整。

I'd like to welcome Tim Arndt, our CFO, who will cover results, real-time market conditions, and guidance. Hamid Moghadam, our CEO; Dan Letter, President; and Chris Caton, Managing Director, are also with us today. With that, I will hand the call over to Tim.

我歡迎我們的財務長 Tim Arndt，他將介紹業績、即時市場狀況和指導。我們的執行長 Hamid Moghadam、總裁 Dan Letter 和董事總經理 Chris Caton 今天也與我們在一起。說完這些，我會把電話交給提姆。

Thanks, Abhishek. Good morning, everybody, and thank you for joining our call. The second quarter exceeded our expectations, reflecting the strength and versatility of our team and portfolio in a challenging environment.

謝謝，阿布舍克。大家早安，感謝你們參加我們的電話會議。第二季的表現超出了我們的預期，反映了我們團隊和投資組合在充滿挑戰的環境中所展現的實力和多功能性。

Against a backdrop of subdued net absorption and a modest rise in market vacancy we outperformed our occupancy expectations and the markets delivered meaningful rent change in same-store growth and achieved another strong quarter in build-to-suit activity, including continued momentum in our data center business.

在淨吸收量低迷和市場空置率溫和上升的背景下，我們的入住率超出了預期，市場在同店增長中實現了有意義的租金變化，並在定制建設活動中取得了另一個強勁的季度，包括我們的數據中心業務繼續保持增長勢頭。

If we were to sum up the mindset of many of our customers, particularly our largest ones, we'd say that they are increasingly looking past the headlines and what has been an evolution of their thinking over the last few months as those headlines constantly change.

如果我們要總結許多客戶（尤其是最大的客戶）的想法，我們會說他們越來越關注新聞頭條，隨著新聞頭條的不斷變化，他們的想法在過去幾個月中發生了變化。

While net absorption has been muted, new leasing is occurring and customer interest is promising as reflected in the aggregate size of our leasing pipeline. That same momentum is also apparent in our build-to-suit activity which continues to grow and is well diversified across geographies and customer segments.

雖然淨吸收量一直處於低迷狀態，但新的租賃正在出現，客戶興趣也十分濃厚，這從我們租賃管道的總規模上就可以看出來。同樣的勢頭也體現在我們的客製化生產活動中，該活動持續增長，並且在各個地區和客戶群體中實現了多元化。

At the same time, the supply pipeline is depleting and development starts in our markets remain low, setting the stage for favorable conditions as demand improves. This, together with the over 20% spread we see between market and replacement cost rents are important precursors to the next cycle of market rent growth.

同時，供應管道正在枯竭，我們市場的發展開工率仍然很低，為需求改善創造有利條件。這一點，加上我們看到的市場租金和重置成本租金之間超過 20% 的差距，是下一輪市場租金成長的重要先兆。

Turning to our results. Core FFO, including net promote income was $1.46 per share, and excluding net promotes was $1.47 per share, each ahead of our forecast. Occupancy ended the quarter at 95.1%, down just 10% sequentially and further widening our outperformance to the market now at 290 basis points.

談談我們的結果。核心 FFO（包括淨促銷收入）為每股 1.46 美元，不包括淨促銷收入）為每股 1.47 美元，均高於我們的預測。本季末的入住率為 95.1%，僅比上一季下降 10%，進一步擴大了我們目前對市場的領先優勢，達到 290 個基點。

We continue to unlock our lease mark-to-market by delivering strong rent change across the global portfolio. During the quarter, we monetized an additional $75 million of NOI through rent change which was 53% on a net effective basis and 35% on cash. The net of this puts our lease mark-to-market at 22% at quarter end.

我們透過在全球投資組合中實現強勁的租金變化，繼續解鎖我們的租賃以市價計價。在本季度，我們透過租金變化將額外的 7,500 萬美元 NOI 貨幣化，其中淨有效基礎為 53%，現金為 35%。扣除此因素後，我們的租賃以市價計價的比率在季度末達到 22%。

Net effective and cash same-store growth during the quarter were 4.8% and 4.9%, respectively. As a reminder, fair value lease adjustments, which are noncash and driven from the purchase accounting related to our '22 and '23 M&A continue to drag our net effective same-store and bottom line's earnings growth by approximately 100 basis points.

本季淨有效和現金同店成長率分別為 4.8% 及 4.9%。提醒一下，公允價值租賃調整是非現金的，並且由與我們 22 年和 23 年併購相關的購買會計驅動，繼續拖累我們的淨有效同店和底線盈利增長約 100 個基點。

In terms of capital deployment, we started over $900 million in new development starts, nearly 65% of which was build-to-suit activity across seven additional projects in both the US and Europe. Beyond this activity, we have signed agreements for an additional three build-to-suits post quarter end. Our build-to-suit starts for the first half totaled $1.1 billion, which is the largest start to a year that we have ever had.

在資本配置方面，我們啟動了超過 9 億美元的新開發項目，其中近 65% 是美國和歐洲另外 7 個項目的客製化建設活動。除此之外，我們還簽署了季度末後另外三項客製化生產的協議。我們上半年的客製化建設開工總額為 11 億美元，這是我們有史以來開工金額最高的一年。

The strong demand by some of our biggest customers underscores our observation that many of them are moving beyond the noise and making significant capital investments into their business. $300 million of the starts relate to an incremental investment in our ongoing data center development in Austin, Texas, with a top hyperscaler.

我們一些最大客戶的強勁需求強調了我們的觀察，即他們中的許多客戶正在擺脫噪音，對其業務進行大量資本投資。其中 3 億美元的啟動資金與我們與頂級超大規模企業在德克薩斯州奧斯汀進行的資料中心開發的增量投資有關。

In addition to our growing development volume, we continue to procure power adding another 200 megawatts to our advanced stages category, bringing that total to 2.2 gigawatts. As a reminder, we have an additional 1.1 gigawatt fully secured plus 300 megawatts currently under construction.

除了不斷增長的開發量之外，我們還繼續採購電力，為我們的高級階段類別再增加 200 兆瓦，使總量達到 2.2 千兆瓦。提醒一下，我們另外還有 1.1 千兆瓦的電力已完全保障，另外還有 300 兆瓦的電力正在興建中。

Finally, in our energy business, we continue to make steady progress toward our goal of 1 gigawatt of solar production and storage by year-end, with nearly 1.1 gigawatts either in operation or under development today. While recent legislative changes in the US will reduce the incentives for new projects over time, we expect the consequential upward pressure on energy prices to uphold returns.

最後，在我們的能源業務中，我們繼續穩步推進，朝著年底實現 1 千兆瓦太陽能生產和儲存的目標邁進，目前已有近 1.1 千兆瓦的太陽能正在運作或開發中。儘管美國最近的立法變化將逐漸減少對新項目的激勵，但我們預計隨之而來的能源價格上行壓力將維持回報。

On a go-forward basis, we still see meaningful opportunity in the US and remain committed to and are excited about the broader global potential of our distributed energy platform, which is expanding in its capabilities and offerings.

展望未來，我們仍然在美國看到了重大機遇，並將繼續致力於並對我們的分散式能源平台更廣泛的全球潛力感到興奮，該平台的功能和產品正在不斷擴展。

On the balance sheet, we closed on $5.8 billion in financing activity, which included the $3 billion recast of one of our three Prologis global credit lines at a reduced spread. This facility contributes to the over $7 billion of liquidity we held at quarter end. We also expanded our commercial paper program this quarter, adding a EUR1 billion facility which should generate an additional 40 basis points to 60 basis points of savings in line with our experience in the US.

在資產負債表上，我們完成了 58 億美元的融資活動，其中包括以降低的利差對普洛斯三條全球信貸額度中的一條進行 30 億美元的重組。該工具為我們在季度末持有的超過 70 億美元的流動資金做出了貢獻。本季我們也擴大了商業票據計劃，增加了 10 億歐元的額度，這將帶來額外的 40 個基點至 60 個基點的節省，與我們在美國的經驗一致。

Our strategic capital business saw net outflows in our open-ended vehicles during the quarter of approximately $300 million. Beyond our existing vehicles, our teams are at work developing new offerings, more representative of the breadth of our activities which we look forward to reporting further on in coming quarters.

本季度，我們的策略資本業務的開放式投資工具淨流出量約為 3 億美元。除了現有的車輛之外，我們的團隊還在開發新產品，以更能代表我們業務的廣度，我們期待在未來幾季進一步報告。

Let me now spend a few moments describing our markets and experience with customers this quarter. To level set market rents declined approximately 1.4% during the quarter and values were essentially flat.

現在，請允許我花一點時間來描述本季我們的市場和客戶體驗。為維持市場穩定，本季市場租金下降了約 1.4%，而價值基本持平。

In the US, net absorption was subdued at 28 million square feet and market vacancy ticked up 10 basis points to 7.4%. Operationally, we continue to see customers recalibrating, not retreating and remaining active in signing leases even if at a slower pace. While the full quarter of activity was modestly below normal, leasing velocity did accelerate over the months of the quarter, with June indeed the strongest.

在美國，淨吸收量下降至 2,800 萬平方英尺，市場空置率上升 10 個基點至 7.4%。從營運角度來看，我們繼續看到客戶重新調整，而不是退縮，即使速度有所放緩，他們仍然積極簽署租約。雖然整個季度的活動略低於正常水平，但租賃速度在本季的幾個月確實有所加快，其中 6 月確實是最強勁的。

As has been the case for some time, renewal activity has been very healthy, while new leasing remains slow. We're not surprised by the dynamic given the larger investment and more deliberate nature of new leasing, but we're encouraged by a series of data points across our proprietary metrics and customer dialogue which suggests that demand is piling up and could improve greatly with some clarity out of policy and the effect it's having on the backdrop.

正如一段時間以來的情況一樣，續約活動一直非常健康，而新的租賃仍然緩慢。考慮到新租賃的投資規模更大、性質更為慎重，我們對這種動態並不感到驚訝，但我們專有指標和客戶對話中的一系列數據點令我們感到鼓舞，這些數據點表明需求正在增加，並且隨著政策的明確和其對背景的影響，需求可能會大大改善。

Of those data points, first would be from the sentiment implied by our leasing pipeline which stands at 130 million square feet, reaching historically high levels in recent weeks. We see it as reflecting both the significant interest and need for space as well as a lengthening of the time and decision-making, which we expect to see show up in future quarters through longer gestation timing as deals get made.

在這些數據點中，首先是來自我們的租賃管道所暗示的情緒，該管道目前已達到 1.3 億平方英尺，在最近幾週達到了歷史最高水平。我們認為這不僅反映了人們對空間的濃厚興趣和需求，也反映了時間和決策的延長，我們預計，隨著交易的達成，這些將在未來幾季透過更長的醞釀時間體現出來。

It's also clear that utilization both of gray space and within 3PL capacity is rising. Our build-to-suit pipeline remains full with over 30 projects representing more than 25 million square feet in active dialogue. This level of activity underscores how larger customers with the resources and scale to think long term, are being strategic, consolidating operations and positioning for growth.

很明顯，灰色空間和 3PL 容量的利用率都在上升。我們的客製化建造管道仍然很滿，有超過 30 個項目處於活躍對話中，涉及面積超過 2500 萬平方英尺。這種程度的活動凸顯了擁有資源和規模的大型客戶如何進行長遠考慮、制定策略、整合營運並為成長做好準備。

Finally, our broader customer dialogue simply reflects an emerging bias towards action summarized well by one prominent user describing the exhaustion of adapting to shifting tariffs and concluded that they need to just run their business and we'll figure out the tariff details when there is some clarity.

最後，我們更廣泛的客戶對話只是反映了一種新興的行動偏見，一位著名用戶很好地總結了這一點，他描述了適應不斷變化的關稅的疲憊，並得出結論，他們只需要經營自己的業務，我們會在關稅細節明確後再確定。

All told, while we expect conditions to remain choppy over the next few quarters, the market is holding up reasonably well. Looking ahead, consistent policy and settled trade arrangements will certainly help and be a key determinant of the overall pace of net absorption.

總而言之，雖然我們預計未來幾季市場狀況仍將波動，但市場保持相當良好的狀態。展望未來，一致的政策和穩定的貿易安排必將有所幫助，並成為決定整體淨吸收速度的關鍵因素。

Turning to guidance in contrast to the uncertainty we faced in early April, we now see enough stability in the balance of the year to narrow and increase our guidance. Average occupancy at our share will range between 94.75% and 94.25% (sic - see Presentation, "95.25%").

談到指導，與我們在 4 月初面臨的不確定性相比，我們現在看到今年的平衡具有足夠的穩定性，可以縮小和增加我們的指導。我們份額的平均入住率將在 94.75% 至 94.25% 之間（原文如此 - 請參閱簡報「95.25%」）。

Rent change would remain strong through the second half and average in the low to mid-50s for the full year. Same-store NOI growth will range between 3.75% and 4.25% on a net effective basis and 4.25% to 4.75% on a cash basis. We are maintaining our G&A guidance of $450 million to $470 million and increasing our strategic capital revenue guidance to a range of $570 million to $590 million.

下半年租金變動將保持強勁，全年平均租金將在 50% 左右。同店淨營業利潤成長率將在淨有效基礎上介於 3.75% 至 4.25% 之間，以現金基礎計算則為 4.25% 至 4.75% 之間。我們維持 4.5 億美元至 4.7 億美元的 G&A 指導價，並將戰略資本收入指導價提高至 5.7 億美元至 5.9 億美元。

On capital deployment, we are largely holding the range for net sources and uses in the year, but increasing guidance within the offsetting categories. Most notably, we are increasing development starts at our share to a new range of $2.25 billion to $2.75 billion, which is reflective of the additional data center start not previously guided as well as improved visibility and logistics starts due largely to our build-to-suit success.

在資本部署方面，我們基本上保持年度淨來源和用途的範圍，但增加抵消類別內的指導。最值得注意的是，我們將所佔份額的開發啟動資金提高到 22.5 億美元至 27.5 億美元的新範圍，這反映了先前未指導的額外資料中心啟動，以及由於我們的客製化建設成功而提高的可見性和物流啟動。

We expect to keep up a historically higher mix of build-to-suits over the balance of the year. And as a reminder, future data center starts are not a component of this guidance. We are also increasing our combined disposition and contribution guidance to a range of $1 billion to $1.75 billion, again at our share.

我們預計在今年剩餘的時間裡，客製化建築的比例將保持歷史最高水準。需要提醒的是，未來資料中心的啟動不屬於本指南的組成部分。我們還將合併處置和貢獻指導金額提高至 10 億美元至 17.5 億美元，同樣以我們的份額計算。

In total, our GAAP earnings guidance calls for a range of $3 to $3.15 per share. Core FFO, including net promote expense will range between $5.75 and $5.80 per share, while core FFO, excluding net promote expense will range between $5.80 and $5.85 per share, a $0.05 increase from our prior guidance. The higher midpoint is predominantly due to higher NOI and strategic capital revenues.

總體而言，我們的 GAAP 獲利預測為每股 3 美元至 3.15 美元。核心 FFO（包括淨促銷費用）將在每股 5.75 美元至 5.80 美元之間，而核心 FFO（不包括淨促銷費用）將在每股 5.80 美元至 5.85 美元之間，比我們之前的預期增加 0.05 美元。中點較高主要是由於營業淨收入和策略資本收入較高。

To close, we're encouraged by the steadiness of the quarter and the leading action taken by many of our customers. We continue to build out their supply chains amid ongoing macro uncertainty. While headlines remain noisy, the underlying activity in our portfolio reflects a market that is active and moving forward.

最後，本季的穩定性和許多客戶採取的領先行動令我們感到鼓舞。在持續的宏觀不確定性中，我們繼續建立他們的供應鏈。儘管頭條新聞仍然喧囂，但我們投資組合中的潛在活動反映出市場活躍且向前發展。

In that context, well-located logistics real estate has proved to be a strategic asset, especially on our platform. As broader economic uncertainty begins to clear, we remain confident in the long-term trends driving our business. Our strategy is grounded in serving customers at the center of consumption, the constant in all of this, and our team continues to execute at a very high level. With that, I will turn the call over to the operator for your questions.

在這種背景下，地理位置優越的物流房地產已被證明是一項戰略資產，尤其是在我們的平台上。隨著更廣泛的經濟不確定性開始消散，我們仍然對推動我們業務發展的長期趨勢充滿信心。我們的策略是服務消費中心的客戶，這是不變的原則，我們的團隊將繼續以非常高的水準執行。說完這些，我將把電話轉給接線員來回答您的問題。

(Operator Instructions)

（操作員指示）

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Great. Congrats on a strong quarter. I think the release noted that the pipeline, the leasing pipeline has reached historically high levels. So I'd just love to hear a little bit more about -- just what the post liberation Day impact has been sort of any categories to call out? And then if you could tie that commentary to the decision to increase development starts and acquisitions, how you're feeling about sort of the outlook.

偉大的。恭喜本季業績強勁。我認為新聞稿指出，管道、租賃管道已經達到歷史最高水準。因此，我非常想多聽一點關於解放日後的影響，可以歸納為哪幾個類別？然後，如果您能將該評論與增加開發啟動和收購的決定聯繫起來，您對前景有何感想。

So the pipeline is promising even amid some of the subdued decision-making, like Tim described. The pipeline is up 19% year on year. One of the hallmarks here is diversity. We see good balance and good growth across different deal stages. So that's both early proposals as well as more mature negotiations. We also see a good balance in growth across different deal types.

因此，正如蒂姆所描述的，即使在一些決策較低調的情況下，該管道仍然前景光明。該管道年增19%。這裡的標誌之一就是多樣性。我們看到不同交易階段之間有良好的平衡和成長。因此，這既是早期的提議，也是更成熟的談判。我們也看到不同交易類型的成長保持良好的平衡。

So that's both renewal and new. And we also see good diversity across different customer industries. So where is some of the differentiation One of the main hallmarks of this growth is concentrated growth above 100,000 square feet.

所以這既是更新，也是新。我們也看到不同客戶產業之間存在良好的多樣性。那麼，差異化在哪裡呢？這種增長的主要標誌之一是 100,000 平方英尺以上的集中增長。

So there are more larger customers in the pipeline. And then Tim also talked about 3PLs engaging in a greater way. They're working through their spare capacity and in some leading markets really beginning to need more space.

因此，有更多更大的客戶正在籌備中。然後提姆也談到了第三方物流的更大程度的參與。他們正在利用閒置產能，在一些主要市場，他們確實開始需要更多的空間。

And then, Ron, on the development start front, that $1 billion increase includes the $300 million data center start that Tim mentioned in the script, and the remainder is about half build-to-suit and half spec. We've got a very strong build-to-suit pipeline right now we're working through. It's much larger than it's been over the last couple of years. You heard we had a pretty strong signing.

然後，羅恩，在開發啟動方面，10 億美元的成長包括蒂姆在腳本中提到的 3 億美元資料中心啟動資金，其餘部分大約一半是客製化建設，一半是規格建設。我們目前擁有非常強大的客製化管道，正在努力完善。它比過去幾年的規模要大得多。您聽說我們簽下了一筆非常強勁的合約。

Actually, we had a record number and amount of signings there of $1.1 billion in the first half so far and a handful, so far already before the call here in July. And then overall, we have $41 billion of opportunity in our land bank and most of the spec you're going to see is going to be outside of the US, that's Japan, India, Brazil, Latin America -- excuse me, Mexico. And then in the US, you will see maybe a couple of starts in the Southeast or maybe infill coastal markets.

實際上，到目前為止，上半年我們的簽約數量和金額已經達到了創紀錄的 11 億美元，而且在 7 月的電話會議召開之前，簽約數量就已經很少了。總體而言，我們的土地儲備中有 410 億美元的機會，而且您將看到的大部分機會都在美國以外，即日本、印度、巴西、拉丁美洲——對不起，是墨西哥。然後在美國，你可能會看到東南部或沿海市場出現一些新企業。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Tim or Hamid, I don't know if you could provide just maybe a little bit more color on sort of the cadence of leasing. I realize April was kind of a dark time when you guys reported Q1. But could you maybe give us a sense of just the pace of leasing kind of just trying to think kind of 1Q into the kind of the April, May, June? And what did that exit velocity look like in June heading into July?

蒂姆或哈米德，我不知道您是否可以提供一些有關租賃節奏的更多資訊。我知道當你們報告第一季業績時，四月是一段黑暗的時期。但是，您能否讓我們了解租賃的速度，例如嘗試將第一季的情況與四月、五月、六月的情況進行比較？6 月至 7 月的退出速度是怎樣的？

Yeah. Steve, this is Dan. I'll start and maybe get some color from one of the other guys here. But if you take you back to 90 days ago on the call, we actually talked about volume being 20% down from normal. This was two weeks after April 2 and the tariff surprises.

是的。史蒂夫，這是丹。我會開始，也許會從這裡的其他人那裡得到一些顏色。但如果回顧 90 天前的電話會議，我們實際上討論的是交易量比正常水平下降了 20%。這是 4 月 2 日關稅意外出台後的兩週。

So call that maximum uncertainty time. And we actually quoted that number to highlight how much volume was actually happening despite the tariff surprises.

所以稱為最大不確定時間。我們實際上引用了這個數字來強調儘管出現了意外的關稅，但實際發生的交易量仍然很大。

Unfortunately, I think that did create some confusion. And that's not a stat that we're going to continue to give looking at too short of a duration over a quarter is not really indicative of a trend. What we saw happened throughout the rest of the quarter was acceleration through May and June and in the quarter ended up only down about 10% from normal.

不幸的是，我認為這確實造成了一些混亂。我們不會繼續給出這樣的統計數據，因為一個季度的持續時間太短，並不能真正反映出一種趨勢。我們看到，本季剩餘時間的成長在 5 月和 6 月呈加速趨勢，本季最終僅比正常水準下降了約 10%。

And so just in terms of what we're seeing over the last couple of weeks, Tim shared the color in his remarks. And so we really try to zoom out and look at a wider range of metrics. So it is lease signings, like you asked, -- it's also the pipeline like we just covered. It's the build-to-suit dialogues. It's the customer engagement. We really take a full picture approach to be sure we're giving you a complete update.

因此，就我們過去幾週看到的情況而言，蒂姆在他的演講中分享了這種色彩。因此，我們確實嘗試縮小範圍並觀察更廣泛的指標。所以它是租約簽署，就像你所問的，它也是我們剛剛提到的管道。這是量身訂製的對話。這是客戶參與。我們確實採取了全方位的方法來確保為您提供完整的更新。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

I guess I was wondering if you could give some more details on the guidance. So Tim, you mentioned that higher NOI and strategic capital drove the midpoint FFO guidance increase. But I guess with occupancy expectations unchanged despite the stronger 2Q, it also seems like pricing is kind of in line with expectations. So any more details on that, kind of what's better than previously expected?

我想知道您是否可以提供一些有關該指南的更多細節。所以提姆，你提到更高的 NOI 和策略資本推動了中點 FFO 指導的增加。但我認為，儘管第二季表現強勁，但入住率預期保持不變，定價似乎也符合預期。那麼還有更多細節嗎？比之前預期的有什麼更好嗎？

Sure. I mean the environment for one has just come pretty significantly since April. We also have a shorter number of months left in the year, obviously. So we have improved visibility that gives us a lot of confidence in the guidance, both the increase and also reflected in the narrowing. I referred to some outperformance in the quarter.

當然。我的意思是，自四月以來，環境已經發生了相當大的變化。顯然，一年中剩下的月份數也更少了。因此，我們提高了可見性，這使我們對指導充滿信心，無論是增加還是縮小。我提到了本季的一些優異表現。

If you recall back to April, we also cited outperformance there, even though we opted to leave guidance in place at that time given the headlines. So a few of those pennies are permanent to the year as the point there. The remainder coming out of NOI is reflected in same-store despite the same midpoint, which is really once again narrowing of the range expressing more confidence. And then within that 50 basis point range, our belief that we're just going to land at the stronger end of it by the end of the year.

如果您回想一下四月份的情況，我們也提到了當時的優異表現，儘管考慮到當時的頭條新聞，我們選擇保留指導方針。因此，其中一些便士將永久保留到當年。儘管中點相同，但淨營業利潤的剩餘部分反映在同店銷售額中，這實際上再次縮小了範圍，表達了更大的信心。然後在 50 個基點的範圍內，我們相信到今年年底我們將達到更強勁的水平。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Customer dialogue and data points seem to be supportive of demand building, but you also said that you expect conditions to remain choppy over the next few quarters. So how are you thinking about the timing of the growing pipeline translating to signed leases. And is there anything in particular that would take to kind of convert this pipeline into signed leases.

客戶對話和數據點似乎支援需求建設，但您也表示預計未來幾季情況仍將不穩定。那麼您如何看待不斷增長的管道轉化為簽署租約的時機？有什麼特別的事情要做才能將這條管道轉換為簽署的租約嗎？

It's Chris. I'll jump in and some of the other guys may as well. Look, decision-making remains deliberate. And so we see the pipeline building, Tim described a dynamic of the deals beginning to pile up. And when we speak with customers, this is really about clarity on the macro front.

是克里斯。我會加入，其他人也可能會加入。瞧，決策仍然是深思熟慮的。因此，我們看到了管道建設，蒂姆描述了交易開始堆積的動態。當我們與客戶交談時，這實際上與宏觀方面的清晰度有關。

And when we look at the headlines, when we look add economist forecast, there is caution in the back half of the year. And so we will see this play out over the balance of the year, and that's what we're really paying attention to.

當我們查看新聞標題和經濟學家預測時，我們會發現下半年市場走勢謹慎。因此，我們將在今年餘下的時間裡看到這一情況的進展，這也是我們真正關注的。

Look, we've been in a condition of constant uncertainty, and I know that's a favorite word in the financial industry, but having done this for a long time. Last year, it was all about Ukraine and whether the Fed was going to cost, I guess going back 18 months. That was the uncertainty. Then when the election was settled, there was a lot of excitement about pro-business policies and the like.

你看，我們一直處於持續不確定的狀態，我知道這是金融業最喜歡的詞，但我們已經這樣做了很長時間。去年，一切都與烏克蘭有關，以及聯準會是否會付出代價，我想這可以追溯到 18 個月前。這就是不確定性。當選舉結果塵埃落定後，人們對親商政策等感到非常興奮。

And then basically, you had April 2 on Liberation Day. So I mean, it is very, very difficult to predict anything for any length of time. But with every passing day, there's more water building up behind the TAM and we're seeing evidence of this with the largest customers. They just can't basically go to sleep without taking more space. So that's what you're seeing is their ability to defer is getting reduced with every passing day.

那麼基本上，4 月 2 日就是解放日。所以我的意思是，預測任何時間長度的事情都是非常非常困難的。但隨著時間的推移，TAM 後面的積水越來越多，我們在最大的客戶身上看到了這種證據。它們基本上無法入睡，因為需要佔用更多空間。所以，你會看到，他們的延期能力正在一天天下降。

Tom Catherwood, BTIG.

湯姆·卡瑟伍德（Tom Catherwood），BTIG。

Maybe Tim or Chris, hoping you could help us square up the leading indicators, space utilization is moving higher and proposals are up. Lease gestation is down, but the IBI activity index dropped to the lowest level since the first quarter of '23. What is driving the bifurcation between these metrics and kind of how should we think of them as an indicator going forward?

也許是提姆或克里斯，希望你能幫助我們釐清領先指標，空間利用率正在提高，提案也在增加。租賃醞釀期有所下降，但 IBI 活動指數降至 2023 年第一季以來的最低水準。是什麼導致了這些指標之間的分歧？我們應該如何將它們視為未來的指標？

Yeah, you do need to take a sort of full picture view of all these different metrics. And given the volatility Hamid just described, they're each going to depict different things. And also, please keep in mind, some are retrospective and some are prospective. And so you ask after some of our customer survey data that you see in the supplemental there.

是的，你確實需要對所有這些不同的指標有全面的了解。鑑於哈米德剛才所描述的波動性，它們各自將描述不同的事。另外，請記住，有些是回顧性的，有些是前瞻性的。因此，您會詢問我們在補充資料中看到的一些客戶調查數據。

And I think they're doing a good job of describing the landscape. So for example, utilization that built in the quarter, 85%, up 50 basis points, that's a meaningful increase and is approaching a two-year trend. And this is reflecting both growth in the supply chain as well as some inventory build. Now at the same time, the IVI activity index measures that velocity, the product moving out. That has moved lower, and it is consistent with the softer economic climate, this uncertainty.

我認為他們很好地描述了景觀。例如，本季的利用率達到 85%，上升了 50 個基點，這是一個有意義的成長，並且接近兩年來的趨勢。這既反映了供應鏈的成長，也反映了庫存的增加。現在，同時，IVI 活動指數可以衡量產品流出的速度。這一數字已經下降，並且與疲軟的經濟環境和不確定性一致。

Well, the third point which we've already covered on the call is simply the pipeline building and customers measuring how they make decisions in this landscape.

好吧，我們在電話會議上已經討論過的第三點就是通路建立和客戶衡量他們如何在這種環境下做出決策。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

I just want to kind of circle back, Hamid, your comment and just some of the other comments on the call about conversations with tenants where the water is building, the dam is getting more full. And on the one hand, you have the tariff uncertainty. On the other hand, you had the BBB bill pass, which is stimulative. You have some accelerated depreciation there, right? So some offsetting forces. And your leasing pipeline is at the highest rate it's ever been.

哈米德，我只是想回到你的評論，以及電話會議中與租戶交談時提到的一些其他評論，其中談到水位不斷上漲，水壩變得越來越滿。一方面，存在關稅不確定性。另一方面，BBB 法案獲得通過，這是有刺激作用的。那裡有一些加速折舊，對嗎？因此存在一些抵消力量。您的租賃管道正處於歷史最高水準。

I just -- how -- at what point do you think a larger percentage of tenants just become comfortable being uncomfortable with the uncertainty and have to run their business. And really that low Jam starts to break I'm just trying to get a sense as we head into the back half of this year and into next year, right, how this could trend, particularly from a net absorption perspective, where even with things kind of being uncertain and choppy. You guys -- you held average occupancy study.

我只是——您認為什麼時候會有更大比例的租戶對不確定性感到不舒服並不得不繼續經營他們的生意。實際上，低迷的 Jam 狀態開始被打破，我只是想了解一下，當我們進入今年下半年和明年時，這種趨勢會如何，特別是從淨吸收的角度來看，即使事情有點不確定和不穩定。你們——你們進行了平均入住率研究。

You're through part of your exploration schedule, and it sounds like on the build-to-suit side, the new leasing side, you're starting to get some momentum. So I don't want -- it sounds like you guys are trying to maintain some discipline around setting expectations. But if you had to kind of couch it on the high and the low end of your probabilities of things really accelerating here in second half into first half of next year? Kind of where do you peg that given all the conversations that you're having with tenants?

您已經完成了部分探索計劃，聽起來在客製化建設方面、新租賃方面，您開始獲得一些動力。所以我不想——聽起來你們正試圖在設定期望方面保持一些紀律。但是，如果您必須將其置於明年下半年至明年上半年真正加速發展的機率的高端和低端，那麼呢？根據您與租戶進行的所有對話，您如何看待這一點？

I think I understand the question. Basically, I'll speak for myself. I don't really care about the next quarter, the following quarter because it's so dependent on what comes out of Washington and people make these decisions in the short term based on emotion. What I do know is that we have a very significant mark-to-market. I know that there is shortage of labor coming up in the construction industry because of the immigration policies.

我想我明白這個問題了。基本上，我會代表我自己發言。我不太關心下一季或接下來的季度，因為這很大程度上取決於華盛頓的政策，而人們會根據情感在短期內做出這些決定。我所知道的是，我們有一個非常重要的市價。我知道由於移民政策，建築業將出現勞動力短缺。

I know the government is spending a lot of money on chip plans, putting extra pressure on demand for construction, all this data center stuff and all the stimulus that's kind of come in from ITCs. So to make a long story short, I'm very comfortable when we take two, three, four years out given the escalation in replacement costs and rates are not going to go through the floor.

我知道政府在晶片計劃上投入了大量資金，給建築需求、所有資料中心設施以及來自投資稅收抵免（ITC）的所有刺激措施帶來了額外的壓力。長話短說，考慮到重置成本和利率的上升不會觸底，當我們花兩到四年時，我感到非常放心。

So the rates, times replacement cost gives you the rents that you expect in the long term. But I don't know what the path to that will be over the next quarter or two. It's just not the way we run our business. And maybe you guys are giving us more credit about having that clarity than we deserve. So feel great about the business. I think every bit of business that's delayed is going to translate to more business in the future.

因此，利率乘以重置成本就可以得出您預期的長期租金。但我不知道未來一、兩個季度內實現這一目標的途徑是什麼。這不是我們經營業務的方式。也許你們對我們擁有這種清晰度的評價過高了。所以對這項業務感覺很好。我認為，每一點延遲的業務都會轉化為未來更多的業務。

And one other concept I'll throw out at you, and those of you who have been listening to us for probably too long, have heard this, in good markets, people are 10% to 15% more optimistic. In markets that are choppy or risky, they are 10% to 15% more pessimistic. That's a 30% swing. That immediately goes the other direction when two tenants compete for the same space and one of them moves out and then loses out again.

我要向你們提出另一個概念，那些可能聽我們講話很久的人已經聽說過，在良好的市場中，人們的樂觀程度會高出 10% 到 15%。在波動或高風險的市場中，他們的悲觀情緒會高出 10% 至 15%。這是一個 30% 的波動。當兩個租戶競爭同一空間，其中一個搬出去然後再次失敗時，情況就會立即逆轉。

So fomo is a big factor about people's confidence to move on and generally have found that people take more comfort in being among other people making the same sort of decision than being somewhat contrary. So equally long answer to your question, but there you have it.

因此，fomo 是影響人們繼續前進信心的一個重要因素，我們普遍發現，與做出相同決定的人相比，人們更願意與做出相同決定的人在一起。因此，對於您的問題，答案同樣很長，但您已經知道了。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

In regards to the 136 million square feet of leasing proposals, I was wondering if you could provide some more color around it. For example, like how much of that is renewals versus net incremental demand? And historically, what has your conversion rate been in this kind of proposal basket. And ultimately, I'm just trying to gauge going back to the building level of kind of water behind the dam, how much that could actually net impact Prologis going forward?

關於 1.36 億平方英尺的租賃提案，我想知道您是否可以提供更多詳細資訊。例如，其中有多少是更新量與淨增量需求？從歷史上看，這種提案籃的轉換率是多少？最後，我只是想衡量一下大壩後面的水位，這對普洛斯未來的實際影響有多大？

So let me give you a perspective and then the other guys can throw into more specifics around it. I think of leasing as having three components. One is renewal leasing, and that tends to be very, very strong in times of higher uncertainty because the best, easiest decision to do is to make what you have and just kick the can down the road until you really have to make the decision.

所以讓我給你一個觀點，然後其他人可以對此進行更具體的闡述。我認為租賃包含三個部分。一是續租租賃，這在高度不確定的時期往往非常強勁，因為最好、最簡單的決定就是利用你所擁有的資源，然後將問題拖延下去，直到你真正需要做出決定的時候。

So that part of our business is much stronger than normal. Then there is new leasing, which is somebody all of a sudden deciding that they need more space because they didn't think about it two years later to go after a build-to-suit two years earlier to go out fair build-to-suit -- and that business is slower than normal for sure. Because if every time you move, you got to buy new equipment, new racking, refitting your space, probably hiring some new employees. It's a very expensive proposition.

因此，我們這部分的業務比平常強勁得多。然後是新的租賃，這是因為有人突然決定他們需要更多的空間，因為他們兩年後沒有考慮在兩年前進行定制建造，而是進行了公平的定制建造——而且這項業務肯定比正常情況要慢。因為如果每次搬家，您就必須購買新設備、新貨架、重新裝修空間，可能還得僱用一些新員工。這是一個非常昂貴的提議。

And in the choppy environment, you're going to do less of that than just kicking the can down the road. And then there's finally build-to-suit activity, which I'm going to go on a limb and say, this is the strongest it's been in my career.

在動盪的環境中，你所做的就只是把問題拖到一邊而已。最後還有客製化活動，我可以大膽地說，這是我職業生涯中最強大的一次。

So people who can plan in the long term are also, I think, thinking the way I'm thinking about it, which is they're looking at a couple of years by the time these projects are fully operational. And they look at the factors driving the long-term health of their business, like e-commerce and things like that, and they're feeling good about it. So the only part of our business that slow is leasing of spec space.

因此，我認為，那些能夠進行長期規劃的人也會像我一樣思考，他們正在考慮這些專案全面投入營運所需的幾年時間。他們專注於推動其業務長期健康的因素，例如電子商務等，並且對此感到滿意。因此，我們業務中唯一放緩的部分是規格空間的租賃。

It's Chris. I'll just jump in on some of the details. And I'd also point you to my earlier remarks on the pipeline, talking about it's up 19% and there's really good balance. And so the growth rates are sort of similar across multiple of these metrics, whether it's new versus renew, whether it's early proposals versus mature negotiations I talked about size being a difference.

是克里斯。我只想簡單介紹一下一些細節。我還要向大家指出我之前關於管道的評論，它增長了 19%，而且平衡性非常好。因此，這些指標中的多個成長率都比較相似，無論是新提案還是續約提案，無論是早期提案還是成熟談判，我都談到了規模差異。

That's one area where larger deals just take longer to come together. And so you're going to see that represent an outsized share that doesn't take anything away from the fact that the larger scale requirements are the things that are really lifting the market today.

這是一個大型交易需要更長時間才能達成的領域。因此，你會看到，這代表著一個過大的份額，但這並不會改變這樣一個事實：更大規模的需求才是真正推動當今市場發展的因素。

Well, they built the supermarket.

嗯，他們就蓋了超市。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Maybe just stepping back, I understand sort of quarter-to-quarter stuff. But just looking out sort of two, three years, with, call it, 7.5% vacancy, the choppiness you've referenced. In this environment, what scenario do you see sort of rents inflecting or real rent growth?

也許只是退一步來說，我了解一些季度間的事情。但只看兩三年的情況，空置率為 7.5%，這就是您提到的波動。在這種環境下，您認為租金會出現什麼樣的變動或實際租金會成長？

And what do you think sort of a normalized net absorption is for the industry? I'm just sort of wondering, given we've seen a massive increase or I should say, a decent tick up in vacancy. And I'm just trying to -- whether any inflection is this month or next year? I'm just trying to figure out how you think about the next two, three years, given where vacancy is and do we actually see pricing power?

您認為該行業的正常淨吸收量是什麼樣的？我只是有點好奇，因為我們已經看到空置率大幅增加，或者我應該說是大幅上升。我只是想問一下——這個月或明年是否會出現轉折點？我只是想了解一下，考慮到空置率，您對未來兩三年有何看法，我們是否真的看到了定價權？

Yeah. I think vacancy rate of 7.4% is pretty close to where you're going to see the peak in the cycle, absent some calamity -- we may have another two to three quarters of bouncing around 10 basis points here or there. But I think you're essentially most of the way to where you're going to end up between the high 3s where the trough was and the mid-7s, let's call it, where I think this is going to end up.

是的。我認為 7.4% 的空置率已經非常接近週期的峰值，除非發生一些災難——我們可能還會有兩到三個季度在這裡或那裡波動 10 個基點。但我認為，基本上你已經到達了最終結果的水平，即最低點 3 點高位和 7 點中位之間，我們就這麼說吧，我認為這就是最終結果。

As to when you really get pricing power is where that number comes down to around 5%. That's historically been the magic number. By the way 7.4% is almost a median vacancy rate since 2000. Just think about this. Putting aside COVID with supercharged what I can call e-commerce absorption. It is -- 7.4% is a norm in this business pretty much in fact, to be precise, 44% of the time, the vacancy rate in the last 25 years has exceeded 7.4%.

至於當你真正獲得定價權時，這個數字就會下降到 5% 左右。從歷史上看，這是一個神奇的數字。順便說一下，7.4% 幾乎是 2000 年以來的平均空置率。想一想這一點。拋開 COVID，增強我所說的電子商務吸收。事實上，7.4% 是這個行業的正常水平，確切地說，在過去 25 年裡，44% 的時間裡，空置率都超過了 7.4%。

So we are just spoiled by having come out of an environment where we've seen high 3% vacancy rates and by the way, high 3% non-employment rates. And now we're kind of really getting wigged out because unemployment is in the low 4s and vacancy rates are in the 7%. This is pretty normal. I think when we come down to 5% -- it's -- we're going to get really good pricing power above inflationary pricing power.

因此，我們只是被寵壞了，因為我們已經經歷了 3% 的高空置率，順便說一下，還有 3% 的高失業率。現在我們真的有點焦慮了，因為失業率在 4% 以下，而空置率則達到了 7%。這很正常。我認為，當我們降至 5% 時，我們將獲得高於通膨定價能力的真正良好的定價能力。

And just figure that the market, I mean, Chris will walk you through our best guess. But I kind of think of it as a business that grows is 1.5% to 2%. So in a normal economy, when you don't have kinds of noise coming out of different places, it should take a year or two for it to a normal to 5%, which is the equilibrium vacancy rate because we can predict deliveries pretty closely.

只需想像市場，我的意思是，克里斯將向您介紹我們最好的猜測。但我認為這是一項成長率為 1.5% 到 2% 的業務。因此，在正常的經濟環境中，當沒有來自不同地方的各種噪音時，它需要一兩年的時間才能恢復到正常的 5%，這是均衡空置率，因為我們可以非常精確地預測交付量。

So really, the only variable is demand. And I don't know exactly what the demand numbers are going to be. But at some point, they're going to center around the norm, which is about 250 million feet. They're not going to go to 375 million where it was during COVID because that was driven by a onetime really big shift. I think you heard me talk about it at that time.

所以實際上，唯一的變數就是需求。我不知道需求數字到底是多少。但在某個時刻，它們會回到正常水平，約 2.5 億英尺。他們不會回到新冠疫情期間的 3.75 億，因為這是由一次真正巨大的轉變所推動的。我想你當時就聽我談論過這件事。

We got six years of growth in six months. we're still growing off of those higher numbers. But I can't think of another situation where we've got to get six years of growth in six months. So mid-200s year or two, how are you going to get pricing power? And when you do, it's going to be really above inflation in the short term because the pipeline hasn't started, construction costs have been going nuts, and I think they're going to continue to go up. So there you have it.

我們在六個月內實現了六年的成長。我們仍在以這些更高的數字為基礎繼續成長。但我想不出另一種情況，我們必須在六個月內達到六年的成長。那麼，在 200 年代中期或兩年內，您將如何獲得定價權？當你這樣做的時候，短期內它將真正高於通貨膨脹率，因為管道尚未啟動，建設成本一直在瘋狂上漲，我認為它們將繼續上漲。所以你明白了。

Nick Thillman, Baird.

尼克·蒂爾曼，貝爾德。

Maybe just, Tim, a question on bad debt. I think in June, you referenced that, that was trending better than expectations on that end. But maybe just an update here through 2Q, just kind of with the macro uncertainty. And then thing you're seeing whether it be in the space size or the type of business where tenants are having a little bit of credit issues?

提姆，也許只是一個關於壞帳的問題。我認為，正如您所提到的，六月的趨勢比預期的要好。但也許只是第二季的更新，只是有點宏觀不確定性。然後，您是否發現租戶在空間大小或業務類型方面存在一些信用問題？

Yeah, that was relatively in line with the first quarter. It is elevated. We're probably bouncing between 35, 40 basis points where I think you know our history is closer to 20% or even a little below. The other reference point on all of that is the hike that we've seen during the GFC, which was up into the 50s.

是的，這與第一季基本一致。它被提升了。我們的利率可能在 35 到 40 個基點之間波動，而我認為我們的歷史利率接近 20%，甚至略低於 20%。所有這一切的另一個參考點是，我們在全球金融危機期間看到的成長，最高達到了 50 多美元。

I'll expect something on the order of 40 over the balance of the year as we still watch Tenant Health, which we are keeping a very close on. With regard to particular industries, I mean, nothing that I would really build a thesis around it's some larger customers at times. I feel like there's a little bit of a balance to Southern California, a little bit of a balance to larger users home-oriented, but not enough to really break out into its own category.

我預計今年餘下時間的數字將在 40 左右，因為我們仍在密切關注租戶健康狀況。對於特定行業，我的意思是，我實際上不會圍繞它來建立論點，有時它是針對一些較大的客戶。我覺得它與南加州有一點平衡，與以家庭為導向的較大用戶有一點平衡，但還不足以真正形成自己的類別。

I think the strong retailers are expensive. And I think probably in the retail sector, you've got the biggest difference between winners and losers and winners are just taking share.

我認為實力雄厚的零售商價格昂貴。我認為零售業可能是贏家和輸家之間最大的區別，贏家只是搶佔市場。

One other thing about credit losses, that's important to keep in mind, this is the first cycle of seeing where this is happening in the mark-to-markets have been so large that the defaults that we've had every single one -- actually, I shouldn't say every single one, but in aggregate, have been NPV positive, not negative because our opportunity to capture the higher market rent earlier than we thought makes up for more than the downtime that we experienced. So yes, maybe a short-term earnings impact but it's not a value impact or even a long-term earnings impact.

關於信貸損失的另一件事，重要的是要記住，這是第一次看到這種情況在按市價計價的市場中發生，規模如此之大，以至於我們遇到的每一次違約 - 實際上，我不應該說每一次，但總的來說，都是 NPV 正值，而不是負值，因為我們有機會比我們想像的更早獲得更高的市場租金，這經歷了我們經歷的停工期。所以是的，也許會對短期收益產生影響，但不會對價值產生影響，甚至不會對長期收益產生影響。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Hamid, I thought your answer to Craig's question earlier was helpful. Hopefully, I got this right, but you talked about the differential between those markets where tenants are comfortable and those that are choppy and how fomo can change that very quickly. I guess, are there any specific geographical markets that you think could flip most significantly from being choppy to getting more competitive? And maybe how quickly that could happen?

哈米德，我認為你之前對克雷格問題的回答很有幫助。希望我的理解正確，但您談到了租戶感到舒適的市場與不穩定的市場之間的差異，以及 fomo 如何能夠迅速改變這種差異。我想，您認為有哪些特定的地理市場能夠從波動狀態轉變為競爭更加激烈？這可能發生得有多快？

I think Chris is going to give you the names, but by definition, it's the markets that have strong long-term fundamentals and have taken the biggest hit in the short term, i.e., Southern California because a lot of people kind of like two quarters ago, to Southern California, it's going to fall into the ocean and everybody was going to go out of business.

我想克里斯會給你列舉一些名字，但根據定義，這些市場具有強勁的長期基本面，並且在短期內受到了最大的打擊，例如南加州，因為很多人在兩個季度前就對南加州感到擔憂，認為它會陷入困境，每個人都會破產。

So there was very little fomo on whatever the opposite of fomo was. There was a lot of that. And I think once a couple of people start losing deals in Southern California and they see the stuff coming through the ports and going to come from Kansas. I can tell you that. It may not come from China, but it's going to come from somewhere else. I don't want to mean to pick on Kansas.

因此，無論 fomo 的反面是什麼，人們都很少感覺到 fomo。有很多這樣的事。我認為，一旦有幾個人開始在南加州失去交易，他們就會看到貨物通過港口運往堪薩斯州。我可以告訴你。它也許不是來自中國，但它將來自其他地方。我並不是故意要挑堪薩斯的毛病。

But I think as soon as they see that, then lose a couple of deals. I think you'll see that market bounce because it's bouncing off of an exaggerated bottom. So by definition, that will be a big mouse. Chris, do you want to add? I think maybe another part of this question is, what are the really good markets today?

但我認為，一旦他們看到這種情況，就會失去幾筆交易。我認為你會看到市場反彈，因為它是從誇張的底部反彈的。所以根據定義，那會是一隻大老鼠。克里斯，你想補充嗎？我想這個問題的另一部分可能是，當今真正好的市場是什麼？

Excellent. Yeah. No, I'd underline the point that we see secular outperformance in these high barrier geographies, and they can really move quickly. What are the outperforming what are the underperforming geographies? Well, for sure, international is the theme, whether it's Europe, whether it's Latin America, in particular, the consumption centers there like in Mexico City and Sao Paulo. And then turning to the United States. We've had this --

出色的。是的。不，我想強調的是，我們看到這些高門檻地區的長期優異表現，而且它們確實可以快速發展。哪些地區表現優異，哪些地區表現不佳？嗯，當然，國際化是主題，無論是歐洲，還是拉丁美洲，特別是墨西哥城和聖保羅這樣的消費中心。然後轉向美國。我們經歷過這樣的事--

Those have been good.

這些都很好。

Those have been good. Thank you. Yes. And we'll, in some cases, already are doing this hockey sticks, for example, in Brazil, favorable hockey stick. In the United States, we still are going through this transition period. This sort of post-pandemic normalization where the interior markets outperformed last year, remains a trend this year.

這些都很好。謝謝。是的。在某些情況下，我們已經在做這種曲棍球棒了，例如在巴西，就有有利的曲棍球棒。在美國，我們仍處於這段過渡時期。疫情過後，內陸市場表現優於去年，這種正常化趨勢在今年依然存在。

But what's changing are a couple of things. Number one, not all coastal markets are created equal. So, SoCal is weak, but Southern Florida, Washington, D.C. are examples of greater resilience. And then across some of the United States, we've seen better stability in the Midwest.

但有幾件事正在改變。首先，並非所有沿海市場都是平等的。因此，南加州較弱，但南佛羅裡達州和華盛頓特區卻是韌性較強的典範。在美國部分地區，我們看到中西部地區的局勢更加穩定。

So geography like Indianapolis had to contend with excess supply, and it's working through it. And then across the Sunbelt, there's been some excess supply, but we're seeing those markets work through it as well. Dallas comes to mind. The leading submarkets there are really firming. So you're starting to see transition across a range of markets.

因此，像印第安納波利斯這樣的地區必須應對供應過剩的問題，並且正在努力解決這個問題。而在陽光地帶，也出現了一些供應過剩的情況，但我們看到這些市場也正在努力解決這個問題。我想到的是達拉斯。那裡的主要子市場確實正在變得堅挺。因此，您開始看到一系列市場發生轉變。

I think Houston and Nashville are pretty strong.

我認為休斯頓和納什維爾相當強大。

Absolutely. I left those out. Houston, Nashville, Atlanta.

絕對地。我把那些省略了。休士頓、納許維爾、亞特蘭大。

Mike Mueller, J.P. Morgan.

摩根大通的麥克·穆勒。

I guess sticking with markets. Do you think any tariff dynamics will cause you to pivot back to some of the regional markets that you sold out of following the AMB merger?

我想還是堅持市場。您是否認為任何關稅動態都會導致您重新轉向 AMB 合併後您已出售的部分區域市場？

Ever, probably. But the one that we did come back to, I'm not sure it was a great idea to be perfectly frank with you, which was Savannah. We kind of got intend up back in there with the merger. It was a conscious decision. But we thought about it hard about whether we should stay in or not stay in and we decided to stay in and I think our earlier decision was actually the right one.

永遠，可能。但是我們確實回到了薩凡納，坦率地說，我不確定這是否是一個好主意。我們有點打算重新進行合併。這是一個有意識的決定。但是我們認真思考了一下是否應該留下來，最後我們決定留下來，我認為我們之前的決定實際上是正確的。

I think it's not fundamentally a long-term strong market. Notwithstanding it's very strong and well-run port. But that's nothing. I mean that's less than 10% of our business that I can think of that way. So I don't think so. We've been in and out of Tampa a couple of times. I think we're feeling better about Tampa these days than we did before. We've been in and out of Minneapolis a couple of times. We're not going back in. Dan, what do you think?

我認為從根本上來說這不是一個長期強勁的市場。儘管如此，它的端口非常強大且運行良好。但這不算什麼。我的意思是，我能想到的這部分業務還不到我們業務的 10%。所以我不這麼認為。我們曾多次進出坦帕。我認為我們現在對坦帕的感覺比以前更好了。我們曾多次進出明尼阿波利斯。我們不會再回去了。丹，你怎麼看？

No, I think we're in 31 markets in the United States. We're in 75 consumption centers globally. I think that accounts for about 78% of the world GDP in those markets. I think we're in the right markets and -- we're going to stay focused there.

不，我認為我們在美國有 31 個市場。我們在全球有 75 個消費中心。我認為這些市場約佔世界 GDP 的 78%。我認為我們處於正確的市場，我們將繼續集中精力在那裡。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

I guess, along the same lines of the last question, Dan, you took up your acquisition guidance. Maybe talk about broadly the opportunities you are seeing on the transaction side. Anything you can provide on pricing and even from an underwriting standpoint, like what are you underwriting for occupancy and rent growth over the next few years given the tariff uncertainty, et cetera?

我想，與上一個問題類似，丹，你提出了收購指導。也許可以廣泛地談論一下您在交易方面看到的機會。您能否從定價甚至承保的角度提供任何信息，例如，考慮到關稅不確定性等，您對未來幾年的入住率和租金增長的承保是多少？

What's been interesting is just how resilient the overall transaction market has been especially since April 2. There's a lot of capital that was sitting on the sidelines. It's out there very active right now. chasing right down the fairway, high-quality, well-located assets with a higher Walt than people were looking for over the last couple of years.

有趣的是，整體交易市場表現出了多麼強的彈性，尤其是自 4 月 2 日以來。有很多資本處於觀望狀態。現在那裡非常活躍。追逐球道上的高品質、位置優越的資產，其沃爾特比人們過去幾年所尋找的要高。

So what we've been focusing on really is more value add acquisitions. We're not interested in chasing those core returns down into the low 7s, which is where we're seeing them today. We're -- our teams are turning over opportunities, 150, 200 basis points better than that. whether it be a broken development or just some vacancy and -- but certainly not as many opportunities as I would hope for. Our focus on the deployment front is really, like I said earlier, it's data centers it's build-to-suit and then some spec where the market fundamentals make sense.

因此，我們真正關注的是更多增值的收購。我們對追逐核心回報率至 7% 以下不感興趣，而目前我們只看到 7% 以下。我們 - 我們的團隊正在轉換機會，比這好 150 到 200 個基點。無論是破損的開發項目還是一些空缺 - 但肯定沒有我希望的那麼多機會。正如我之前所說，我們在部署方面的重點實際上是資料中心的客製化建設，然後是一些符合市場基本面的規格。

Yeah. The only other thing I would add to what Dan said is that in Europe, returns are in the low-6s actually. So that market is even more expensive than the US market IRRs.

是的。對於丹所說，我唯一想補充的是，在歐洲，回報率實際上在 6% 以下。因此該市場甚至比美國市場 IRR 還要昂貴。

Vince Tibone, Green Street.

文斯提博內 (Vince Tibone)，綠街。

Cash same-store guidance implies growth will decelerate to about 3.5% in the back half versus mid-5% growth in the first half. Can you just discuss what's driving that deceleration just given spread and occupancy trends are pretty solid. And it seemed to -- the building blocks continue to imply growth would be stronger than 3.5% in the back half. Like I guess what's the kind of what's the headwind in the back half? Can you just kind of provide any color there would be helpful.

現金同店銷售指引意味著下半年銷售成長將放緩至 3.5% 左右，而上半年銷售額成長將達到 5% 左右。鑑於傳播和入住率趨勢相當穩固，您能否討論一下導致這種減速的原因是什麼？看起來——基本面繼續暗示下半年經濟成長將高於 3.5%。就像我猜想後半段的逆風是什麼樣的？您能否提供任何有幫助的顏色？

Yeah, Vince, it's really about comps in the end. One note before getting into that detail is while rent change remains very strong, if you look back at the levels of rent changes that we've had in the last two or three years, is coming in at a lower amount. So those contributions to same-store growth will normalize, let's call it.

是的，文斯，最終這確實與補償有關。在詳細介紹之前需要注意的是，雖然租金變化仍然非常強勁，但如果你回顧一下過去兩三年的租金變化水平，你會發現變化幅度較低。因此，這些對同店成長的貢獻將會正常化，我們這麼說吧。

But more specifically, the back half of this year, we'll have more of an occupancy drag compared to '24 than the first half did. We also have some onetime items scattered around the back half, which deal with unfavorable comps where we had some strong onetime income in '24 that won't be repeating this year there's recovery and noise in there.

但更具體地說，與 24 年相比，今年下半年的入住率下降幅度將大於上半年。我們在後半部分還有一些一次性項目，這些項目與不利的比較有關，我們在 24 年有一些強勁的一次性收入，但今年不會重複，其中有復甦和噪音。

So it's actually a reason I would encourage you -- I understand the analysis you performed, but you do need to widen out to a full year, most times to get a full picture, and I would point you to our guidance there.

所以這其實是我鼓勵你的一個原因——我理解你所做的分析，但你確實需要擴大到一整年，大多數時候才能獲得完整的畫面，我會向你指出我們的指導。

Yeah. The other thing that's going on is that we've put away a lot of the uncertainty in the second half. So we already know the answer to those questions for second half deals. And obviously, there's a lot of mark-to-market to a lot of these deals that drives same-store NOI, but most of those have been captured or locked in for this year, bigger portion of the second half then obviously at the beginning of the year for the first half. So that's another dynamic.

是的。正在發生的另一件事是，我們在下半年消除了許多不確定性。所以我們已經知道了下半場交易這些問題的答案。顯然，許多交易都採用了以市價計價的方式，從而推動了同店淨利潤的增長，但其中大部分交易都已在今年完成或鎖定，下半年的份額顯然比年初的上半年更大。這是另一種動態。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Hamid, your commentary on market vacancy was helpful. In terms of your portfolio, Asia occupancy was up quarter-to-quarter, but the other regions were down. Can you update us on your expectations for a second half inflection occupancy and any considerations for the specific regions?

哈米德，你對市場空置的評論很有幫助。就您的投資組合而言，亞洲入住率較上季上升，但其他地區的入住率下降。您能否向我們介紹一下下半年入住率的預期以及對特定地區的考慮？

Well, China is definitely, I think, past bottom and it's getting better. And yes, the numbers there can move around a lot because of occupancy I don't actually know exactly what it is with probably has a high-8, low-9 depending on market you look at. So there is the biggest opportunity for pickup there, and it's been in the dumps for the last three years. And Japan is much more stable and predictable.

我認為，中國肯定已經走出谷底，而且正在好轉。是的，那裡的數字可能會因為入住率而發生很大變化，我實際上並不知道具體數字是多少，可能是高 8，低 9，這取決於你所關注的市場。因此，那裡存在著最大的復甦機會，但過去三年來，那裡一直處於低迷狀態。而日本則更穩定和可預測。

But China has moved down quite a bit. The point is the China numbers don't actually move our numbers because of our share. But that market, I'm feeling better about.

但中國已經下降不少了。關鍵在於，中國的數據實際上並沒有因為我們的份額而改變我們的數據。但我對那個市場感覺更好。

Yeah. Hamid's point I'll just pile on is also the same point that it's small is also a reason that its occupancy can appear a bit more volatile, and we've had some good success this last quarter, getting chunks of the portfolio leased up, and that describes its increase.

是的。我要補充的是哈米德的觀點，即它的規模較小也是其入住率看起來更不穩定的原因，我們在上個季度取得了一些成功，將大部分投資組合租出去了，這說明了它的增長。

Jon Petersen, Jefferies.

喬恩彼得森，傑富瑞。

Maybe a slightly different topic here. But as we see more automation in warehouses, I understand that this requires more power than legacy warehouse use cases. So can you talk about how prevalent those higher power demands are in just space demand today and how you guys are managing it in this power constrained environment, as you guys know from your data center business?

這裡的主題可能略有不同。但隨著我們看到倉庫自動化程度越來越高，我明白這需要比傳統倉庫用例更多的電力。那麼，您能否談談這些更高的功率需求在當今的空間需求中有多普遍，以及您如何在這種功率受限的環境中管理它，正如您從資料中心業務中了解到的那樣？

Well, the number that I carry around in my head, it's approximately correct, is that it's the power demands of a regular warehouse, not a temperature-controlled warehouse or about 5 kilowatt hours per square foot. And we think with full automation and EV charging of worklists and maybe some light trucks, over time, that can get to 25. So that's a pretty significant 5x type of increase.

嗯，我腦子裡想的數字大致正確，它是普通倉庫的電力需求，而不是溫控倉庫或每平方英尺約 5 千瓦時。我們認為，隨著工作清單和一些輕型卡車的全面自動化和電動車充電，隨著時間的推移，這個數字可以達到 25。所以這是一個相當顯著的 5 倍增長。

Everybody talks about data centers being an issue as demand on the load of the system, but automation, as you point out, is going to be also a very big driver. And yeah, I know the EV business has kind of slowed these days and policy has changed quite a bit.

每個人都在談論資料中心作為系統負載需求的一個問題，但正如你所指出的，自動化也將成為非常重要的驅動因素。是的，我知道電動車業務最近有所放緩，政策也發生了很大變化。

But look at the rest of the world. That business is growing very rapidly everywhere else, just not here because of policy. So that's a third leg of that demand driver if you will. So I think everything points to the price of electricity going up and the utilization of electricity increasing in pretty much everything.

但看看世界其他地方。這種業務在其他地方發展非常迅速，但由於政策原因，在這裡卻沒有發展。如果你願意的話，這就是需求驅動因素的第三支柱。所以我認為一切都表明電價將上漲，而且幾乎所有領域的電力利用率都將增加。

And maybe I'll pile on here. We're way in front of this we've actually launched a new behind the meter energy generation solution. This is actually stemming from the expertise that we've gained through this mobility business with microgrids actually. So this is not a revenue-generating business yet. We've got a big pipeline, and it's a very strategic growth area for us.

也許我會在這裡繼續討論。我們在這方面走在了前面，實際上我們已經推出了一種新的電錶後能源發電解決方案。這其實源自於我們透過微電網移動業務所獲得的專業知識。所以這還不是一個能產生收入的業務。我們擁有龐大的管道，這對我們來說是一個非常具有戰略意義的成長領域。

It's really bridging the gap as the utility continues to struggle through exactly what Hamid just described here, which is keeping up with the demand for both logistics and data centers.

它確實彌補了差距，因為公用事業公司仍在努力應對哈米德剛才所描述的情況，即滿足物流和資料中心的需求。

Nicholas Yulico, Scotiabank.

加拿大豐業銀行的 Nicholas Yulico。

This is Greg McGinniss on with Nick. We're just hoping to dig a bit more into the source of demand that you're seeing. Who are the end users right now? How does that compare to the last few years of demand? And on the build-to-suit side, that a similar makeup of tenant demand? And why do you think they're choosing build-to-suit over currently vacant space?

這是格雷格·麥金尼斯 (Greg McGinniss) 和尼克 (Nick)。我們只是希望更深入地了解您所看到的需求來源。現在的最終用戶是誰？與過去幾年的需求相比如何？在客製化建造方面，租戶需求的組成是否類似？您認為他們為什麼選擇客製化建造而不是使用現有的空置空間？

It's Chris. I'll jump in. I think Dan will have some remarks as well. As I look across customers that are active, the hallmark here is diversity. There are a couple of categories we've been talking about that though are part of this demand growth is demand acceleration, things we've been talking about, like basic daily needs, I think food and beverage.

是克里斯。我會跳進去。我認為丹也會發表一些評論。當我觀察活躍的客戶時，我發現他們的標誌是多樣性。我們一直在談論的幾個類別是需求成長的一部分，也是需求加速的一部分，我們一直在談論的事情，例如基本日常需求，我認為是食物和飲料。

We've also been talking about the importance of e-commerce and the retailers taking share. And then we are seeing increased incidents of sort of light manufacturing, light assembly requirements. Those are the sort of obvious drivers we've been talking about in the past. Less obvious, we've had very active dialogue in leasing with auto customers, which might surprise you.

我們也一直在談論電子商務和零售商的市場份額的重要性。然後，我們看到輕型製造、輕型組裝要求的事件不斷增加。這些都是我們過去一直在談論的明顯的驅動因素。不太明顯的是，我們在租賃方面與汽車客戶進行了非常積極的對話，這可能會讓您感到驚訝。

It's more on the spare parts or the replacement parts and tire side of the business as consumers maintain aging vehicle fleet. And then I already discussed looking at different companies, the 3PL component is beginning to work or has begun to work through that spare capacity and is beginning to need more space.

由於消費者維護老化的車隊，因此業務更集中在備件或替換零件和輪胎方面。然後我已經討論過觀察不同的公司，3PL 組件開始工作或已經開始透過閒置產能工作並開始需要更多空間。

And as to the makeup of the build-to-suit pipeline and what we've signed this year, these are large customers. These are Fortune 500 customers that can see through the short-term noise and they're making long-term decisions. The buildings themselves are actually all pretty big.

至於定制管道的組成以及我們今年簽署的協議，這些都是大客戶。這些財富 500 強客戶能夠看透短期噪音並做出長期決策。這些建築物本身其實相當大。

We're seeing them really focus on large buildings, even 1 million, 1.5 million-plus and there's not a lot of spec sitting out of the market for buildings of that size. And then, of course, it becomes locational -- there may be vacancy in one side of the country, and they need to be in other locations. So we're finding our 14,000 acres of land that we under control is a differentiator for us there. And we're capitalizing and taking more than our fair share.

我們看到他們確實專注於大型建築，甚至是 100 萬、150 萬以上的建築，而且市場上沒有太多適合這種規模建築的規格。然後，當然，它與地點有關了——該國的某一邊可能有空缺，他們需要在其他地方。因此，我們發現，我們控制的 14,000 英畝土地對我們來說是一個差異化因素。我們正在利用這些資源並獲得超出我們應得份額的利益。

AJ Peak, KeyBanc Capital Markets Inc.

AJ Peak，KeyBanc Capital Markets Inc.

It's Todd with AJ. A question for you, Tim. You mentioned that absorption was 28 million square feet in the quarter. I think that compared to 21 million square feet in the first quarter, so 49 million so far in the first half. Do you have an updated view for the full year? And then, Dan, on the 3PL, can you provide a little bit more detail about 3PL leasing activity in the quarter and comment how you see leasing demand trending for 3PLs going forward in the near term?

是 Todd 和 AJ。問你一個問題，提姆。您提到本季的吸收量為 2800 萬平方英尺。我認為，與第一季的 2,100 萬平方英尺相比，上半年迄今的銷售額為 4,900 萬平方英尺。您對全年有什麼最新的看法嗎？然後，Dan，關於 3PL，您能否提供一些有關本季 3PL 租賃活動的更多細節，並評論一下您如何看待近期 3PL 租賃需求的趨勢？

You've got your numbers right. So year-to-date net absorption is 49 million square feet. Let's pause and reflect. That's a really good result given the uncertainty that's played through the marketplace over the last six months. Now as we talked about in the back half of the year, it's prudent to monitor that uncertainty, that macro caution. And so I think full year numbers should land in the 75 million to 100 million square feet range.

你的數字是正確的。因此，今年迄今的淨吸收量為 4,900 萬平方英尺。讓我們停下來思考一下。考慮到過去六個月市場存在的不確定性，這是一個非常好的結果。正如我們在下半年所討論的那樣，謹慎地監控這種不確定性和宏觀謹慎是必要的。因此我認為全年數字應該在 7500 萬至 1 億平方英尺的範圍內。

Yeah. Then on the 3PL front, we are hearing from our customers, and we're seeing it in the pipeline that they're making their way through the pay space and looking for incremental space. We're seeing this mostly from the larger 3PLs, many of them are unphased by all the noise in the macro picture.

是的。然後在 3PL 方面，我們聽到了客戶的聲音，我們在頻道中看到他們正在透過付費空間尋找增量空間。我們主要從較大的第三方物流公司 (3PL) 看到這種情況，其中許多公司並未受到宏觀圖景中的所有噪音的影響。

But we're definitely hearing the confidence, and we're seeing that pipeline grow. 3PLs accounted for about a third of our leasing in the second quarter, which is slightly down from the prior two quarters, but those were two quarters in a row of records.

但我們確實聽到了信心，我們看到了頻道的成長。第三方物流約占我們第二季租賃業務的三分之一，較前兩季略有下降，但這是連續兩季創下的紀錄。

John Kim, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John Kim。

I was wondering if there were any changes to terms of leases signed in the second quarter since Liberation Day in terms of annual escalators or TI free rent. We haven't noticed much on commencements, which was disclosed, but other than turn may be coming down a bit. And also wanted to see if you had any commentary on the $28 million of termination income and whether or not you expect more in the second half of the year.

我想知道解放日以來第二季簽署的租約條款在年度自動扶梯或 TI 免租金方面是否有任何變化。我們沒有註意到有關開工率的太多信息，但除了轉彎以外可能會有所下降。並且還想看看您對 2800 萬美元的終止收入有何評論，以及您是否預計下半年會有更多收入。

Sure. With regard to terms, I mean, if you see the lease terms provided in the supplemental, you'll see a lower number there in the context of months. That's mostly a reflection of mix because if you look above there, you'll see a lighter volume of development leasing in there. I haven't seen anything abnormal develop with regard to overall lease term length. We've been saying that concessions are normalizing, which does continue, and you also see that reflected in the materials this morning.

當然。關於條款，我的意思是，如果您查看補充資料中提供的租賃條款，您會看到月份的數字較低。這主要反映了混合情況，因為如果你看上面，你會發現那裡的開發租賃量較少。我沒有發現整體租賃期限有任何異常情況。我們一直在說，讓步正在正常化，這種情況確實在繼續，你也可以在今天早上的材料中看到這一點。

With regard to the lease termination fee income, we typically have on the order of $5 million to $10 million of such income in any quarter. This quarter was a little bit higher. I would remind you, as you're looking at an item like that, you're seeing one side of it. What you don't see is there's resulting vacancy clearly, which winds up impacting the balance of the year that those kinds of knock-on effects are all reflected in our guidance. So that was an unusually high item in the quarter.

關於租賃終止費用收入，我們通常每個季度都有大約 500 萬至 1000 萬美元的收入。本季略高一些。我要提醒你，當你看著這樣的物品時，你看到的只是它的一面。您看不到的是，這顯然會導致空缺，最終會影響全年的平衡，這些連鎖反應都反映在我們的指導中。因此，這是本季異常高的項目。

It was forecasted and contemplated in our previous guidance. And so everything with regard to same-store and earnings, we'll be in good shape for the balance of the year.

我們在先前的指導中已經預測並考慮到了這一點。因此，就同店銷售額和盈利而言，我們今年的餘額將處於良好狀態。

Yeah. And those payments are exactly what I was talking about in comparison to any downtime that we may experience through tenant defaults and all that. So that number, unlike other cycles, I think it's going to continue to be positive in a good plan.

是的。與我們可能因租戶違約等原因而經歷的任何停工期相比，這些付款正是我所說的。因此，與其他週期不同，我認為在一個好的計劃中，這個數字將繼續保持正值。

Jamie Feldman, Wells Fargo.

富國銀行的傑米·費爾德曼。

Hamid, you listed a long list of fears, prior fears over the last 18 months or so that have gone away -- as you talk to your -- as everyone talks to their clients today, economists are calling for a much better -- what do you think the key overhangs are on decision-making and just people getting more aggressive?

哈米德，您列舉了一長串的擔憂，過去 18 個月左右出現的擔憂現在已經消失——正如您今天與您的客戶交談時所說——正如每個人今天與他們的客戶交談時所說，經濟學家們都在呼籲更好的——您認為決策過程中面臨的主要問題是什麼，人們是否會變得更加激進？

You had mentioned kind of the dam and water building up behind the dam. So what do you think the overhangs are that need to go away or that people are optimistic about in terms of much better times ahead and leasing more space and growth?

您曾提到大壩和大壩後面的積水。那麼，您認為需要消除哪些問題，或者人們對未來更好的前景以及租賃更多空間和成長持樂觀態度嗎？

I think if you have people that are pulling the trigger on big capital improvement or capital expenditures, they're going to take comfort by seeing other people make the same decisions. So people want to be in company, just like investors want to beat the index, people want to be in good company.

我認為，如果有人決定進行大規模資本改善或資本支出，那麼看到其他人做出相同的決定，他們會感到欣慰。所以人們想要加入公司，就像投資人想要跑贏指數一樣，人們想要加入好的公司。

So I think that dynamic will shift from being very conservative to be much more aggressive. I think there's still a degree of worry out there as to are we in an inflationary environment or are we not? The tariffs would argue that you're in an inflationary economy, but the numbers haven't come through that way. There's a lot of confusion right now.

因此我認為這種動態將從非常保守轉變為更加激進。我認為人們仍然有一定程度的擔憂，我們是否處於通膨環境？關稅可能會顯示你正處於通貨膨脹的經濟中，但數據並非如此。現在有很多混亂的情況。

That's why I think it is nearly impossible to predict things quarters in advance. I know you want us to, but it's kind of hard to do it. And anything I should tell you should ignore anyway. So -- but I'm feeling really good about the long-term prospects of the business.

這就是為什麼我認為提前幾季預測事情幾乎是不可能的。我知道你希望我們這麼做，但這有點難。無論如何，我應該告訴你的任何事情你都應該忽略。所以——但我對業務的長期前景感到非常樂觀。

So that brings us to the end of the call. I just want to acknowledge our teams globally for the focus throughout the quarter in delivering such solid results. Thank you all for joining the call today, and we'll talk to you all very soon.

本次通話到此結束。我只想感謝我們全球的團隊在整個季度的專注，並取得如此堅實的業績。感謝大家今天參加電話會議，我們很快會與大家交談。

Thank you. And this does conclude today's conference, and you may disconnect your lines at this time. We thank you for your participation. You may now disconnect your lines.

謝謝。今天的會議到此結束，大家可以斷開連線了。我們感謝您的參與。現在您可以斷開線路了。