Prologis Inc (PLD) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Prologis third-quarter 2025 earnings conference call.

您好，歡迎參加普洛斯 2025 年第三季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Justin Meng, Senior Vice President, Head of Investor Relations. Thank you. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向大家介紹主持人、資深副總裁兼投資者關係主管孟宏偉。謝謝。你可以開始了。

Thanks, Jamali, and good morning, everyone. Welcome to our third 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，賈瑪利，大家早安。歡迎參加我們的 2025 年第三季財報電話會議。補充文件可在我們的網站 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.

前瞻性陳述並非績效保證，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 third 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. 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.

此外，我們的第三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，我們提供了這些指標的對帳。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；以及董事總經理 Chris Caton 今天也將與我們在一起。

With that, I will hand the call over to Tim.

說完這些，我就把電話交給提姆。

Thanks, Justin. Good morning, and thank you for joining our call.

謝謝，賈斯汀。早安，感謝您參加我們的電話會議。

The third quarter marked another period of solid execution with many encouraging signs across our business. We had a record quarter for leasing with signings of nearly 62 million square feet, an uptick in portfolio occupancy and another very strong quarter in rent change.

第三季標誌著我們業務又一個穩健執行的時期，出現了許多令人鼓舞的跡象。本季我們的租賃簽約面積創歷史新高，接近 6,200 萬平方英尺，投資組合入住率上升，租金變動也再創佳績。

We see a more positive tone across the platform with strengthening customer sentiment, improved leasing velocity and continued success in build-to-suit activity, which taken together suggest the market has found its footing and the stage is set for an inflection in occupancy and rent. Momentum also extended to our data center business. This quarter, we moved another 1.5 gigawatts of additional capacity to our advanced stages.

我們看到整個平台的氣氛更加積極，客戶情緒增強，租賃速度提高，定制建造活動繼續取得成功，這些都表明市場已經站穩腳跟，入住率和租金的拐點已經到來。這一勢頭也延伸到了我們的資料中心業務。本季度，我們又將 1.5 千兆瓦的額外容量轉移到了後期階段。

Now with 5.2 gigawatts of power, either secured or in this advanced stage, Prologis is one of the largest owners of utility Fed power available for data centers. Translating this to dollars would amount to $15 billion of investment as Powered Shell and as much as 4 times that is delivered in a turnkey format.

目前，普洛斯已擁有 5.2 千兆瓦的電力（無論是已獲得保障的還是處於後期階段的），是資料中心可用的公用事業聯邦電力的最大所有者之一。以美元計算，Powered Shell 的投資金額將達到 150 億美元，而以統包方式交付的投資金額將是該金額的 4 倍。

For this reason, we have begun the exploration of additional capitalization strategies to fully capture the opportunity. Our ability to combine real estate, power access, customer relationships and capital provides the foundation for one of the most significant value creation opportunities in our history, and we are well positioned and laser-focused on its execution.

為此，我們已開始探索額外的資本化策略，以充分抓住機會。我們將房地產、電力、客戶關係和資本結合起來，為我們歷史上最重要的價值創造機會之一奠定了基礎，並且我們已做好充分準備並全心全意地專注於它的執行。

With that as a backdrop, let's turn to our results. Core FFO, including net promote expense was $1.49 per share, and excluding net promotes was $1.50 per share, each ahead of our forecast. As noted, we had a record leasing quarter supported by a clear pickup in new leasing, which had been below historical levels for some time but is now rounding out the picture together with healthy renewal activity and heightened build-to-suit demand.

以此為背景，讓我們來看看我們的結果。核心 FFO（包括淨促銷費用）為每股 1.49 美元，不包括淨促銷費用則為每股 1.50 美元，均高於我們的預測。如上所述，我們迎來了創紀錄的租賃季度，這得益於新租賃的明顯回升，儘管一段時間以來，新租賃一直低於歷史水平，但現在，隨著健康的續約活動和定制建設需求的增加，租賃形勢正在逐漸好轉。

As a result, occupancy grew over the quarter to 95.3%, an increase of 20 basis points, in (inaudible) to quality persists to our curated portfolio and platform, evidenced by our 290 basis points of outperformance in the U.S. Rent change during the quarter was 49% on a net effective basis and 29% on cash highlighting the durability of our lease mark-to-market, which will provide meaningful rent change over the coming years even at spot rents.

結果，入住率在本季度增長至 95.3%，增加了 20 個基點，（聽不清楚）品質持續存在於我們精心策劃的投資組合和平台中，這從我們在美國 290 個基點的優異表現中可見一斑。本季租金變動以淨有效基礎計算為 49%，以現金計算為 29%，突顯了我們的租賃以市價計價的持久性，即使以現貨租金計算，這也將在未來幾年帶來有意義的租金變動。

The lease mark-to-market ended September at 19%, which reflects the capture of another $75 million of NOI and during the quarter and a further $900 million of NOI as leases roll. Putting it all together, net effective and cash same-store growth during the quarter were 3.9% and 5.2%, respectively. In terms of capital deployment, we had a lighter quarter of development starts with expectations for a strong fourth quarter due to the specific timing of transactions.

截至 9 月底，租賃按市價計價的比率為 19%，這反映了本季又獲得了 7,500 萬美元的 NOI，隨著租賃的滾動，又獲得了 9 億美元的 NOI。綜合來看，本季淨有效同店銷售額及現金同店銷售額成長率分別為 3.9% 及 5.2%。在資本配置方面，由於交易的特定時間，我們本季的開發啟動較少，預計第四季將表現強勁。

Two-thirds of our volume in the fourth quarter -- in the third quarter was in build-to-suits with large global customers, many of whom rank in our top 25. We signed an additional 9 build-to-suits this quarter, driving the total to 21 so far for the year and amounting to $1.6 billion of total expected investment.

第四季（第三季）我們三分之二的銷量是為全球大型客戶量身定制的，其中許多客戶都位列我們的前 25 名。本季我們又簽署了 9 份客製化項目，使今年迄今的客製化項目總數達到 21 份，預計總投資額為 16 億美元。

Beyond that, this pipeline continues to grow with dozens of viable deals on PLD owned land and outcome of our close customer relationships and strategic land bank. We expect build-to-suits will represent over half of our development volume for the full year.

除此之外，隨著 PLD 所擁有的土地上數十項可行交易的達成以及我們與客戶建立密切關係和進行戰略性土地儲備的成果，這一渠道還在不斷擴大。我們預計客製化建築將占我們全年開發量的一半以上。

Finally, our Energy business delivered 28 megawatts of solar generation and storage in the quarter with 825 megawatts of current capacity, we are on track to deliver on our 1 gigawatt goal by year-end. Interest from customers remains robust against the backdrop of increasing energy prices and forecasted shortages in power. We continue to integrate our solar storage and off-grade energy solutions with our real estate another example of how Prologis continues to evolve with and for our customers.

最後，我們的能源業務在本季度實現了 28 兆瓦的太陽能發電和儲能，目前的容量為 825 兆瓦，我們預計在年底前實現 1 千兆瓦的目標。在能源價格上漲和預計電力短缺的背景下，客戶的興趣仍然濃厚。我們繼續將太陽能儲存和非標準能源解決方案與我們的房地產相結合，這是普洛斯如何與客戶共同發展並為其服務的另一個例子。

On the balance sheet, we closed on $2.3 billion in financing activity across the REIT and funds, which included a very successful EUR1 billion raise at 3.5%. Our global access to capital remains one of the defining strengths of our franchise with an in-place cost of debt at just 3.2% and more than eight years of average remaining life. In our strategic capital business, we had modest net inflows for the quarter across our open-ended funds as investors begin to reengage following several uneven quarters.

在資產負債表上，我們完成了 23 億美元的房地產投資信託基金和基金融資活動，其中包括以 3.5% 的利率成功籌集 10 億歐元。我們的全球資本取得能力仍然是我們特許經營的決定性優勢之一，現有債務成本僅為 3.2%，平均剩餘壽命超過八年。在我們的策略資本業務中，由於投資者在經歷了幾個不平衡的季度後開始重新參與，本季我們的開放式基金淨流入量適中。

But at the same time, we're excited by our progress on new vehicles that are drawing strong interest and position us well for the next phase of growth in this business. We look forward to sharing more on this in the fourth quarter.

但同時，我們對新車研發的進展感到興奮，這些新車引起了人們的強烈興趣，並為我們在該業務的下一階段增長做好了準備。我們期待在第四季度分享更多相關資訊。

Turning to our customers. Sentiment is clearly better as informed by our day-to-day discussions across the globe as well as in focused strategic dialogue like that in our Customer Advisory Board held late last month. Beyond improved decision-making, larger occupiers are pursuing reconfiguration and consolidation strategies with a shift toward network optimization rather than contraction. In keeping with the typical real estate cycle, we'd expect smaller and medium-sized enterprises to follow suit. And out of interest, e-commerce penetration, now 24% of U.S.

轉向我們的客戶。從我們在全球範圍內的日常討論以及上個月底舉行的客戶顧問委員會的重點戰略對話可以看出，情緒明顯好轉。除了改進決策之外，大型佔用者還在推行重新配置和整合策略，轉向網路優化而不是收縮。按照典型的房地產週期，我們預期中小型企業也會跟進。有趣的是，電子商務滲透率目前已達到美國的 24%。

retail sales has expanded since COVID and continues its march higher as meaningful and secular driver of demand with 52 unique names transacting this quarter.

自 COVID 以來，零售額一直在擴大，並繼續走高，成為需求的有意義和長期驅動力，本季有 52 個獨特名稱進行交易。

In terms of operating conditions, overall, we see demand improving. Occupancy has formed a base and rents are progressing through their bottoming process. In our U.S. markets, we estimate 47 million square feet of absorption for the third quarter, holding market vacancy steady at 7.5%, where we expect it to top out. Meanwhile, the supply picture remains favorable as the construction pipeline depletes and starts are below pre-COVID levels.

從經營狀況來看，整體來看，需求正在改善。入住率已形成基礎，租金正在觸底。在我們的美國市場，我們估計第三季的吸收量為 4,700 萬平方英尺，市場空置率穩定在 7.5%，我們預計它將達到最高水準。同時，由於建築庫存減少且開工率低於疫情前的水平，供應情況依然良好。

Market rent declines have been slowing just over 1% this quarter, also evidencing the market shift. Our strongest markets in the US continue to be across the Southeast and Texas with solid absorption in Houston, Dallas and Atlanta. The tone in Southern California is also improving. Although rents remain soft, leasing activity has turned up, both in LA and the Inland Empire.

本季市場租金下降幅度略低於 1%，這也證明了市場的轉變。我們在美國最強大的市場仍然是東南部和德克薩斯州，其中休士頓、達拉斯和亞特蘭大的吸收量十分強勁。南加州的氣氛也在改善。儘管租金仍然疲軟，但洛杉磯和內陸帝國的租賃活動已經回升。

Consistent with our prior view, we expect SoCal to lag the broader inflection in operating conditions in the near term, but outperform over the long term. Our platforms outside of the U.S. are certainly a bright spot. Latin America, again delivered excellent results, where Brazil and Mexico together, have been providing the highest same-store growth in our portfolio, Europe has maintained higher occupancy and more moderate rent decline relative to the U.S., and our Japan portfolio maintains its track record of exceptional occupancy overcoming the higher market supply of recent years. With real estate in 20 countries across the world's most dynamic markets, our global scale continues to serve customers and the benefits of this diversification is evident in our performance.

與我們先前的觀點一致，我們預計南加州在短期內將落後於更廣泛的經營狀況變化，但從長期來看將表現出色。我們在美國以外的平台無疑是一個亮點。拉丁美洲再次取得了優異的成績，其中巴西和墨西哥在我們的投資組合中提供了最高的同店增長率，歐洲保持了較高的入住率，且租金相對於美國下降幅度較小，而我們的日本投資組合在近年來市場供應增加的情況下，仍保持了卓越的入住率記錄。我們的房地產業務遍佈全球最具活力的市場 20 個國家，我們憑藉全球規模持續為客戶提供服務，而這種多元化的優勢已在我們的業績中得到充分體現。

Finally, on data centers, demand for our product has been exceptional. Every megawatt we can deliver over the next three years is already in dialogue with customers. We're taking a deliberate and disciplined approach consistent with our build-to-suit strategy, and by staying close to customers and their evolving needs, we have strong conviction in the depth of our pipeline and look forward to announcing on a handful of starts in the coming quarters.

最後，在資料中心，對我們產品的需求非常大。我們在未來三年內能夠提供的每一兆瓦電力都已經與客戶進行了對話。我們採取一種符合我們客製化策略的深思熟慮和嚴謹的方法，透過密切關注客戶及其不斷變化的需求，我們對我們的產品線深度充滿信心，並期待在未來幾個季度宣布一些專案的啟動。

Turning to guidance. As we move into year-end. Average occupancy at our share is unchanged at the midpoint of 95% and rent change will average in the low 50s for the full year. The range for same-store NOI growth is increasing to 4.25% to 4.75% on a net effective basis and 4.75% to 5.25% on a cash basis. We are increasing our G&A guidance to a range of $460 million to $470 million and also increasing our strategic capital revenue guidance to a range of $580 million to $590 million.

轉向指導。隨著我們進入年底。我們所佔份額的平均入住率保持不變，為 95% 的中點，全年租金變化平均在 50% 出頭。同店淨營業利潤成長率範圍以淨有效基礎計算增加至 4.25% 至 4.75%，以現金基礎計算增加至 4.75% 至 5.25%。我們將 G&A 指導金額提高至 4.6 億美元至 4.7 億美元，並將戰略資本收入指導金額提高至 5.8 億美元至 5.9 億美元。

In capital deployment, we are increasing development starts at our share to a new range of $2.75 billion to $3.25 billion. And as a reminder, only previously announced data center starts are included in this guidance. We are also increasing our combined disposition and contribution guidance by $500 million to a range of $1.5 billion to $2.25 billion at our share.

在資本配置方面，我們將開發啟動資金份額提高到 27.5 億美元至 32.5 億美元的新範圍。提醒一下，本指南僅包含先前宣布的資料中心啟動內容。我們還將合併後的處置和貢獻指導金額提高 5 億美元，達到 15 億美元至 22.5 億美元的範圍。

In total, our guidance is for GAAP earnings to range between $3.40 and $3.50 per share. Core FFO, including net promote expense, will range between $5.78 and $5.81 per share, while core FFO excluding net promote expense will range between $5.83 and $5.86 per share, a $0.02 increase from our prior guidance.

總體而言，我們預計 GAAP 收益將在每股 3.40 美元至 3.50 美元之間。包括淨促銷費用在內的核心 FFO 將在每股 5.78 美元至 5.81 美元之間，而不包括淨促銷費用的核心 FFO 將在每股 5.83 美元至 5.86 美元之間，比我們之前的預期增加 0.02 美元。

To close, the outlook for Global Logistics is strong and the demand for data centers and distributed energy systems is robust, all of which underpins our confidence in the long term and absolutely unique opportunity for our business. Our focus remains on disciplined growth, operational excellence and leaning in on these long-term trends. These priorities have been central to Prologis since its founding and continue to shape every decision we make.

最後，全球物流前景強勁，對資料中心和分散式能源系統的需求強勁，所有這些都增強了我們對長期業務和絕對獨特機會的信心。我們的重點仍然是規範的成長、卓越的營運以及傾向於這些長期趨勢。自普洛斯成立以來，這些優先事項一直是其核心，並繼續影響我們所做的每一個決定。

And as we reflect on the leadership that built this company and the enduring culture that Hamid has created, we do so with a deep sense of commitment and continuity. The foundation of excellence is strong. The strategy is clear and the opportunities ahead are significant and unmatched.

當我們回顧建立這家公司的領導以及哈米德所創造的持久文化時，我們懷著深刻的承諾和延續感。卓越的基礎是堅實的。戰略明確，未來機會龐大且無與倫比。

Thank you, and I'm going to pass the call over to Dan to close out our prepared remarks before turning to Q&A.

謝謝，我將把電話轉給丹，讓他結束我們準備好的發言，然後再進入問答環節。

Thanks, Tim. Before we move to questions, I wanted to take a moment to recognize Hamid. Today marks his last earnings call as our CEO. This is his 112th call since we went public back in 1997. It's really hard to sum up everything he's accomplished in just a few words.

謝謝，蒂姆。在我們開始提問之前，我想花點時間來認識哈米德。今天是他作為我們執行長的最後一次財報電話會議。這是自 1997 年我們上市以來他的第 112 次電話會議。真的很難用幾句話來概括他所取得的成就。

We've all learned so much as part of the school of AMB and Prologis under his leadership and it's truly been a one-of-a-kind experience. Over more than four decades, Hamid has built something special, a company that leads our industry, sets the standard for innovation and puts people, culture and customers first. He's created a platform that's second to none, built on vision, courage and the ability to see around corners.

在他的領導下，我們在 AMB 和 Prologis 學校學到了很多東西，這確實是一次獨一無二的經歷。四十多年來，哈米德打造了一家特別的公司，引領產業發展，樹立創新標準，並將人、文化和客戶放在首位。他創造了一個無與倫比的平台，以遠見、勇氣和預見未來的能力為基礎。

For me, it's been a privilege to watch him lead, to see how he balances ambition with humility and how he pushes all of us to think bigger and move faster. Hamid, on behalf of all of us at Prologis, thank you for your leadership, your trust and for everything you've done to make Prologis what it is today.

對我來說，能夠看到他領導我感到很榮幸，能夠看到他如何平衡雄心與謙遜，以及他如何推動我們所有人有更廣闊的視野和更快的行動。哈米德，我代表普洛斯全體員工感謝您的領導、您的信任以及您為普洛斯取得今天的成就所做的一切。

You will likely never fully comprehend the impact you've had on the people in this room, this company or this industry over the last 42 years. We're all grateful and we're excited for what's ahead with you as Executive Chairman.

你可能永遠無法完全理解過去 42 年來你對這個房間裡的人們、這家公司或這個行業的影響。我們都很感激您，並且對您擔任執行主席的未來感到興奮。

With that, operator, we're ready for questions.

接線員，好了，我們已經準備好回答問題了。

(Operator Instructions) Jon Petersen, Jefferies.

（操作員指示）Jon Petersen，Jefferies。

Congrats on the quarter. Hard to tap Dan's commentary there about Hamid, thanks for all your honest commentary over the years. We really enjoyed starting earnings season with your call for the last 112, I guess I haven't been around for all 112, but for a lot of them.

恭喜本季。很難找到丹對哈米德的評論，感謝您多年來所有的誠實評論。我們非常高興在收益季開始時聽到您過去 112 次的電話會議，我想我沒有參加全部 112 次會議，但參加了其中的很多次。

If I could start with a question on data centers. Right at the top, you said you're exploring additional capitalization strategies. Can you talk more about what that might look like if you're looking at exploring -- establishing a fund to buy out properties upon completion or maybe more of a development fund or maybe just generally what your comfort level is on owning and operating data centers beyond development at this point?

如果我可以從一個關於資料中心的問題開始。最開始您說您正在探索額外的資本化策略。如果您正在考慮探索——建立一個基金來在完成後收購房產，或者更多的開發基金，或者只是一般來說，您對目前擁有和運營開發之外的數據中心的舒適度如何，您能否進一步談談這可能會是什麼樣子？

Thanks, Jon. Let me start and then maybe Tim will pile on here, but it might be helpful for me to just lay out what's going on in our data center business right now. We've talked a lot over the last couple of years about building an experienced and dedicated team from the industry. And we've been very successful in doing that, and we're going to continue to build that team into 2026. We also have really incredible operational synergies between our core business and this data center team with our procurement platform, you look at our distributed energy business now, just really significant synergies.

謝謝，喬恩。讓我先開始，然後也許蒂姆會在這裡補充，但對我而言，闡述一下我們資料中心業務目前的進展可能會有所幫助。過去幾年裡，我們多次討論如何從業內打造一支經驗豐富、敬業的團隊。我們在這方面非常成功，我們將繼續打造這支隊伍直到 2026 年。我們的核心業務和資料中心團隊與我們的採購平台之間也具有令人難以置信的營運協同效應，現在看看我們的分散式能源業務，協同效應確實非常顯著。

And then this pipeline that we have is huge. It's really significant. 1.4 gigawatts of power in its secured or under construction stage or the 3.8 gigawatts in the advanced stages. So really incredible what this team has done in a very short period of time. We are continuing with the same strategy we've been sharing along the way, which is build to suits with these hyperscalers. And it's really amazing just the active discussions and conversations and lease dialogue with these customers across our entire pipeline.

我們擁有的這個管道非常龐大。這確實意義重大。處於安全或建設階段的 1.4 千兆瓦電力或處於後期階段的 3.8 千兆瓦電力。這支團隊在如此短的時間內所取得的成就真是令人難以置信。我們將繼續沿用我們一直以來分享的相同策略，即為適應這些超大規模企業而建構。我們在整個管道中與這些客戶進行積極的討論、交談和租賃對話，這真是令人驚奇。

As Tim mentioned in the script, every megawatt we can deliver over the next three years is already accounted for in conversations. So we have a big tailwind behind us there. And then if you think about our land bank, our 14,000 acres of land that we own or control. You look at our 6,000 buildings in these infill locations and think about how well we are set up for not only the current wave of AI demand, but the next wave, which will be inference.

正如蒂姆在腳本中提到的那樣，我們在未來三年內所能提供的每一兆瓦電力都已經在對話中考慮。因此，我們擁有強大的順風優勢。然後如果你想想我們的土地儲備，我們擁有或控制的 14,000 英畝土地。看看我們在這些填充位置的 6,000 棟建築，想想我們不僅為當前一波人工智慧需求做好了充分的準備，而且還為下一波人工智慧需求做好了充分的準備，那就是推理。

So these are big numbers, and we have taken the next step of starting an exploration over what the universe of opportunities are, what is the art of the possible for us in the data center business and capitalization.

這些都是很大的數字，我們已經採取了下一步行動，開始探索機會的世界是什麼，以及我們在資料中心業務和資本化方面可能實現的藝術是什麼。

So we don't have any specifics to share with you now, but we hope to in the coming quarters.

因此，我們現在沒有任何具體資訊可以與您分享，但我們希望在接下來的幾個季度內與您分享。

And I will just pile on with one thought, Dan. It's just that in the interim. The balance sheet is obviously very capable of taking on a large volume of projects. We have almost $2 billion under construction in this last year or two, which we can easily grow given the scale and rating of the balance sheet.

我只想補充一點想法，丹。這只是暫時的。資產負債表顯然非常有能力承擔大量項目。在過去的一兩年裡，我們有近 20 億美元的建設資金，考慮到資產負債表的規模和評級，我們可以輕鬆增加這一金額。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Congratulations, Hamid. My question is on the net absorption during the period. I think Tim, you called out 47 million, which is a pretty material acceleration from the prior two quarters. So is there a way to think about how much of that was kind of pent-up demand from the uncertainty earlier in the year versus like what is kind of like the sustainable run rate? And then also just if you could talk a little bit about the cadence of leasing through the quarter so we can get a sense of if it's accelerating.

恭喜你，哈米德。我的問題是關於該期間的淨吸收量。我認為提姆，你所說的是 4700 萬，這比前兩個季度有了相當大的實質成長。那麼，有沒有辦法考慮一下，其中有多少是今年早些時候不確定性所導致的被壓抑的需求，有多少是可持續的運作率？另外，如果您能稍微談談本季的租賃節奏，我們就能了解它是否正在加速。

So yes, you're right. Net absorption, 47 million square feet. Yes, there's some catch-up there from the second quarter, parsing that -- parsing the market statistics is not something that we can do. We can look at our own leasing activity, and there's a clear turning point in demand. There's a clear move higher.

是的，你是對的。淨吸收量，4700萬平方英尺。是的，從第二季開始，情況有所好轉，但分析市場統計數據並不是我們能做到的。我們可以看看我們自己的租賃活動，需求有一個明顯的轉折點。有明顯的上漲趨勢。

And so some of it is catch up, but there's just a clear step higher. And this is revealed in a variety of things, including our pipeline, which remains full. And just for context, as you make an assessment of these numbers, now that we think roughly 60 million square feet is a normal velocity, a quarterly velocity for the demand to improve in the coming quarters.

因此，雖然有些方面我們有所進步，但還是有明顯的進步。這體現在很多事情上，包括我們的管道仍然滿載運轉。僅就背景而言，當您評估這些數字時，我們現在認為大約 6000 萬平方英尺是一個正常速度，是未來幾個季度需求改善的季度速度。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Dan, I echo many of the comments that you made about Hamid and really wish you luck moving forward. Maybe just following up on Michael's question about the supply and demand. As you look out over the next year or so, would it be your expectation that supply and demand are kind of largely in equilibrium? Or do you think there's still a little bit tilted more to supply outpacing demand. And I guess what are those expectations for market rent growth as you look out over the next 12 months?

丹，我同意你對哈米德的許多評論，並真心祝福你未來一切順利。也許只是跟進邁克爾關於供需的問題。展望未來一年左右，您是否預期供需將基本達到平衡？或者您認為供應仍然有點超過需求。我想問一下，您對未來 12 個月的市場租金成長有何預期？

Thanks, Steve. Let me start, and I'm going to pass it over to Chris. I think the way you need to think about this right now is that we're in a classic real estate cycle. Demand is strengthening and we're seeing these large customers make decisions. That's the real big early sign of a recovery. And as supply remains low, as Tim mentioned in the script, it's below pre-COVID levels. And with occupancy and rents bottoming out, that's a good sign for what's to come, but Chris, can give you some more specifics?

謝謝，史蒂夫。讓我開始吧，我將把它交給克里斯。我認為你現在需要考慮的是，我們正處於典型的房地產週期。需求正在增強，我們看到這些大客戶正在做出決定。這是經濟復甦的真正重要早期跡象。正如蒂姆在劇本中提到的那樣，由於供應量仍然很低，低於疫情之前的水平。隨著入住率和租金觸底，這對未來來說是一個好兆頭，但克里斯，可以給你更多細節嗎？

Yes, absolutely.

是的，絕對是。

So Steve, the key missing ingredient here was this new direction in demand that emerged over the third quarter. And -- so we had roughly 95 million square feet of net absorption year-to-date, and we think a full year number will be roughly 125 million square feet. So it's on a path of improvement that will emerge.

所以史蒂夫，這裡缺少的關鍵因素是第三季出現的新需求方向。因此，今年迄今我們的淨吸收量約為 9,500 萬平方英尺，我們認為全年淨吸收量將約為 1.25 億平方英尺。因此，它正在走上一條不斷改進的道路。

How that plays through in '26? We think vacancy rates are topping out around this level. And that's based on where the under construction pipeline stands today, which is 190 million square feet. And so we'll see deliveries decline into 2026, a lower hurdle for net absorption to begin to cause the market to tighten.

26 年的情況如何？我們認為空置率最高值將達到這一水準。這是基於目前在建管道的面積，即 1.9 億平方英尺。因此，我們將看到交付量在 2026 年下降，這是淨吸收量的較低門檻，將​​開始導致市場收緊。

And how demand comes through in the marketplace will be a product both of the pipeline we have today and the macro environment that emerges over the next 90 days and over the course of the year.

而市場需求如何體現，將取決於我們目前擁有的管道以及未來 90 天和全年出現的宏觀環境。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Congrats, Hamid, as well, very impressive. I guess my question was just you guys -- looks like you're calling for an inflection point here in occupancy, in rents and so forth. I just was hoping you could sort of double-click and talk about sort of the different tenant categories, what you're seeing on the ground and any sort of markets that are standing out like Southern California?

也祝賀哈米德，非常令人印象深刻。我想我的問題只是你們——看起來你們正在呼籲入住率、租金等出現一個轉折點。我只是希望您可以雙擊並談論不同的租戶類別、您在實地看到的情況以及任何像南加州這樣突出的市場？

Sure, it's Chris. So demand has clearly turned a corner. I hope you're hearing that and the market is an inflection point, an inflection period here. This comes from greater breadth and depth of our customer discussions and their willingness to make decisions. We're seeing it in leasing volumes, as we described, including better new leasing, which had been quieter and in our sustained elevated pipeline and lease proposals.

當然，是克里斯。因此需求顯然已經出現轉變。我希望你聽到了這一點，並且市場正處於一個轉折點，一個轉折期。這源自於我們與客戶討論的廣度和深度以及他們做出決策的意願。正如我們所描述的，我們在租賃量中看到了這一點，包括更好的新租賃（之前比較平靜）以及我們持續增加的管道和租賃提案。

As we look at market contours and the contours of our pipeline, I'd say it's substantially similar to the color we gave you 90 days ago. So there's good activity across early proposals and more mature negotiations in terms of both new and renewal activity and across a range of markets. The one area that stood out to us was still clear strength in the larger size categories.

當我們觀察市場輪廓和管道輪廓時，我想說它與我們 90 天前給您的顏色基本上相似。因此，早期提案的活動良好，而且在新活動和續約活動以及一系列市場方面，談判也更加成熟。對我們來說最突出的一個領域是較大尺寸類別的明顯優勢。

So that's clear above 0.5 million square feet, but it's also broadening down to, say, over 250,000 square feet. So there is a move higher. As Tim described, the strength of our business is international in nature. So let's not lose that point. It's really across all the geographies he named. And then in the United States, it's really in the Sun Belt.

因此，顯然面積超過 50 萬平方英尺，但也可以擴大到 25 萬平方英尺以上。因此，有一個上漲趨勢。正如蒂姆所描述的，我們業務的優勢在於國際性。所以我們不要忽視這一點。它確實遍布他所列舉的所有地理區域。而在美國，它實際上位於陽光地帶。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

It's Nick Joseph here with Craig. And just to echo everyone else, congrats Hamid and best of luck. Just going back to the data center kind of comments, I understand the value creation opportunity on the development side, but how are you thinking about the normalized growth rate of data centers versus industrial just from an owned perspective?

我是尼克·約瑟夫，和克雷格在一起。和大家一樣，我也向哈米德表示祝賀，祝他好運。回到資料中心的評論，我理解開發方面的價值創造機會，但從自有角度來看，您如何看待資料中心與產業的標準化成長率？

Well, I'll take the first part of that [at least]. I mean I think if you think about so far what we have been doing on the exit side of these assets, selling them and then we're contemplating a sell down, which will be maybe substantially the same thing.

好吧，我先說第一部分[至少]。我的意思是，如果你想想到目前為止我們在退出這些資產方面所做的事情，出售它們，然後我們正在考慮拋售，這可能基本上是同一件事。

The way we think about its contribution to the growth rate is really the reinvestment of that value creation back into the core business. If we think about that in our logistics development portfolio, just to give you a rule of thumb where we -- let's pick $5 billion as a run rate of development investment and logistics. That ought to contribute about 150 basis points of additional growth per annum.

我們看待其對成長率的貢獻的方式實際上是將價值創造重新投資於核心業務。如果我們在物流發展組合中考慮這一點，只是為了給你一個經驗法則 - 讓我們選擇 50 億美元作為開發投資和物流的運作率。這應該會為每年帶來約 150 個基點的額外成長。

So you could use that to benchmark a similar concept to the value creation you might expect will generate in this business.

因此，您可以使用它來對類似概念進行基準測試，以了解您可能期望在該業務中產生的價值創造。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

I guess, congrats, Hamid, on everything and given, it's your last call, I guess there's something you want to be able on the call. So I was wondering in the press release, you mentioned that you believe it's one of the most compelling setups for logistics, rent and occupancy in the past 40 years. I feel like we've talked about it a bunch, and everybody has talked about turning the quarter -- corner, but everybody likes to hear your view.

我想，哈米德，恭喜你一切順利，考慮到這是你的最後一次通話，我想你一定希望在通話中能夠實現一些事情。所以我想知道，在新聞稿中，您提到您認為這是過去 40 年來最引人注目的物流、租金和入住率設定之一。我覺得我們已經討論過很多次了，每個人都在談論如何扭轉局面，但每個人都想聽聽你的看法。

So wondering last quarter, you mentioned that market rents could happen in 2027. Wondering if that's still your view? And is it just, I guess, we think of like more details on that comment in the press release, is it a setup for 2027 as opposed to like something more near term? I feel like it peaked some interest. so wondering if you could discuss a little bit.

所以想知道上個季度您提到的市場租金可能會在 2027 年出現。想知道這是否仍然是您的觀點？我想，我們是否只想在新聞稿中對該評論進行更詳細的闡述，這是 2027 年的安排，而不是更短期的事情？我覺得它引起了一些興趣。所以想知道你是否可以討論一下。

Sure, Caitlin. Here's the way I look at all of these cycles, including recovery from the global financial crisis and other things. At the end of the day, it is the rate of return and replacement costs that drive long-term rents. So we have a bogey out there. I don't know whether it's six months out, one year out, or two years out, I really don't know.

當然，凱特琳。這是我看待所有這些週期的方式，包括全球金融危機後的復甦和其他事情。歸根結底，回報率和重置成本決定了長期租金。所以我們有一個忌諱。我不知道是六個月後，一年後，還是兩年後，我真的不知道。

But I know when the market stabilizes, it will stabilize at a much higher level than today's rents. So really, what you and we and everybody else has to handicap is what is the catch up slope from where we are today to that higher trend line, which is going to grow over time with inflation and all that.

但我知道，當市場穩定下來時，它會穩定在比今天的租金高得多的水平。所以實際上，你、我們和其他所有人需要關注的是，從我們現在的水平到更高趨勢線的追趕斜率是多少，而這個斜率會隨著時間的推移、通貨膨脹等因素而增長。

But that trend line is significantly above today's rents. We can argue how much -- and I think it's about 40% over in place. And probably 25% -- 20% to 25% above market rents today. But we can debate that. But depending on how long out you assume for that, it will affect your growth rate, but those growth rates will be really high.

但該趨勢線明顯高於今天的租金。我們可以爭論一下——我認為已經超過 40% 左右。可能比目前的市場租金高出 25%——20% 到 25%。但我們可以對此進行辯論。但這取決於你假設的時間有多長，它會影響你的成長率，但這些成長率會非常高。

And let's assume that it takes another quarter or two before we get on that trajectory doesn't matter because during a quarter or two, we leased relatively small amounts of space and those marginal differences in rent don't matter much. What ultimately matters to the earning power of this company, which I acknowledge, maybe past the window that you guys are most interested in or may not. That is what excites me about this business.

我們假設還需要一兩個季度才能走上這條軌跡，這並不重要，因為在這一兩個季度內，我們租賃的空間相對較少，租金的邊際差異並不重要。我承認，最終對這家公司的獲利能力至關重要的因素可能是你們最感興趣的，也可能不是。這就是這項事業令我興奮的地方。

Vikram Malhotra, Mizuho.

維克拉姆‧馬洛特拉 (Vikram Malhotra)，瑞穗。

Hamid, really going to miss you on these calls. Hopefully, we hear from you in some other shape or form. Hopefully, you -- perhaps you'll start a blog or a podcast, which will be helpful, but congratulations and wishing you all the best for your next move.

哈米德，我真的很想念你打來的這些電話。希望我們能以其他形式收到您的回覆。希望您——也許您會開設一個部落格或播客，這將會有所幫助，但還是要祝賀您，並祝您下一步一切順利。

Maybe just a quick -- I guess I want to clarify one thing. And then my question really is, you've talked a lot about bottoming. You said market vacancy is likely bottoming given Prologis typically outperforms? I'm sort of wondering what your view is on the direction of Prologis' occupancy into 4Q specifically and -- broadly next year and what that means for rent growth in Prologis' markets?

也許只是快速——我想我想澄清一件事。我的問題是，您已經談了很多關於觸底的問題。您說，鑑於普洛斯通常表現優異，市場空置率可能已經觸底？我想知道您對普洛斯明年第四季入住率走勢有何看法，這對普洛斯市場租金成長意味著什麼？

And then just to clarify, Hamid, you mentioned on Caitlin's question, I just wanted to get a bit more specific on the next year or so, the big opportunity you see, specifically is it more in vacancy? Is it more in rent growth? Or is there something else you're thinking about bigger picture in terms of the opportunity?

然後只是為了澄清一下，哈米德，你提到了凱特琳的問題，我只是想更具體地了解一下明年左右的情況，你看到的巨大機遇，具體來說，它更多的是空缺嗎？租金增長更多嗎？或者您正在從更大的角度考慮這個機會？

Vikram, I'll start. Good multipart question there, well done. On occupancy, you can unpack our average occupancy guidance. Obviously, it provides for a range of outcomes given just there being a quarter left. But look, I'm reasonably confident we're going to sustain around this level. It would be a consistent commentary with what we said about the market, and we'll be looking for opportunities to build from there going into 2026.

維克拉姆，我先開始。這是很好的多部分問題，做得很好。關於入住率，您可以了解我們的平均入住率指引。顯然，考慮到只剩下四分之一，它就提供了一系列結果。但是，我有信心我們會維持在這個水準。這與我們對市場的看法一致，我們將尋找機會，從那裡邁向 2026 年。

You asked about the market landscape. I think that was question two. And as it relates to the RIN forecast, Hamid described how hard it is to have an conviction at this point, at an inflection point. And so let's just level set market vacancy is 7.5% today. They're going to hang around this level for a little while for a couple of quarters, let's say, and improve through '26 -- later in '26.

您詢問了市場格局。我認為這是第二個問題。就 RIN 預測而言，哈米德描述了在目前這個轉折點上做出判斷有多麼困難。因此，我們可以將今天的市場空置率定為 7.5%。他們會在這個水平上停留幾個季度，然後在 26 年後期有所改善。

And that's going to be a product of the supply that's coming in the marketplace. By the way, development starts are 75% below peak and running 25% below pre-COVID levels. And demand ran 47 million square feet in the quarter and has the potential to improve over the course of the coming year, but perhaps not quite get back to normal, just given the broader macro landscape, notwithstanding the momentum we have with our customers.

這將是市場供應的產物。順便說一句，開發開工量比高峰低 75%，比疫情前的水平低 25%。本季度需求量達到 4700 萬平方英尺，並且有可能在來年有所改善，但考慮到更廣泛的宏觀形勢，儘管我們與客戶保持著良好的發展勢頭，但可能不會完全恢復正常。

And so the thing that I think you'll see on rent growth, without giving you a specific number is the weakness, the softer markets are dissipating and there's a wider range of better and stronger markets, and that's going to really evolve over the course of the next year.

因此，我認為你會看到租金成長的情況是，雖然我不會給出一個具體的數字，但疲軟的市場正在消散，出現了更多更好、更強勁的市場，這種情況將在明年真正發生變化。

Let me just pile on one more thing before Hamid comments on whether or not he's going to start a blog or a podcast.

在哈米德評論他是否要開設部落格或播客之前，讓我再說一件事。

No.

不。

Okay, you got that answer already. But going into 2026, our priorities remain the same. If you look at our build-to-suit pipeline right now, it remains robust, and we're having a phenomenal year with build-to-suits, 21 deal signed, 75% of that volume has already started this year. You should expect to see the rest of it start through the end of the year. And we're in conversations on nearly 30 million square feet of new deals. So really excited about that. It's by far the best incremental return on our investment.

好的，你已經知道答案了。但進入 2026 年，我們的優先事項保持不變。如果您現在看一下我們的定制管道，它仍然保持強勁，並且我們在定制建造方面取得了非凡的成績，簽署了 21 份協議，其中 75％ 已於今年開始。您應該會看到其餘部分在今年年底前開始。我們正在就近 3000 萬平方英尺的新交易進行洽談。我對此感到非常興奮。這是迄今為止我們投資獲得的最佳增量回報。

And then you look at our data center business, data center business is significant, and we're going to continue to invest and keep that a high priority. And then if you also -- we're going to have started spec in [18] markets this year. And I can see that actually opening up a bit more especially as Chris mentioned, internationally and then even in several pockets around the United States. So plenty of priorities and big things to look into '26 and be excited about.

然後看看我們的資料中心業務，資料中心業務非常重要，我們將繼續投資並將其作為高度優先事項。然後，如果您也 - 我們今年將開始在 [18] 個市場進行規範。我可以看到，實際上，特別是如克里斯提到的那樣，在國際上，甚至在美國各地的幾個地方，這種開放程度正在進一步提高。因此，26 年有很多優先事項和大事值得關注，值得興奮。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

Yes. I guess congratulations from our side as well, Hamid. So Tim, can I ask you to provide more color on the customer sentiment you talked about the strengthening in your opening remarks. Clearly, there is the tariff in news you get pretty much on a weekly basis, creates the volatility. What our customers now at a point where they think this is sort of a new normal and are more comfortable making long-term decisions as we think about sort of this inflection in occupancy.

是的。我想我們也向你表示祝賀，哈米德。那麼提姆，我能否請你更詳細地介紹一下你在開場白中提到的客戶情緒的加強。顯然，每週都會收到的新聞中都有關稅，這造成了波動。我們的客戶現在認為這是一種新常態，當我們考慮入住率的變化時，他們更願意做出長期決策。

Yes, Samir, this is Dan. Yes is the answer to your question. Customers have definitely become more desensitized to the short-term noise as they look at making long-term decisions. It's great to see these well-capitalized large companies leading the way because we typically see the small, medium businesses follow suit here. So overall, they need to make these long-term decisions and can no longer be held back.

是的，薩米爾，這是丹。是的，這是你問題的答案。當客戶著眼於長期決策時，他們肯定對短期噪音變得更加不敏感。很高興看到這些資金雄厚的大公司引領潮流，因為我們通常會看到中小型企業效仿。所以總的來說，他們需要做出這些長期決策，不能再受到阻礙。

Nick Thillman, Baird.

尼克·蒂爾曼，貝爾德。

Congratulations, Hamid. I guess kind of looking at the overall picture, we understand demand is kind of getting back to its long-term average starts coming down. Tim, I just kind of wanted to -- we hear a little bit on just credit risk and private credit. I guess, are you seeing anything in the portfolio that might give you a little bit of pause when you're looking at just kind of vacancy peaking here and then the ability to build occupancy, any sort of risk within the portfolio or the broader market in general.

恭喜你，哈米德。我想從整體情況來看，我們知道需求正在恢復到長期平均值並開始下降。提姆，我只是想——我們聽到一些關於信用風險和私人信貸的消息。我想，當您看到這裡的空置率達到頂峰，然後是入住率的提升能力，以及投資組合或整個市場中的任何風險時，您是否看到了投資組合中任何可能讓您稍作停頓的東西。

No, I would say not in the way you're asking. I mean bad debt expense is elevated. We've been talking about that over the course of the year and even coming into the year, pre-tariffs, we had an expectation for a little bit elevated level may have expected in the 30s at the beginning of the year, and our experience is probably going to be 40s in terms of basis points on revenue, well below some of the higher numbers we had seen in past crises.

不，我想說不是像你問的那樣。我的意思是壞帳費用增加了。我們今年一直在談論這個問題，甚至在進入今年之前，在關稅之前，我們預計收入水平會略有上升，年初預計在 30 左右，而我們的經驗是，收入基點可能會達到 40 左右，遠低於我們在過去危機中看到的一些較高數字。

And we've taken the opportunity in this last cycle where it's very challenging to get space, and we could do more around customer selection and credit and did a great job improving the overall credit health of the portfolio, and I think that shows up in these statistics.

在上一個週期中，我們抓住了機會，在這個週期中獲得空間非常困難，我們可以在客戶選擇和信貸方面做更多的事情，並且在改善投資組合的整體信貸健康狀況方面做得很好，我認為這在這些統計數據中有所體現。

Vince Tibone, Green Street.

文斯提博內 (Vince Tibone)，綠街。

Congratulations again, Hamid, from the entire Green Street team on a great career.

哈米德，我代表整個 Green Street 團隊再次祝賀你取得如此輝煌的職業生涯。

And then just -- I have one more question on the data center business. I like to understand how much data center development, you'd be comfortable starting in a given year or having under construction at any given point in time.

然後──我還有一個關於資料中心業務的問題。我想了解在某一年可以開始建置多少資料中心，或是在某一時間點可以建置多少資料中心。

Really just trying to get at like how quickly you could potentially realize the large value creation potential from the data center land bank? Like what's the constraint from doing $3-plus billion of data center starts in a given year? It seems like demand is there and the power is secured.

真的只是想了解您能多快從資料中心土地儲備中實現巨大的價值創造潛力？例如，在某一年內投資 30 多億美元建置資料中心會面臨哪些限制？看起來需求是存在的，而且電力是有保障的。

So I'd love to just kind of get a sense of what a realistic pace of starts? Or how are you really thinking about that dynamic?

所以我很想了解一下實際的起步速度是怎麼樣的？或者您真正如何看待這種動態？

Vince, it's Tim. I don't know that I see a limit. $3 billion is a very easy number, honestly, to handle. I think if we were talking about speculative program. That's where we would have a lot of consternation about what's the appropriate number and getting out on a limb.

文斯，我是蒂姆。我不知道我是否看到了限制。老實說，30 億美元是一個非常容易處理的數字。我認為如果我們談論的是投機計劃。這時，我們就會非常驚慌，不知道該定多少才合適，也不知道該怎麼辦。

Our approach here on build-to-suits, together with the debt capacity in our balance sheet, the liquidity, the takeout options we're exploring. We're not constraining ourselves. And that's why we're very active in pursuing -- I hope it's getting underscored here, the incredible amount of energy we have now gathered and the volume of customer conversations that we're having is also very high. So we're going to see these volumes come through, we're preparing for them, and we're ready for them.

我們在此採取的是量身定制的方法，結合我們資產負債表中的債務能力、流動性以及我們正在探索的收購選擇。我們不會限制自己。這就是為什麼我們非常積極地追求——我希望這一點得到強調，我們現在已經聚集了大量的精力，我們與客戶的對話量也非常高。因此，我們將看到這些卷冊的出版，我們正在為它們做準備，我們已經做好準備。

Yes. And Vince, the way I'd think about it is power will be the constraint going forward, it won't be capital.

是的。文斯，我認為權力將成為未來發展的限制因素，而不是資本。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Great. Hamid, congrats on all your success, best of luck, and I hope we can stay in contact. Can you guys talk a little bit about your updated thoughts on the transaction market and acquisition opportunities and whether you've seen any movement in cap rates or pricing in general as the 10-year has showed some moderation more recently?

偉大的。哈米德，祝賀你取得的所有成功，祝你好運，希望我們能保持聯繫。你們能否談談對交易市場和收購機會的最新看法，以及隨著 10 年期債券市場近期出現一些緩和，您是否看到資本化率或整體定價有任何變動？

Thanks, Blaine. The transaction market has been surprisingly resilient. As a matter of fact, volumes in '25 are up about 25% year over year. So we're seeing a lot more out there. Overall pricing is pretty consistent.

謝謝，布萊恩。交易市場出乎意料地具有彈性。事實上，25 年的銷量年增了約 25%。所以我們看到了更多這樣的情況。整體定價相當一致。

Market cap rates in the low 5s. And then I would say IRRs in the low to mid-7s, obviously, depending on location and product type. And maybe one of the biggest drivers is how much [wall] is left people are more focused on shorter-term wall today than before.

市場資本化利率在 5% 以下。然後我會說 IRR 在 7% 左右，顯然，這取決於地點和產品類型。也許最大的驅動因素之一是還剩下多少[牆]，人們現在比以前更關注短期牆。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

Congrats, Hamid, as well and best of luck.

我也祝賀哈米德，祝你好運。

I guess the question, can you talk about the pace of spec development leasing today and if you're seeing notable improvement there recently as well?

我想問的是，您能談談目前規格開發租賃的步伐嗎？以及您最近是否也看到了明顯的改善？

Mike, it is getting better, yes. We would typically see 7 to 8 months, I would say, on the lease of time across spec. That did extend probably over 23, 24 by 1 month, 1.5 months on average, and we're slowly seeing that come back to its historical norms. So yes.

麥克，是的，情況正在好轉。我想說，我們通常會看到 7 到 8 個月的租期。這確實可能比 23、24 個月平均延長了 1 個月、1.5 個月，我們慢慢看到它恢復到歷史正常水準。是的。

Nick Yulico, Scotiabank.

尼克尤利科，加拿大豐業銀行。

So just looking at the rent change that you guys quote, the cash net effective rent change mark-to-market on leasing that happens in the quarter, came down over the past year. And I was just hoping you could break out maybe some of the impact of that from: one, just cycling through now some tougher lease expiration comps, maybe COVID leases impacting that number?

因此，僅從你們引用的租金變化來看，本季發生的以市價計價的租賃現金淨有效租金變化在過去一年中有所下降。我只是希望您能從以下幾個方面闡述其中的一些影響：第一，現在正在經歷一些更嚴格的租約到期補償，也許 COVID 租約會影響這個數字？

And then also on the renewals, if you could just talk about if since your retention is up, occupancy is starting to pick up, if you've been running a sort of occupancy first type strategy where you're -- you willing to negotiate more on renewals, and that's impacted mark-to-market. And as we think about this potential inflection here in your portfolio. Is there some help that comes to the mark-to-market number because of any of these factors changing?

然後關於續約，如果您可以談談，由於您的保留率上升，入住率開始上升，如果您一直在實施一種入住率優先的策略，您願意在續約方面進行更多談判，而這會影響按市價計價。當我們思考您的投資組合中可能出現的這種變化時。這些因素中的任何一個發生變化是否會對以市價計算的數字有所幫助？

Yes. Let me start with the prospect of rent change and kind of how the lease mark-to-market is going to sustain. Even the fact that, that's come down to 19% this quarter and quoting that effective here is 22% last quarter. It's really important to contrast that with what our rent change is though in the immediate, which is in the low 50s, as I mentioned. So it does really highlight a wide -- the potential for rent changes off of that average.

是的。首先，我來談談租金變化的前景以及租賃以市價計價將如何維持。事實上，本季這一比例已降至 19%，而上個季度的實際比例為 22%。將其與我們近期的租金變化進行對比非常重要，正如我所提到的，租金變化在 50% 出頭。因此，它確實凸顯了租金偏離平均值的可能性。

And this is also an opportunity to remind you to take a look at our exploration schedule available in the supplemental. We cast out what the expiring rent is over the next five years. You can unpack from that same schedule, what we see as market rent and see positive rent change in the 40s is what you'll get mathematically next year.

這也是一個機會，提醒您查看補充資料中的探索計劃。我們計算出未來五年到期的租金是多少。您可以從同一時間表中看出，我們所看到的市場租金和 40 年代的正租金變化就是您明年在數學上會得到的結果。

You'll see in the 30s, the following 20s and the following, that's without any further market rent growth. In fact, all the way through that exploration schedule, you'll see uplift. So I think that is a not perfectly understood or appreciated story, so I'm glad you honed in on that.

你會發現，在接下來的 30 年代、1920 年代以及接下來的幾年裡，市場租金都不會再成長。事實上，在整個勘探計劃過程中，你會看到提升。所以我認為這是一個尚未被完全理解或欣賞的故事，所以我很高興你對此進行了深入研究。

With regard to pushing rents, I think, was sort of the second part of your question. We are. You may recall in years past, we've talked about an active measurement we take where we kind of watch the teams and understanding how many deals are being lost due to rents. In the go-go days '21, '22, we are looking to see a meaningful number there. We wanted to see that aggressiveness in negotiating.

關於提高租金，我認為，這是你問題的第二部分。是的。您可能還記得，在過去的幾年裡，我們討論過採取一種主動測量方法，即觀察球隊並了解有多少交易因租金而損失。在 21、22 年蓬勃發展的日子裡，我們希望看到一個有意義的數字。我們希望看到談判中表現出的這種積極性。

And that rounds down to about 0, maybe in '23 some of '24, we're starting to see that lift up again, which is showing the courage as some of the market conditions tightened to lean in on those conversations and push rents again. It's going to happen in different markets at different paces, but it is beginning.

這個數字四捨五入到 0 左右，也許在 2023 年或 2024 年，我們開始看到租金再次上漲，這表明了勇氣，因為一些市場條件收緊，傾向於依靠這些對話並再次推高租金。它將以不同的速度在不同的市場發生，但它才剛剛開始。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

I want to echo everyone's congratulations to Hamid. I think there will be case studies written on your career in the company built for decades to come.

我想與大家一起向哈米德表示祝賀。我認為將會有案例研究來描述你在未來幾十年在公司中的職業生涯。

In terms of my question, you talked about 1/3 of your customers serving basic daily (inaudible) is about 1/3 serving cyclical demand and about 1/3s catering to more structural trends like e-commerce. Can you talk about where you're seeing the biggest changes in leasing and which of these buckets have more or less strength at present?

就我的問題而言，您談到了 1/3 的客戶滿足基本的日常需求（聽不清楚），約 1/3 滿足週期性需求，約 1/3 滿足電子商務等更具結構性的趨勢。您能否談談租賃領域最大的變化是什麼，以及目前哪些領域的優勢更大或更小？

Sure. It's Chris. I'll jump in. So where are the areas of the biggest strength? I think for sure, e-commerce is part of the story. It's running at nearly 20% of new leasing. And so that's an area of strength. That's a global phenomenon. That's a range of markets phenomenon. It's also particularly infill as service levels continue to improve.

當然。是克里斯。我會跳進去。那麼最大的優勢領域在哪裡？我認為電子商務肯定是其中的一部分。其新租賃業務量接近 20%。所以這是我們的優勢領域。這是一個全球現象。這是一系列市場現象。隨著服務水準的不斷提高，它也特別充實。

So e-com would be part of that story. And then I would say, stable growth businesses, so your food and beverage, your medical companies, these are companies who are investing in their supply chains to improve service levels and also manage their costs. They're looking at their networks, they're looking at their labor spend and managing their costs. And so there's a supply chain investment there.

因此電子商務將成為這個故事的一部分。然後我想說的是，穩定成長的企業，例如食品和飲料公司、醫療公司，這些公司都在投資其供應鏈，以提高服務水準並管理成本。他們正在關注他們的網絡，關注他們的勞動力支出並管理他們的成本。因此那裡有供應鏈投資。

So then the question would be maybe where is there softness? And I would offer that there is some cyclical spending categories that are subdued. So I look at the auto space, I also look at housing related categories. So for example, furniture. Those are areas where perhaps high interest rate which have led to less robust growth in those industries generally.

那麼問題可能是柔軟度在哪裡？我想說的是，有些週期性支出類別受到了抑制。因此，我關注汽車領域，也關注住房相關類別。例如家具。這些地區的高利率可能已經導致這些行業的整體成長乏力。

And so we have fewer requirements coming in from those categories.

因此，我們對這些類別的要求較少。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

Congrats, Hamid, best of luck. I wanted to ask about the revised guidance. It implies a sequential decrease in core FFO of about $0.06 at the midpoint. Just curious if you can discuss some of the moving pieces that we should be thinking about some of the puts and takes heading into the fourth quarter and as we think about 2026.

恭喜，哈米德，祝你好運。我想詢問有關修訂後的指南。這意味著核心 FFO 中點連續減少約 0.06 美元。我只是好奇您是否可以討論我們在進入第四季度以及展望 2026 年時應該考慮的一些變動因素。

One of the -- there's a few elements here and they're going to point to the need to rely on the kind of the full year to step back. A lot of what occurred in the third quarter were some timing really in 2 categories I'd highlight. One is in the timing of sales of investment tax credits. These are credits, you may recall that are generated out of our solar and energy business. We generate more credits than we can use on our own return.

其中之一 — — 這裡有幾個因素，它們顯示需要依靠全年的退步。第三季發生的很多事情都與時機有關，我想強調的是兩個類別。一是投資稅收抵免的銷售時機。您可能還記得，這些信用額度是由我們的太陽能和能源業務產生的。我們產生的信用額度超過了我們自身回報所能使用的額度。

We sell excess credits. That happens upon the completion and stabilization of particular projects. And that timing across quarters can be uneven. We had a particularly large quarter of that in the third quarter, and you may have seen that represented in the other income line in our P&L. That is no change to our full year forecast.

我們出售多餘的信用額度。這是在特定項目完成並穩定後發生的。而且各季度的時間可能會不均。第三季我們的收入尤其豐厚，您可能已經在我們的損益表中的其他收入項目中看到了這一點。這對我們的全年預測沒有影響。

That's what we expected on the full year. It's just the lumpiness between quarters.

這就是我們對全年的預期。這只是季度之間的差異而已。

So between that and the other larger area would just be G&A, we had a lighter G&A quarter due to the timing of some particular items. It'll be a little bit heavier in the fourth quarter. Those 2 things, when normalized, explain what looks like a deceleration. And if you were trying to unpack kind of a run rate looking ahead at 2026, I've used more the second half of the year versus the fourth quarter. We'll tell you a little bit more.

因此，在這個區域和另一個更大的區域之間就是 G&A，由於某些特定項目的時間安排，我們的 G&A 季度較輕。第四季的情況會更嚴重一些。當這兩件事正常化時，就可以解釋看起來像是減速的情況。如果你想了解 2026 年的運行率，我更多地使用下半年而不是第四季度。我們會告訴你更多。

On that point, as we look ahead to 2026, I'd call back to the building blocks that we've talked about in the past of what long-term earnings ought to look like for Prologis, which is high single digits. We get there through not just the base of same-store growth, but after leveraging that with with our financial and operating leverage, piling on the value creation accretion we spoke about earlier, the contribution from the central businesses.

在這一點上，當我們展望 2026 年時，我會回顧一下我們過去討論過的關於普洛斯長期盈利應該是什麼樣子的基石，那就是高個位數的盈利。我們實現這一目標不僅是透過同店成長的基礎，而且利用我們的財務和營運槓桿，加上我們之前談到的價值創造增值，即來自核心業務的貢獻。

These are all the things that give you there into 2026, that's all in play with 2 headwinds to continue to be mindful of. One would just be about the march up on interest rates here that is still present with the long average remaining life we have in our debt portfolio, it will be moderate, but it is kind of anti accretive to the bottom line if you think about it in that way, and that will still be in play for us.

這些都是在 2026 年會發生的事情，但同時需要繼續注意 2 個不利因素。其中一個是利率的上升，由於我們的債務組合平均剩餘期限較長，利率仍會上升，雖然上升幅度會比較溫和，但如果你這樣想的話，它對底線來說是不利的，而且這對我們來說仍然會起作用。

And the other thing that is -- will be occurring as we go through this transition and capital deployment. Last year, 2024 was our lightest year of development starts since our merger, which is really kind of incredible to think about. So its contributions at stabilization, which will be broadly in 2026 to that growth rate are nearly absent. They'll be quite low. At the same time that we're really excited about the capital we're going to be reinvesting into not only just logistics but also data center.

另一件事是——在我們經歷這項轉型和資本部署時會發生。去年，也就是 2024 年，是我們合併以來開發啟動最少的一年，想想真是令人難以置信。因此，它對穩定成長率（大致在 2026 年）的貢獻幾乎為零。它們會相當低。同時，我們對即將重新投資的資金感到非常興奮，不僅投資於物流，還投資於資料中心。

So that deployment drag, as we've called it in the past, we'll be a bit more present next year. I think a simpler way of thinking through all of that might just be that a lot of the way we're looking at '26 right now, feels like the way we are looking at '25 one year ago. So hopefully, that helps.

因此，正如我們過去所說的那樣，部署阻力明年將會更加突出。我認為思考所有這些問題的一個更簡單的方法可能是，我們現在看待 26 年的方式，感覺就像我們一年前看待 25 年的方式一樣。希望這能有所幫助。

John Kim, BMO Capital Markets.

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

Congrats to Hamid, certainly on the Mount Rushmore of (inaudible) CEOs in our book. But I'd like to ask about the direction of same-store NOI, given your guidance for the year, it implies basically that slows down to about 3.5% in the fourth quarter despite occupancy improving. I wanted to see if that was a realistic figure for you. And also, if you can remind us how you treat solar income in same store. Is it part of your same-store results given they are additive to existing assets?

恭喜哈米德，在我們看來，他無疑是執行長中的拉什莫爾山上的人物。但我想問一下同店淨營業利潤的走向，根據您對今年的指導，這意味著儘管入住率有所提高，但第四季度的同店淨營業利潤率基本上會放緩至 3.5% 左右。我想看看這對你來說是否是一個現實的數字。另外，如果您能提醒我們您如何處理同一家商店的太陽能收入。鑑於它們是現有資產的補充，它是否屬於您同店績效的一部分？

Yes, John, a statistic you guys can't see from our disclosure is what is the average occupancy within the same-store pool itself. And given our M&A and a lot of changes to what comprises same store, it can be a markedly different number at times. And in that regard, the average occupancy in that pool a year ago was quite high, actually. And so we have that comp to work against here in the fourth quarter, and that's really what you're probably seeing in the deceleration rent change is really what I would stay focused on, and that's going to remain very, very strong.

是的，約翰，你們從我們的披露中看不到的一個統計數據是同店池本身的平均入住率是多少。考慮到我們的併購以及同一家店的組成方面的許多變化，有時這個數字可能會有顯著差異。從這方面來看，一年前游泳池的平均入住率其實相當高。因此，我們在第四季度要與競爭對手競爭，而這正是您可能看到的減速租金變化，也是我真正關注的，而且這種變化將保持非常非常強勁。

Yes, solar revenues and their expenses do appear in NOI. They are very small at this stage. I would highlight and relatively flat probably across years. Their growth rate is not as significant as what we hope to see in the logistics front.

是的，太陽能收入及其支出確實出現在 NOI 中。在這個階段它們非常小。我想強調的是，多年來可能相對穩定。他們的成長率並不像我們在物流方面所希望看到的那麼顯著。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Hamid, echo everyone's say. You'll be missed, and best of luck in the next chapter.

哈米德，同意大家的說法。我們會想念你的，祝你在下一章好運。

And I guess since I'm the last question, I'll try to pop two in here. Just a clarification on Nick's earlier question about how you guys think about the growth rate for the data center side. I guess we were thinking more same-store growth of a hyperscale portfolio versus that of an industrial portfolio from an own perspective and how you guys think about that as you're evaluating these different structures to potentially hold deals longer or perpetuity?

我想既然這是最後一個問題，我會嘗試在這裡提出兩個問題。我只是想澄清一下尼克之前提出的問題，即你們如何看待資料中心方面的成長率。我想我們從自己的角度考慮的是超大規模投資組合與工業投資組合的同店增長，以及你們在評估這些不同的結構以可能更長期或永久地持有交易時如何看待這一點？

And then the second question, Tim, I know in the past, you've talked about the gap between new lease signings and when they actually commence. And so I'm just kind of curious, from an average occupancy perspective, with the reacceleration of leasing you had here in kind of the third quarter and hopefully into the fourth, when we should really start to see that average occupancy inflect quickly back up into 95% and because I guess everyone is asking about same-store and earnings, and that would be, in my view, probably a big piece of that acceleration.

然後是第二個問題，提姆，我知道過去你曾談到新租約簽署與實際開始之間的差距。因此，從平均入住率的角度來看，我有點好奇，隨著第三季度以及第四季度租賃業務的重新加速，我們應該真的開始看到平均入住率迅速回升至 95%，因為我想每個人都在問同店銷售額和收益，在我看來，這可能是這種加速的一個重要因素。

Okay. Craig, so I think that the way you're framing some of the growth discussion around data centers is just not how we're thinking about it. Going back to -- I guess it was Nick's comments, we really do think about the value creation, reinvestment back into our core business. I recall Hamid's comments on this back in our Investor Day in 2023, and we stuck with that.

好的。克雷格，所以我認為你圍繞數據中心進行的一些增長討論的方式與我們的想法不同。回到——我想這是尼克的評論，我們確實考慮價值創造，重新投資於我們的核心業務。我記得哈米德在 2023 年投資者日上對此發表的評論，我們堅持了這一點。

Now we may retain some interest, as we've been talking a lot about here. But in that regard, then its contributions to base rents and same-store growth will be relatively small, right, because we'll just have a small proportionate share of those earnings. And I think I'd also highlight, I'm not sure if this was intimated in your question, but we wouldn't look at our willingness to stay in the business or grow it more or less based on its same-store growth profile. That's an earnings concept. That's a GAAP concept.

現在我們可能會保留一些興趣，正如我們在這裡討論的許多那樣。但從這個角度來看，它對基本租金和同店成長的貢獻相對較小，因為我們只佔這些收益的一小部分。我想我還要強調的是，我不確定你的問題中是否暗示了這一點，但我們不會根據同店增長情況來考慮我們是否願意繼續經營或擴大規模。這是一個收益概念。這是一個 GAAP 概念。

We're going to look at all of these investments from a total return and value creation perspective and that's what you see in our strategy. Do you want to hit occupancy?

我們將從總回報和價值創造的角度來審視所有這些投資，這就是您在我們的策略中看到的。您想達到入住率嗎？

Craig, I'm going to understand your question on returning to 95% is really a market question given where the company is leased. So just to be clear, the market is 7.5% vacant today. And we see it hanging here for a period of time as demand normalizes in the coming years, let's say, and that will present an opportunity, that will present recovery opportunity. And I want to make a long-term comment on that market vacancy. We enter this phase of the market at a substantially lower market vacancy as compared to prior cycles.

克雷格，我明白你關於恢復 95% 的問題實際上是一個市場問題，因為考慮到公司的租賃地點。因此需要明確的是，目前市場空置率為 7.5%。我們認為，隨著未來幾年需求恢復正常，這種情況會持續一段時間，這將帶來機遇，帶來復甦的機會。我想對這個市場空缺做出長期評論。與前幾個週期相比，我們進入這個市場階段時，市場空置率明顯較低。

We're talking about hundreds of basis points of superior starting point as compared to the prior cycles. And so that's going to set up the market for the rent dynamic and the optimism that Hamid shared earlier.

與先前的周期相比，我們正在討論數百個基點的優越起點。這將為租金動態和哈米德先前分享的樂觀情緒建立市場。

Thank you. And ladies and gentlemen, we have reached the end of the question-and-answer session. I will now turn the call back over to management for closing remarks.

謝謝。女士們、先生們，我們的問答環節已經結束。現在我將把電話轉回給管理階層，請他們作結束語。

Thank you. This is Hamid, and thank you, Dan, and so many of you who said so many nice things in this forum and elsewhere in the last couple of weeks. Before I wrap it up, I just wanted to share a brief personal note with you guys as my role as CEO. Yes, it has been 42 years, 27 of which have been a public company and calls. I guess Warren Buffett has beaten me on longevity, but since he doesn't do calls, I think I'm going to have this record on calls for a while.

謝謝。我是哈米德，謝謝你，丹，也謝謝你在過去幾週在這個論壇和其他地方說了很多好話的你們。在結束之前，我只想以執行長的身份與大家分享一些簡短的個人想法。是的，已經 42 年了，其中 27 年一直是上市公司並打電話。我想沃倫·巴菲特在長壽方面已經打敗了我，但是因為他不打電話，所以我想我會在通話方面保持這個記錄一段時間。

But when we started this business in '83, it was a tiny start-up. The world was just a very different place in terms of our industry. Today, Prologis is one of the most valuable property companies in the world. And the business has become highly professionalized and has grown in its scope and global footprint until with this that (inaudible) and to have had the privilege of leading this company through it all, it's been surreal. We've navigated financial crises, geopolitical shocks, more than a few once in a lifetime events.

但當我們在 1983 年創辦這家公司時，它還只是一家小型新創公司。就我們的行業而言，世界已經完全不同了。如今，普洛斯是全球最有價值的房地產公司之一。而業務已經高度專業化，其範圍和全球影響力不斷擴大，直到現在（聽不清楚），並且有幸帶領這家公司度過這一切，這真是太不真實了。我們經歷過金融危機、地緣政治衝擊以及不少一生中都會發生的事件。

Sometimes it feels like one of those every quarter. But here's the truth. Our success has very little to do with me. It's been really the result of working with great colleagues, great partners, service providers, investors, loyal customers and of course, a generation of you analysts and your many questions, many pesky questions because it made us better. That and a little good fortune and maybe a few good decisions along the way have been what has made this company what it is today.

有時感覺每季都會有這樣的情況。但事實是這樣的。我們的成功與我關係不大。這實際上是與優秀的同事、優秀的合作夥伴、服務提供者、投資者、忠實的客戶以及你們這一代分析師一起努力的結果，因為這使得我們變得更好。正是這一點，加上一點點好運氣，甚至一路走來的一些正確決策，才成就了這家公司如今的面貌。

What I'll remember is not the deals or the numbers, but really the people and the culture. And that's what the foundation and the secret sauce of this company. So I'm stepping aside with complete confidence. And I better be that way since more than half my net worth is investments in this company. So I take this transition very seriously.

我記住的不是交易或數字，而是人和文化。這就是這家公司的基礎和秘密。因此，我滿懷信心地卸任。我最好這樣做，因為我的淨資產的一半以上都投資於這家公司。所以我非常重視這次轉變。

And I know that our next chapter is in the hands of an exceptional leader supported by a terrific team. They embody the same vision and values that have always defined and driven Prologis. These are the people who make Prologis -- will take Prologis even further. I really believe, and I want to underline this, and I say it every year almost that the best years of Prologis are still ahead of it. We are building a company of enduring excellence.

我知道，我們的新篇章將由一位傑出的領導者和一支出色的團隊來書寫。他們體現了始終定義和推動普洛斯的相同願景和價值。這些人成就了普洛斯——並將帶領普洛斯走得更遠。我真的相信，我想強調這一點，而且我幾乎每年都這麼說，普洛斯最好的年華還在後頭。我們正在打造一家持久卓越的公司。

It's been our mission, and I know we'll continue to guide everything we do. So to all of you, colleagues, customers, investors, analysts and the press, thank you for your trust, your candor and your partnership. It's been an honor of my professional life to lead this company, and I couldn't be prouder of where we are and where we're going.

這是我們的使命，我知道我們將繼續以此指導我們所做的一切。因此，感謝各位同事、客戶、投資人、分析師和媒體的信任、坦誠與合作。能夠領導這家公司是我職涯中的一大榮幸，我對我們的現狀和未來發展方向感到無比自豪。

Okay, Dan and the team will speak to you next quarter, and I may be asking the questions then. Thank you. Goodbye.

好的，丹和他的團隊將在下個季度與您交談，到時候我可能會問這些問題。謝謝。再見。

Thank you. And this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation. Have a great day.

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。祝你有美好的一天。