Prologis Inc (PLD) 2025 Q4 法說會逐字稿

Greetings. Welcome to the Prologis Fourth Quarter 2025 Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded.

問候。歡迎參加普洛斯2025年第四季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

And I will now turn the conference over to Justin Meng, Senior Vice President, Head of Investor Relations. Thank you, Justin. You may begin.

現在我將把會議交給高級副總裁兼投資者關係主管賈斯汀·孟。謝謝你，賈斯汀。你可以開始了。

Thank you, operator, and good morning, everyone. Welcome to our fourth quarter 2025 earnings conference call. Joining us today are Dan Letter, CEO; Tim Arndt, CFO; and Chris Caton, Managing Director.

謝謝接線員，大家早安。歡迎參加我們2025年第四季財報電話會議。今天到場的嘉賓有：執行長 Dan Letter；財務長 Tim Arndt；以及總經理 Chris Caton。

I'd like to note that this call will contain forward-looking statements within the meaning of the federal securities laws, including statements regarding our outlook, expectations and future performance. These statements are based on current assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings for a discussion of these risks. We undertake no obligation to update any forward-looking statements.

我想指出，本次電話會議將包含聯邦證券法意義上的前瞻性陳述，包括有關我們展望、預期和未來業績的陳述。這些陳述是基於目前的假設，但存在風險和不確定性，可能導致實際結果與假設有重大差異。有關這些風險的討論，請參閱我們向美國證券交易委員會提交的文件。我們不承擔更新任何前瞻性陳述的義務。

Additionally, during this call, we will discuss certain financial measures such as FFO and EBITDA that are non-GAAP. And in accordance with Reg G, we have provided a reconciliation to the most directly comparable GAAP measures in our fourth quarter earnings press release and supplemental. Both are available on our website at www.prologis.com.

此外，在本次電話會議中，我們將討論一些非GAAP財務指標，例如FFO和EBITDA。根據 Reg G 的規定，我們在第四季度收益新聞稿和補充文件中提供了與最直接可比較的 GAAP 指標的調整表。這兩款產品均可在我們的網站 www.prologis.com 上找到。

And with that, I'll hand the call over to Dan.

好了，接下來我將把電話交給丹。

Thanks, Justin. Good morning, and thank you all for joining us. We delivered a strong fourth quarter and closed the year with solid financial and operational momentum, driven by disciplined execution and deep engagement with our customers across our markets.

謝謝你，賈斯汀。早安，感謝各位的參與。我們第四季業績強勁，並以穩健的財務和營運勢頭結束了這一年，這得益於我們嚴謹的執行力和與各市場客戶的深入合作。

As we build on this momentum, I want to start by recognizing our teams around the world. Their dedication, creativity and customer focus are central to Prologis' success. In a few minutes, Tim will walk you through the details of our results. Before that, I'd like to share a few observations about the business. Across conversations with customers, investors, business partners and our teams, a consistent theme comes through.

趁著這股勢頭，我想先表揚一下我們世界各地的團隊。他們的敬業精神、創造力和客戶至上是普洛斯成功的關鍵。幾分鐘後，蒂姆將為您詳細介紹我們的結果。在此之前，我想分享一些我對這家公司的看法。在與客戶、投資者、商業夥伴和我們團隊的對話中，一個共同的主題反覆出現。

Prologis' leadership goes well beyond scale. It's about how we operate, our commitment to excellence, the strength of our long-term relationships and our ability to anticipate what's next. That mindset defines our culture and continues to guide how we lead.

Prologis的領先地位遠不止於規模。這關乎我們的營運方式、我們對卓越的承諾、我們長期合作關係的穩固性以及我們預測未來趨勢的能力。這種思維方式塑造了我們的文化，並持續引導我們的領導方式。

Looking ahead, we're building on that foundation with a clear focus on three priorities. First, extending our leadership as a best-in-class operator, whether it's using data analytics to drive better decisions, deploying site-specific energy solutions or advancing venture initiatives that enhance our platform. Our objective is straightforward: to continue widening the moat that differentiates Prologis. We do that through unmatched service, innovative solutions and the mission-critical reliability our customers depend on.

展望未來，我們將以此為基礎，明確聚焦於三個優先事項。首先，我們將鞏固作為一流營運商的領先地位，無論是利用數據分析來推動更好的決策，部署針對特定地點的能源解決方案，還是推進增強我們平台的創投計畫。我們的目標很明確：持續拓寬 Prologis 與其他公司之間的競爭優勢。我們透過無與倫比的服務、創新的解決方案以及客戶所依賴的關鍵任務可靠性來實現這一目標。

Second, capturing the significant value creation opportunities ahead of us in both logistics real estate and data centers. Our track record in warehouse development is well established, and we're positioned to deliver the next generation of modern strategically located facilities.

其次，要抓住物流地產和資料中心領域蘊藏的巨大價值創造機會。我們在倉庫開發方面擁有良好的業績記錄，我們有能力提供下一代現代化、戰略位置優越的設施。

At the same time, advantage today is defined by location, power and scale. With a growing power pipeline, deep customer relationships and multidisciplinary expertise, we are well equipped to develop critical infrastructure few can match. We will approach data centers with the same discipline and long-term perspective that has defined our success over time.

同時，如今的優勢取決於地理位置、實力和規模。憑藉著不斷成長的電力供應管道、深厚的客戶關係和多學科專業知識，我們完全有能力開發鮮有企業能夠匹敵的關鍵基礎設施。我們將秉持同樣的嚴謹態度和長遠眼光來對待資料中心建設，正是這種態度和眼光成就了我們過去的成功。

And third, enhancing shareholder returns through continued growth in assets under management. Our private capital partners are increasingly seeking fewer managers who can deliver consistent performance across geographies and strategies, and we are perfectly suited to serve as that partner of choice. We are developing new vehicles and strategies that build on our track record of performance, transparency and partnership, and we're making strong progress. As we enter 2026, we do so from a position of strength and with the strategic initiatives in place to extend our leadership and compound value for our shareholders.

第三，透過持續增加管理資產規模來提高股東回報。我們的私募資本合作夥伴越來越傾向於尋找能夠在不同地區和策略上持續取得穩定業績的少數幾家基金經理，而我們完全有能力成為他們首選的合作夥伴。我們正在開發新的車輛和策略，以鞏固我們在業績、透明度和合作方面的良好記錄，並且我們取得了顯著進展。進入 2026 年，我們憑藉強大的實力和已製定的策略舉措，鞏固了我們的領先地位，並為股東創造了更多價值。

With that, I'll turn the call over to Tim to walk you through our results and outlook.

接下來，我會把電話交給提姆，讓他為大家介紹我們的業績和展望。

Thanks, Dan. As mentioned, we are very pleased with our results and closed the year with strong momentum. Our teams performed exceptionally well, signing 57 million square feet of leases in the quarter and driving occupancy toward 96%, further widening our out-performance versus the market. Improved customer sentiment, together with better-than-expected market conditions, reinforces our view that vacancy has peaked and rents are beginning to inflect across many markets.

謝謝你，丹。正如前面提到的，我們對取得的成績非常滿意，並以強勁的勢頭結束了這一年。我們的團隊表現出色，本季度簽署了 5700 萬平方英尺的租賃合同，入住率接近 96%，進一步擴大了我們相對於市場的優異表現。客戶情緒的改善，加上好於預期的市場狀況，進一步印證了我們的觀點，即空置率已達到峰值，許多市場的租金開始出現波動。

Momentum extended across the growth areas of our business as well. Our development platform, particularly in build-to-suits, continues to outperform, exceeding expectations and capturing meaningful market share. In strategic capital, we formed two new investment vehicles in the US and China. In our Data Center business, the power pipeline continues to grow, and we expect a solid year of starts.

這股成長動能也延伸到了我們業務的各個成長領域。我們的開發平台，尤其是在客製化開發方面，持續表現出色，超越預期，並獲得了可觀的市場份額。在戰略資本方面，我們在美國和中國成立了兩個新的投資機構。在我們的資料中心業務中，電力供應持續成長，我們預計今年的開工量將保持穩健成長。

Turning to our results. Fourth quarter core FFO was $1.44 per share, including net promote expense and $1.46 per share, excluding net promote expense, finishing the year at the top end of both our most recent and inaugural guidance ranges. On an owned and managed basis, average occupancy was 95.3% for the quarter and 95% for the full year, with period end finishing the year at 95.8%.

接下來來看看我們的結果。第四季核心FFO為每股1.44美元（含淨促銷費用）及每股1.46美元（不含淨促銷費用），全年業績均達到我們最新及首次業績指引範圍的上限。自有及管理物業的平均入住率本季為 95.3%，全年為 95%，期末入住率達 95.8%。

Results were driven by strong new leasing and healthy retention of 78%. And in the US, we expanded our outperformance versus the broader market to 300 basis points, reflecting the quality of both our portfolio and operating platform.

強勁的新租賃和78%的健康續租率推動了業績成長。在美國，我們相對於大盤的超額收益擴大到 300 個基點，這反映了我們投資組合和營運平台的品質。

Net effective rent change was 44% for the quarter, contributing approximately $60 million of annualized NOI and driving net effective rent change for the year to more than 50%. Our net effective lease mark-to-market ended at 18%, representing nearly $800 million of embedded NOI yet to be realized without any increase in market rents. The rate of decline in our lease mark-to-market has slowed considerably and many markets, including several in the US and most across LatAm and Europe are once again seeing expansion as market rent growth begins to outpace portfolio churn.

本季淨有效租金變動為 44%，貢獻了約 6,000 萬美元的年度淨營業收入，並推動全年淨有效租金變動超過 50%。我們的淨有效租賃市值比最終為 18%，這意味著在市場租金沒有上漲的情況下，近 8 億美元的內含淨營業收入尚未實現。我們的租賃市場估值下降速度已大幅放緩，包括美國的一些市場以及拉丁美洲和歐洲的大部分市場在內的許多市場再次出現擴張，因為市場租金成長開始超過投資組合更替速度。

Finally, same-store NOI growth was 4.7% on a net effective basis and 5.7% on a cash basis, each ahead of the midpoint of guidance. And for the full year, net effective same-store growth was 4.8%, hitting the top end of our range.

最後，同店淨營業收入成長以淨有效基礎計算為 4.7%，以現金基礎計算為 5.7%，均高於預期中位數。全年淨有效同店成長率為 4.8%，達到我們預期範圍的上限。

Turning to capital deployment. It was another active quarter. We sold approximately $900 million of value-maximized assets and acquired $625 million at attractive discounts to replacement cost, generating between them a positive 150 basis point spread in expected IRR.

轉向資金部署。又是一個繁忙的季度。我們出售了價值最大化的約 9 億美元資產，並以低於重置成本的優惠價格收購了 6.25 億美元資產，兩者合計產生了 150 個基點的預期內部收益率差。

On the development front, we started $1.1 billion in new buildings in the quarter, which were all logistics projects and over 48% build-to-suit. For the year, we started $3.1 billion where build-to-suits represented an impressive 61%. It's worth reemphasizing that this success is driven by a deliberate and differentiated strategy, matching well-located entitled land with a strong customer franchise, allowing us to generate attractive returns despite the derisked nature of the projects.

在開發方面，本季我們啟動了價值 11 億美元的新建築項目，全部都是物流項目，其中超過 48% 為客製化建造項目。今年年初，我們的營業額達到 31 億美元，其中客製化建造項目佔高達 61%。值得再次強調的是，這項成功是由一項精心策劃且差異化的策略所驅動的，該策略將位置優越的已獲授權土地與強大的客戶基礎相結合，使我們能夠在專案風險降低的情況下獲得可觀的回報。

In our Energy business, we delivered another strong quarter lifting total installed capacity to 1.1 gigawatts, achieving and surpassing our 1-gigawatt goal set four years ago. We will build on this progress, adding additional capacity given the significant untapped potential across the portfolio.

在能源業務方面，我們又取得了強勁的季度業績，總裝置容量達到 1.1 吉瓦，實現了四年前設定的 1 吉瓦目標，並超越了該目標。我們將在此基礎上繼續努力，鑑於投資組合中存在巨大的未開發潛力，我們將增加額外的產能。

Before turning to market conditions, I'd like to highlight that Prologis recently led the creation of an industry snapshot developed in partnership with JLL, Cushman & Wakefield and Colliers. This collaborative effort combines our proprietary research with timely and transparent brokerage data across 34 US markets. You can find the report in the Research section of our website.

在討論市場狀況之前，我想強調的是，普洛斯最近牽頭與仲量聯行、高緯環球和高力國際合作，共同製定了一份行業概況。這項合作將我們專有的研究與美國 34 個市場的及時、透明的經紀數據相結合。您可以在我們網站的「研究」版塊找到該報告。

Overall, we are progressing through the three stages of inflection we outlined last quarter, evidence of enduring demand, resulting build in occupancy, followed by an inflection in rents. We are now seeing all three at varying stages and paces across our geographies, setting up a constructive 2026.

總體而言，我們正經歷上個季度概述的三個轉折階段：持續的需求、入住率的提高，以及租金的轉折。我們現在看到這三者在我們各地以不同的階段和速度發展，為2026年奠定了建設性的基礎。

Fourth quarter net absorption was 59 million square feet in the US, a strong finish to the year and further evidence that demand is both visible and building. Higher absorption levels, which exceeded completions for the first time since 2022, resulted in a decline in US vacancy to 7.4%. The result is that market rents declined at their slowest rate since 2023 with many markets posting positive growth.

美國第四季淨吸收量為 5,900 萬平方英尺，為這一年畫上了強勁的句號，進一步證明了需求既顯而易見又不斷增長。自 2022 年以來，吸收量首次超過完工量，導緻美國空置率下降至 7.4%。結果是，市場租金下降速度為 2023 年以來最慢，許多市場甚至實現了正成長。

Across our portfolio, demand remained the strongest in large space formats, but it's encouraging that occupancy increased across all of our size categories. The tone of our conversations with customers is increasingly forward-looking. While uncertainty is always top of mind, including tariff policy, it is now treated more as a planning assumption rather than an impediment.

在我們所有產品組合中，大型空間的需求依然最為強勁，但令人鼓舞的是，我們所有面積類別的入住率都有所提高。我們與客戶的對話語氣越來越具有前瞻性。雖然不確定性始終是人們關注的焦點，包括關稅政策，但現在它更被視為一種規劃假設，而不是一種障礙。

E-commerce remains a meaningful driver of this demand, representing approximately 20% of our new leasing activity over the last year, making 2025 its best year since 2021. Large retailers with significant e-commerce operations continue to expand and diversify their networks to shorten delivery times and improve efficiency. Their ongoing innovation and growth, combined with a threefold multiplier in the space required for e-commerce continues to provide a powerful tailwind for our business.

電子商務仍然是這項需求的重要驅動力，在過去一年中約占我們新租賃活動的 20%，使 2025 年成為自 2021 年以來最好的一年。擁有大量電子商務業務的大型零售商不斷擴大和多元化其網絡，以縮短交貨時間並提高效率。他們持續的創新和成長，加上電子商務所需空間的三倍成長，繼續為我們的業務提供強大的推動力。

Finally, outside of the US, our international markets continue to outperform. In Latin America, consumption trends in both Mexico and Brazil remain robust, supporting high occupancy and ongoing rent growth. Europe delivered another solid quarter, maintaining strong occupancy and posting its first quarter of positive rental growth in two years. Japan also performed exceptionally well with occupancy above 97% and outperformance relative to the market of nearly 600 basis points. Together, these results highlight that our global footprint is not only strategic and valued by our customers, but also a key driver of the diversity and resilience of our platform.

最後，在美國以外，我們的國際市場持續表現出色。在拉丁美洲，墨西哥和巴西的消費趨勢仍然強勁，支撐著高入住率和持續的租金成長。歐洲市場又迎來了一個穩健的季度，保持了強勁的入住率，並實現了兩年來首次正租金成長。日本市場也表現異常出色，入住率超過 97%，比市場平均高出近 600 個基點。這些結果共同表明，我們的全球佈局不僅具有戰略意義，受到客戶的重視，而且也是我們平台多樣性和韌性的關鍵驅動力。

Turning to capital raising. We achieved two important milestones in strategic capital. First, the IPO of the China AMC Prologis Logistics REIT, as we call it the CREIT on the Shenzhen Stock Exchange, marking our third publicly listed vehicle. Similar to NPR in Japan and FIBRA Prologis in Mexico, the CREIT broadens our access to capital, diversifies our investor base and strengthens our presence in one of the world's most dynamic logistics market. Second, we added a new vehicle focused on development, redevelopment and value-add opportunities, a strategic complement to our open-ended funds focused on stabilized investments.

轉向籌集資金。我們在策略資本方面取得了兩個重要的里程碑。首先，中國AMC Prologis物流房地產投資信託基金（簡稱CREIT）在深圳證券交易所上市，這是我們的第三個公開上市工具。與日本的 NPR 和墨西哥的 FIBRA Prologis 類似，CREIT 擴大了我們獲得資本的管道，使我們的投資者基礎多元化，並加強了我們在全球最具活力的物流市場之一的地位。其次，我們新增了一種專注於開發、再開發和增值機會的投資工具，作為我們專注於穩定投資的開放式基金的策略性補充。

In the fourth quarter, we held the anchor closing for the US Agility Fund, yet another endorsement of the Prologis platform in a competitive capital raising environment. We have a deep pipeline of capital raising strategies in various stages of formation for this foundational business line. We look forward to sharing additional updates with you as the year progresses.

第四季度，我們完成了美國敏捷基金的基石募資，這在競爭激烈的融資環境中再次證明了普洛斯平台的實力。針對這條基礎業務線，我們已製定了一系列處於不同形成階段的融資策略。隨著時間的推移，我們期待與您分享更多最新進展。

Moving on to data centers. At its core, this business is centered on four priorities: procuring power, securing build-to-suit lease transactions, delivering world-class facilities for our customers and harvesting value through asset sales. We continue to make clear progress on each front. During the quarter, we expanded our power access to 5.7 gigawatts, stabilized 72 megawatts of projects and sold a state-of-the-art turnkey facility at compelling economics.

接下來我們來談談資料中心。該業務的核心是四個優先事項：獲取電力、確保客製化租賃交易、為客戶提供世界一流的設施以及透過資產出售實現價值。我們在各方面都持續取得明顯進展。本季度，我們將電力接入量擴大到 5.7 吉瓦，穩定了 72 兆瓦的項目，並以極具吸引力的經濟效益售出了一座最先進的交鑰匙設施。

In terms of leasing, demand is exceptional and every megawatt in our pipeline is in some stage of discussion, including 1.2 gigawatts currently in LOI or pending lease execution. Our data center team and capabilities are expanding and executing at a very high level, and we're extremely excited by the significant value creation opportunity ahead.

就租賃而言，需求異常旺盛，我們計劃中的每一兆瓦項目都處於某種討論階段，其中包括目前已簽署意向書或待簽署租賃協議的 1.2 吉瓦項目。我們的資料中心團隊和能力正在不斷擴展，並以非常高的水平執行，我們對未來巨大的價值創造機會感到無比興奮。

Turning to guidance, which I'll review at our share. We are forecasting average occupancy to range between 94.75% and 95.75%, which includes the expectation for a seasonal drop in occupancy in the first quarter before rebuilding over the year.

接下來談談指導意見，我將在分享會上進行講解。我們預測平均入住率將在 94.75% 至 95.75% 之間，其中包括預計第一季入住率將出現季節性下降，然後在一年內逐步恢復。

Net effective same-store growth is forecasted to be in a range of 4.25% to 5.25% and cash in the range of 5.75% to 6.75% with rent change being the predominant and enduring component of this growth. Our G&A forecast is for $500 million to $520 million, and our strategic capital revenue forecast calls for $650 million to $670 million.

預計淨有效同店成長率將在 4.25% 至 5.25% 之間，現金成長率將在 5.75% 至 6.75% 之間，租金變動是這一成長的主要且持久的組成部分。我們的一般及行政費用預測為 5 億至 5.2 億美元，戰略資本收入預測為 6.5 億至 6.7 億美元。

As for deployment, we are forecasting development starts to range between $4 billion and $5 billion on an owned and managed basis. As mentioned earlier, we have increased visibility and confidence around new starts in our Data Center business. So we have included those volumes in this guidance at approximately 40% of the activity. Acquisitions will range between $1 billion and $1.5 billion, and our combined contribution and disposition activity will range between $3.25 billion and $4.25 billion.

至於部署方面，我們預測自有和管理的開發啟動資金將在 40 億美元至 50 億美元之間。如前所述，我們對資料中心業務的新專案有了更高的可見度和信心。因此，我們已將這些交易量納入該指導方針，約佔總交易量的 40%。收購金額將在 10 億美元至 15 億美元之間，我們的資產增值和處置活動總額將在 32.5 億美元至 42.5 億美元之間。

In total, we are establishing our initial GAAP earnings guidance in a range of $3.70 to $4 per share. Core FFO, including net promote expense will range between $6 and $6.20 per share, while core FFO, excluding net promote expense will range between $6.05 and $6.25 per share.

整體而言，我們初步確定的GAAP獲利預期為每股3.70美元至4美元。包含淨促銷費用在內的核心FFO將在每股6美元至6.20美元之間，而不包含淨促銷費用的核心FFO將在每股6.05美元至6.25美元之間。

In closing, 2025 brought unexpected challenges and periods of uncertainty, and we're very pleased with how the company performed throughout the year. Our teams once again demonstrated the strength and resilience of our platform and the discipline of our world-class operations, delivering strong operational and financial results.

最後，2025 年帶來了意想不到的挑戰和不確定時期，我們對該公司在這一年的表現感到非常滿意。我們的團隊再次展現了我們平台的實力和韌性，以及我們世界級營運的嚴謹性，取得了強勁的營運和財務表現。

Equally important, we used the year to strengthen the foundation of our business by advancing development entitlements, expanding strategic capital and accelerating our progress in data centers and energy. As a result, we enter 2026 from a position of strength with operating momentum and a setup that supports durable long-term growth.

同樣重要的是，我們利用這一年加強了業務基礎，推進了開發權，擴大了策略資本，並加快了我們在資料中心和能源領域的發展。因此，我們以強勁的實力進入 2026 年，擁有良好的營運動能和支持長期可持續成長的架構。

With that, I'll turn the call back to the operator for your questions. Operator?

那麼，我就把電話轉回給接線生，回答您的問題。操作員？

(Operator Instructions) Blaine Heck, Wells Fargo.

（操作員說明）布萊恩·赫克，富國銀行。

Dan, can you speak about any changes in strategic initiatives that may come with your leadership at Prologis? And specifically, any thoughts around the strategic capital side of the business and when you might expect to add additional strategies, including a potential data center focused funds? Any information on the scope, potential timing and earnings impact would be really helpful.

丹，您能否談談您領導普洛斯後，策略性舉措方面可能會有哪些變化？具體來說，您對公司的策略資本方面有什麼想法？您預計何時會增加其他策略，包括可能設立專注於資料中心的基金？有關範圍、潛在時間表和收益影響的任何資訊都將非常有幫助。

Yes. Thanks, Blaine. I highlighted our strategy pretty clearly in my opening remarks here. And what did I say there? First, our focus is centered on compounding the core Logistics business while continuing to broaden and strengthen the platform. Logistics is and will remain the foundation here, serving the consumption centers around the world, capturing the embedded rent growth and lifting rents as markets recover.

是的。謝謝你，布萊恩。我在開場白中已經非常清楚地闡述了我們的策略。我當時說了什麼？首先，我們的重點是鞏固核心物流業務，同時持續拓展和加強平台。物流是並將繼續是這裡的基礎，服務世界各地的消費中心，取得其中蘊含的租金成長，並在市場復甦時提升租金。

And then we'll start leaning more into development where supply is constrained. Data centers and energy, high-return adjacent businesses here, where our land positions, our power access and our customer relationships really give us that edge. We have a very strong customer franchise. And yes, I expect to grow the strategic capital AUM significantly, both through existing vehicles and new vehicles. And really, at the end of the day, it's all about hyper focus on execution for this team.

然後我們將開始更加專注於供應受限地區的開發。資料中心和能源是這裡高回報的鄰近產業，我們的土地優勢、電力供應和客戶關係確實賦予了我們優勢。我們擁有非常強大的客戶基礎。是的，我預期策略資本資產管理規模將大幅成長，既包括現有工具，也包括新工具。歸根究底，對這支團隊來說，一切都取決於對執行力的極致關注。

But Tim, maybe you want to add on something on the new vehicles.

但是提姆，或許你想在新車上加點什麼。

Yes. Blaine, on the data center fund and its prospects, as you know, over the past weeks and months now, we've been dialoguing with some of world's larger investors, and they are ones who would have interest in co-investing in this business. And we've had a very productive couple of months in that regard. There definitely is a lot of interest such that we see capital isn't necessarily the constraint here.

是的。Blaine，關於資料中心基金及其前景，正如你所知，在過去的幾週和幾個月裡，我們一直在與一些世界級的大投資者進行對話，他們有興趣共同投資這項業務。過去幾個月，我們在這方面取得了非常豐碩的成果。顯然，大家對此非常感興趣，因此資金未必是限制因素。

And what we're really after is determining what capital structure makes sense for this business that allows us to take full advantage of all the development opportunities in the portfolio, diversifying projects, but growing the AUM that we're talking about here and enhancing it with fee streams, et cetera, driving ROE.

我們真正想要的是確定對這項業務而言合理的資本結構，使我們能夠充分利用投資組合中的所有發展機會，實現專案多元化，同時增加我們在這裡談論的資產管理規模，並透過費用流等方式增強它，從而提高淨資產收益率。

I'd say we're meaningfully through that process at this point. We expect to know more in the coming weeks and months. But it's something at the same time, I'll say we're taking care to get right given the scale of the opportunity. So in the meantime, the balance sheet has been comfortably carrying out the program that we have. It's been very profitable. So we'll compare these alternatives to that status quo. And as we have more news for you, we will share it out in the coming months.

我認為我們現在已經基本完成了這個過程。我們預計在未來幾週和幾個月內會了解更多資訊。但同時，鑑於此次機會的規模，我想說我們正在謹慎地確保萬無一失。所以在此期間，資產負債表一直順利地執行著我們所製定的計畫。它非常有利可圖。所以我們會將這些替代方案與現狀進行比較。未來幾個月，我們會陸續發布更多消息。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Tim, I appreciated your comments kind of walking through the puts and takes of your expectations in 2026. Wondering if you can dive a little bit deeper into your assumption around market rent growth and maybe if you're able to kind of quantify it for us in terms of what you're forecasting for the year ahead. It seemed like some markets are hitting an inflection point. You've still got a healthy mark-to-market. So is this a scenario where maybe market rents are down in the first half of the year and then improve as we get to the second half? Just maybe walk us through some commentary there, that would be great.

提姆，我很欣賞你對 2026 年的期望和反思。我想知道您能否更深入地探討一下您對市場租金成長的假設，以及您能否根據您對未來一年的預測，為我們量化一下。一些市場似乎正處於轉折點。你的市值仍然很健康。那麼，這種情況是否意味著市場租金在上半年下降，然後在下半年回升呢？如果您能給我們講解相關內容，那就太好了。

Yes. Let me pass that over to Chris.

是的。讓我把這個問題交給克里斯。

Michael, let me give you the full fundamental forecast for '26 so that you have all the context you need to make that judgment. The key message here is market vacancies are poised to improve over the course of the year. Now that already began in the fourth quarter when net absorption outperformed completions, and I anticipate '26 will play out the same way. New demand is the key variable here, and we expect net absorption to approach 200 million square feet in '26 versus 155 million last year. Decline in supply is helping.

邁克爾，讓我給你2026年的完整基本面預測，以便你了解做出判斷所需的所有背景資訊。這裡的關鍵訊息是，市場空置率預計在今年內有所改善。這種情況從第四季就開始了，當時淨吸收量超過了完工量，我預計 2026 年的情況也會如此。新增需求是關鍵因素，我們預計 2026 年淨吸收量將接近 2 億平方英尺，而去年為 1.55 億平方英尺。供應減少起了幫助作用。

Deliveries are on pace to be 185 million, 180 million square feet in 2026, down from 200 million square feet last year. So that will take vacancies, which were at 7.4% at the end of last year towards 7.1%, 7.2% at the end of this year. And so you're right, markets are advancing at different rates.

預計到 2026 年，房屋交付量將達到 1.85 億至 1.8 億平方英尺，低於去年的 2 億平方英尺。這樣一來，職缺率將從去年年底的 7.4% 降至今年底的 7.1% 或 7.2%。所以你說得對，市場的發展速度各不相同。

Tim described rent demand improving, occupancy levels beginning to improve across a greater range of markets and ultimately, rents. So we expect positive rent growth in aggregate to begin to emerge in a more clear way over the course of the year.

提姆表示，租金需求正在改善，入住率在更廣泛的市場範圍內開始提高，最終租金也在上漲。因此，我們預期今年租金整體呈正成長的趨勢將更明顯地顯現出來。

Craig Mailman, Citi.

克雷格‧梅爾曼，花旗銀行。

Just want to hit on the data center piece real quick. I think, Tim, you said that you have 1.2 gigawatts in LOI or advanced negotiations. Can you just walk through kind of how many projects that would be? And how that's reflected in the development start guidance? I noticed you guys, for the first time, aggregated warehouse and data center. So give us a sense of like how much of that start guidance is data centers versus warehouses and if this 1.2 gigawatts is sort of a near-term opportunity or '27 and '28, too?

我只想簡單提一下資料中心那部分。提姆，我想你說過你已經就 1.2 吉瓦的電力項目簽訂了意向書或進行了深入談判。能大概介紹一下這需要多少個項目嗎？那麼，這在開發啟動指南中是如何體現的呢？我第一次注意到你們，你們是聚合倉庫和資料中心。那麼，請您大致說明一下，這1.2吉瓦的開工預期中，有多少是資料中心，有多少是倉庫？這1.2吉瓦的開工預期是近期機會，還是也包括2027年和2028年的機會？

Yes. I won't break it down by project for you, Craig, but we have a small handful, I'll describe it that way, of starts that feel relatively imminent given the stage of leasing I just described them in. So I expect you'll see something this quarter in starts and certainly in the first half, and maybe a couple there.

是的。克雷格，我不會逐個項目地向你解釋，但我們有一些項目，就這麼說吧，鑑於我剛才描述的租賃階段，感覺啟動時間相對緊迫。所以我預計本季先發陣容會有所變化，上半年肯定會有，也許會有幾場。

In the guidance, I described that 40% of our overall owned and managed range of $4 billion to $5 billion, we expect 40% of that roughly to be in data centers. So you can unpack that and understand the logistics piece. And I think -- I will say, I think there's -- we've left some opportunity to outperform this in a few ways, both in logistics and in data centers.

在指導意見中，我描述了我們整體擁有和管理的資產規模在 40 億至 50 億美元之間，我們預計其中約 40% 將用於資料中心。這樣你就可以拆開包裝，並了解其中的物流部分了。而且我認為——我必須說，我認為——我們在物流和資料中心等一些方面還有超越現在的機會。

On the logistics side, I would say that what you infer there on logistics starts is still below what a very strong run rate would be for us. We could see that the environment for spec starts continues to improve, and that would be a means for outperformance on those starts.

從物流方面來看，我認為你從物流推斷出的開工率仍然低於我們非常強勁的運行速度。我們可以看到，測試啟動的環境持續改善，這將是實現這些啟動效能優異的一種途徑。

And on the data center side, I would bear in mind that it's not only going to be in a project count, if you will, that we execute on, but also format. We have a mix that we think about between powered shell and turnkey and the appetite for turnkey projects is quite high from our customers. And if we choose to execute more in that format, the aggregate dollars would rise as well.

至於資料中心方面，我想強調的是，這不僅關乎我們執行的項目數量，還關乎格式。我們考慮的方案是動力殼體和統包工程結合，而我們的客戶對統包工程的需求非常高。如果我們選擇以這種形式執行更多項目，總金額也會增加。

Let me just pile on here. We've often talked about a wide range of deployment that we can do throughout the year. We own land in over 70 markets around the world. And as we talked about, $42 billion worth of opportunity in that land bank, of which nearly 40% of that is ready to go. So we can really make a decision in a moment's notice as it relates to starting. So we have a lot of opportunity, as Tim mentioned.

我也來說兩句話。我們經常談到我們可以在一年中進行的各種部署。我們在全球70多個市場擁有土地。正如我們之前討論的，這片土地儲備蘊藏著價值 420 億美元的機會，其中近 40% 已經準備好開發。因此，關於是否開始，我們可以立即做出決定。正如蒂姆提到的那樣，我們有很多機會。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛集團。

Maybe another data center question. So just a year ago on the 4Q '24 call, you guys mentioned that you could reach 10 gigawatts of power in 10 years. I guess now we're one year later and you're already at almost 6 gigawatts. So I was just wondering if there was any update on that kind of 10-gigawatt outlook or trajectory?

或許還有關於資料中心的問題。就在一年前的 2024 年第四季財報電話會議上，你們提到可以在 10 年內達到 10 吉瓦的發電量。我想現在一年過去了，你們的發電量已經接近 6 吉瓦了。所以我想知道關於10吉瓦的展望或發展軌跡是否有任何最新進展？

And do you think the pace of increase could keep going? Might it slow down because future increases in power are increasingly more difficult? Or just -- how do you expect that to trend?

你認為這種成長速度還能持續下去嗎？未來電力成長越來越困難，這是否會導致成長放緩？或者說——你預計這種趨勢會如何發展？

Caitlin, I would say when we talk about the 10 gigawatts of power, what we've talked about is just the universe of opportunity that we have. We own 6,000 buildings adjacent to the world's most dynamic consumption centers. We own or control 14,000 acres of land. And it's really lumpy as to when these sites will be ready, will be energized. And that's why we're updating you as soon as we know on what's coming. But I'm very comfortable stating that 10-gigawatt of pipeline, and there's just a lot behind that, that is further down the road, but no update further from that number.

凱特琳，我想說，當我們談論 10 吉瓦的電力時，我們所談論的只是我們所擁有的無限機會。我們在世界最具活力的消費中心附近擁有 6000 棟建築。我們擁有或控制14000英畝土地。至於這些站點何時準備就緒、何時投入使用，目前還很難說。所以，一旦我們得知即將發生的事情，就會立即通知您。但我可以很肯定地說，10 吉瓦的管道建設已經啟動，而且這背後還有很多工作要做，但目前還沒有關於這個數字的進一步更新。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗銀行。

I want to just clarify two things just based on your comments, which seem like we're moving from this bottoming to an inflection phase. So one, I guess it's been hard over the last three years to predict sort of this inflection in occupancy. So what gives you strength as you see this downtick in the first quarter to build a fair amount of occupancy to hit your guide?

根據你的評論，我想澄清兩件事，看起來我們正在從觸底反彈階段過渡到轉折階段。所以，我想在過去的三年裡，很難預測入住率的這種轉變。那麼，面對第一季的下滑，是什麼讓你有信心建立起足夠的入住率，從而達到你的預期目標呢？

And then related to that, as you get this strong core growth, what -- can you walk through some of the offsets that limit the FFO growth this year?

與此相關的是，在實現強勁的核心成長的同時，您能否分析今年限制 FFO 成長的一些抵銷因素？

Vikram. Well, look, on occupancy, I think the first thing that is worthy of remembering is that the past few years now of absorption is what has been the outlier. We've had very low years of annual absorption in our markets. So even with Chris' forecast of approaching 200 million square feet, we'd still call that not fully normal or robust. So I think that's useful context perhaps.

維克拉姆。嗯，你看，就入住率而言，我認為首先值得記住的是，過去幾年的吸收量一直是個例外。我們市場的年度吸收率已經連續多年非常低。所以即使克里斯預測面積將接近 2 億平方英尺，我們仍然認為這還不是完全正常或強勁的。所以我覺得這或許是個有用的背景資訊。

The remainder is, look, I think our guide is for about 25 basis points increase in average, also maybe not as extreme as you might be reading into. But finishing the year at 95.8% and building occupancy over the course of the year, to answer your direct question is what gives us a good amount of confidence in the forecast that we have here.

剩下的部分，你看，我認為我們的指導方針是平均增長約 25 個基點，而且可能沒有你想像的那麼極端。但要回答你的直接問題，全年入住率達到 95.8%，並且全年入住率持續增長，正是這些因素讓我們對目前的預測充滿信心。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

I guess, Tim, occupancy had a nice pickup in Europe and Asia in 4Q. I think you talked a little bit about Japan, but maybe can you provide some color on kind of the big pickup there in occupancy and sort of what's driving that?

提姆，我猜想，第四季歐洲和亞洲的入住率都有不錯的回升。我想你剛才稍微談到了日本，但你能不能詳細說說日本酒店入住率大幅上升的原因以及推動這一趨勢的因素？

Samir, I would say, I would look back across the year, probably '25. The Europe story and definitely the Japan story are not new. We've tried to highlight that a few times in recent quarters. Occupancies there in the market have been pretty strong in Europe, at least. Japan is a different story at the market level. But our portfolio in both cases, has been quite high and has been that way for quite a while now. Anything you would add, Chris?

薩米爾，我想說，我會回顧過去一年，大概是 2025 年。歐洲的故事，當然還有日本的故事，都不是什麼新鮮事。最近幾個季度，我們已經多次強調這一點。至少在歐洲，該地區的入住率一直相當強勁。日本市場的情況則截然不同。但無論哪種情況，我們的投資組合規模都相當大，而且這種情況已經持續了相當長一段時間。克里斯，你還有什麼要補充的嗎？

No, that's right. I'd say momentum is building around the world. So ex US has more momentum, healthy demand, lower vacancies.

沒錯。我認為這種勢頭正在全球範圍內積聚。因此，除美國以外，其他地區的就業成長動能更強勁，需求旺盛，職缺率更低。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

Great. Just had a broader question on capital deployment, both on the data center and the traditional sort of industrial side. If you could just walk us through just what that potential pipeline looks like in terms of the ramp and what you need to see to sort of increase the run rate, specifically on the industrial side?

偉大的。我剛剛收到一個關於資本部署的更廣泛的問題，包括資料中心和傳統工業領域。您能否為我們詳細介紹潛在的生產流程，包括產能爬坡階段以及您需要看到哪些條件才能提高生產效率，尤其是在工業領域？

Yes, Ron, I'll start and maybe Tim will chime in here. But as I mentioned, we have significant number of opportunities. Good news is we saw this real estate cycle continue in the fourth quarter, as Chris mentioned in his prior remarks, we're seeing -- really starting to see better activity in really all size ranges. It's not just a big-box story, or at least fourth quarter wasn't just a big-box story. So we can watch these markets literally by the week and month and make decisions on the fly and ramp accordingly.

好的，榮恩，我先開始，提姆也許會插話。但正如我所說，我們有很多機會。好消息是，我們看到房地產週期在第四季度繼續發展，正如克里斯在之前的演講中提到的那樣，我們看到——真的開始看到各個規模範圍的房地產市場活動有所改善。這不僅是大型零售商的故事，或至少第四季的故事不僅僅是大型零售商的故事。因此，我們可以按週、按月觀察這些市場，並隨時做出決策，並相應地調整策略。

Yes. I would only say, Dan, that's precisely right. And Ron and maybe I would, to give a different context, it really is built up week-by-week at investment committee as teams are deciding conditions in their respective markets are appropriate. It's not something that we govern top down.

是的。我只想說，丹，你說得完全正確。羅恩，或許我，會說，從另一個角度來看，投資委員會每週都會根據各團隊對各自市場狀況的判斷來制定投資策略。這不是我們自上而下管理的事情。

Nick Thillman, Baird.

Nick Thillman，Baird。

Maybe touching still on the development starts on the industrial side. Is it fair to assume that you still have a little bit more bias ex US in that market?

或許可以繼續探討工業發展的問題。是否可以合理地假設，你對美國以外的市場仍然存在一些偏見？

And then as we think of the land bank overall, you guys have alluded to the mark-to-market upside, but then replacement cost rents. I guess as we look at the bank -- land bank overall, what percentage of that bank do you think is in the money when it comes to new construction like barring -- or if the demand is there, like what percentage of that would you say is in the money at this point on new starts here?

然後，當我們整體考慮土地儲備時，你們提到了按市值計價的上漲空間，但還有重置成本租金。我想，當我們審視土地儲備——整體而言，您認為在新建項目（例如巴林）方面，這部分土地儲備中有多少百分比是盈利的？或者，如果需求存在，您認為目前新開工項目有多少百分比是獲利的？

Well, I'll take the second part, and Dan can pick up the geographic mix maybe after. It's a challenging question to unpack the way you're phrasing it. I guess what I would tell you is that we evaluate the valuation of the land bank every quarter, and we continually read out to you how we see that. Presently, we see that around 110% fair market value to book value. So that is going to be a mix of projects that are more deeply in the money than others, but I can only provide you the information on that aggregate basis.

好吧，我來負責第二部分，丹之後可以接手地理方面的部分。你這樣問，確實是個很難解答的問題。我想告訴你們的是，我們每季都會對土地儲備進行估值，並且我們會不斷地向你們報告我們的估值結果。目前，我們看到公允市場價值與帳面價值之比約為 110%。所以，這些專案資金狀況良莠不齊，但我只能提供匯總資訊。

And then as it relates to geographies, about 2/3 of the starts that we're assuming for the year on the logistics side are in the US for 2026. That's up about 10%, 15% year-over-year. And then we're seeing strong markets in Latin America between Sao Paulo, between Mexico, I'd say not the border markets of Mexico, but Mexico City. And then if you go over to Europe, we're seeing -- we'll see some starts in Germany, Netherlands, Northern Europe mostly.

至於地理位置方面，我們假設 2026 年物流方面的開賽日期中，大約有 2/3 的比賽將在美國舉行。與去年同期相比，成長了約 10% 至 15%。然後我們看到拉丁美洲市場表現強勁，尤其是聖保羅和墨西哥城之間，我指的是墨西哥城，而不是墨西哥的邊境市集。然後，如果你看看歐洲，我們會看到——我們會看到一些比賽在德國、荷蘭和北歐等地舉行。

Vince Tibone, Green Street.

文斯·蒂博內，格林街。

I have a few more questions on the data center opportunity. On the 1.2 gigawatts you mentioned are under LOI, would those be mostly powered shell or turnkey? I'm just trying to get a sense of the total investment for that power.

關於資料中心項目，我還有幾個問題。您提到的 1.2 吉瓦專案目前處於意向書簽署階段，這些專案主要是毛坯供電還是交鑰匙工程？我只是想了解一下獲得這種電力需要總共投入多少資金。

And then could you also clarify just what exactly it means to be kind of in advanced stages of procurement for power? I mean it's just everything we hear it is taking longer and longer to get power from the utility. So I'm curious like how far out that stuff that's in advanced stages may take before power could be delivered? Like is it -- because you have commitments for that power, but it may be three to five years, if not more, until it's actually delivered? Just trying to get a sense of both those points.

那麼，您能否進一步解釋一下，電力採購進入「進階階段」究竟意味著什麼？我的意思是，我們總是聽到這樣的說法：從電力公司獲得電力所需的時間越來越長。所以我很好奇，那些處於高階研發階段的技術，從研發到最終能夠投入使用，還需要多久？是因為你承諾會獲得這種權力，但可能要三到五年，甚至更久，才能真正實現？我只是想了解這兩點。

Vince, I would -- I'm going to answer your first question in a more generic way that we think of the program overall as likely being on the order of 60% to 70% powered shell and having some amount in our forecast reserved for full turnkey. The deals that are in the near future are still working through those discussions. And we've seen -- it may be surprising, but we've seen even in late stages or mid-build customers decide to transition from powered shell to full turnkey. So that's why it's a little squishy right now. But to widen you out to think about the entire initiative, think about 60% to 70% powered shell.

文斯，我會——我會以更一般的方式回答你的第一個問題，我們認為整個項目總體上可能在 60% 到 70% 之間是動力外殼，並且在我們的預測中預留了一部分用於完整的交鑰匙工程。近期即將達成的交易仍在進行談判中。我們已經看到——這或許令人驚訝——即使在後期或中期建設階段，客戶也會決定從動力外殼過渡到完整的交鑰匙工程。所以它現在摸起來有點軟。但為了讓你更全面地思考整個計劃，想想看，動力外殼佔比達到 60% 到 70%。

And Vince, to your question around what defines advanced stages, what's secured? Advanced stages, it's the point when a project has a preliminary utility agreement that really signals progress towards like a firm power agreement. It's really just pending the final design and construction with the utility. There's significant capital that's been outlaid at that point, and it's definitely a defined path to securing that firm power. That often happens after many -- 12, 18, 24 months of negotiations with these utilities. And then it typically takes another year to two to get to that secured stage. And then we consider secured power is when the data center project has a binding agreement through the form of an energy service agreement with the utility, and that's guaranteeing power delivery and committing to build that necessary infrastructure.

文斯，關於你提出的「高級階段的定義是什麼？哪些方面是安全的？」這個問題，到了後期階段，專案就達成了初步的公用事業協議，這標誌著專案朝著最終的電力協議邁出了重要一步。目前僅剩公用事業的最終設計和施工階段。那時已經投入了大量資金，而且這無疑是一條確保公司實力的明確路徑。這種情況通常發生在與這些公用事業公司進行了 12、18、24 個月的談判之後。然後通常還需要一到兩年的時間才能達到穩定階段。然後，我們認為電力保障是指資料中心專案與公用事業公司簽訂了具有約束力的能源服務協議，從而保證電力供應並承諾建造必要的基礎設施。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Despite what was a particularly volatile year in 2025, you still ended up at the high end of your initial core FFO like promote guidance, which suggests stability in the algorithm, but the spread for the outlook in 2026 is even wider. So is there anything that would add more sensitivity or a wider range of outcomes this year? And then as well, Southern California lease percentage picked up 140 basis points. So if you could touch on the health of that market, that would be appreciated.

儘管 2025 年市場波動較大，但最終仍達到了最初核心 FFO 類似推廣指導的高端水平，這表明演算法具有穩定性，但 2026 年的前景範圍甚至更大。那麼，今年是否有任何因素會增加敏感度或擴大結果範圍呢？此外，南加州的租賃率也上升了 140 個基點。所以，如果您能談談該市場的健康狀況，我們將不勝感激。

Michael, it's Tim. On your first question, I would think of it more as math, to be honest. We're just getting to earnings per share, FFO per share here. That's quite a high number crossing over $6 now. And if you just think of variability in percentage terms, the penny range that we provide needs to move with that growth and widens out. It's just natural.

邁克爾，我是蒂姆。坦白說，對於你的第一個問題，我更傾向於把它看作是數學問題。我們現在要討論的是每股盈餘和每股FFO（營運資金）。現在這個數字已經相當高了，超過了6美元。如果僅從百分比的角度考慮波動性，那麼我們提供的每美分價格範圍需要隨著這種增長而變化並擴大。這是很自然的。

Michael, it's Chris. On Southern California, great pickup. There has been a tone shift in Southern California worth discussing. So look, let's acknowledge Southern California has been a soft market and market vacancies are elevated there, but there is a new direction in customer demand, and it's giving us confidence in the call that we've been consistent in making in terms of the opportunity for cyclical recovery to emerge.

麥可，我是克里斯。在南加州，這是一次很棒的購物體驗。南加州的風氣發生了值得探討的轉變。所以，我們承認南加州市場一直疲軟，市場空置率也很高，但客戶需求出現了新的方向，這讓我們更加確信我們一直以來所做出的判斷，即周期性復甦的機會即將到來。

What I'm specifically looking at is in the back half of the year, and so both in the third and fourth quarters, gross absorption and net absorption went in a different direction in an improved direction. Customers are engaging earlier in renewals. There's broader discussion of new lease requirements across all submarkets from a wider range of customers.

我特別關注的是下半年的情況，也就是第三季和第四季度，總吸收量和淨吸收量都朝著改善的方向發展。客戶續約時間提早了。在各個細分市場中，來自更廣泛客戶群的新租賃需求正在展開更廣泛的討論。

And as it relates to submarkets, we often get asked that question, and there is still some nuance as we pass -- as we approach this inflection point. Inland Empire is clearly outperforming Los Angeles. There's great improving net absorption in that geography. Class A over Class B is outperforming. That's a positive for our portfolio. And in fact, there are a couple of pockets where there's some scarcity and healthy customer demand that's leading to firming and improving pricing. So I'm thinking really big box in the Inland Empire. Putting it together, the cycle is progressing and short-term weakness is dissipating.

至於細分市場，我們經常被問到這個問題，而且隨著我們接近這個轉折點，仍然存在一些細微差別。內陸帝國的表現明顯優於洛杉磯。該地區的淨吸收能力大幅提升。A 類班的表現優於 B 類班。這對我們的投資組合來說是個利好消息。事實上，在某些地區，供應短缺，顧客需求旺盛，這導致價格趨於穩定和改善。所以我正在考慮在內陸帝國地區開一家規模很大的店。綜合來看，週期正在推進，短期疲軟的局面正在消散。

Mike Mueller, J.P. Morgan.

麥克·穆勒，摩根大通。

Do your fund contribution expectations for '26 reflect just ongoing development activities for warehouses? Or does it factor in any contributions for the new vehicles?

您對 2026 年的資金貢獻預期是否僅反映了倉庫的持續開發活動？或者，它是否將新車的任何投入考慮在內？

The only thing included in the contribution guidance is -- that we contemplate for the year is that the Agility Fund that I mentioned in my prepared remarks, before it starts some of the development activity it will undertake in the year, it will take some contributions of land from Prologis, marked up to fair value is the way that will operate, and that is reflected in the guidance.

貢獻指南中唯一包含的內容是——我們預計今年的貢獻是，我在準備好的發言稿中提到的敏捷基金，在開始今年將開展的一些開發活動之前，將從普洛斯獲得一些土地捐贈，按公允價值加價，這就是它的運作方式，這一點也反映在指南中。

Nicholas Yulico, Scotiabank.

Nicholas Yulico，加拿大豐業銀行。

Tim, in terms of the guidance on same-store growth this year, I was hoping you could just unpack that a little bit in terms of the acceleration in same-store growth this year, is that just being driven by easier occupancy comps? Or are you also expecting some improvement in mark-to-market that you can capture?

Tim，關於今年同店的成長預期，希望你能稍微解釋一下，今年同店成長加速是否僅僅是因為入住率下降所致？或者，您是否也期望能夠從市場估值中獲得一些改善？

Yes. It's going to be -- let's break it apart. On the rent change piece or the mark-to-market, as you mentioned, that will be a decreasing factor as rent change amounts get a little bit more normalized. We had 50% rent change in 2025, as I mentioned, and you can unpack and infer by looking through the supplemental, will be in the high 30s or roughly 40% in 2026 as you evaluate market rents for our discussion of where they sit in our lease mark-to-market. So that will be a smaller contributor, a long way of saying occupancy drag will be a little bit less.

是的。它將——讓我們把它拆解開來。正如您所提到的，隨著租金變動金額逐漸趨於正常化，租金變動或以市價計價的影響將會逐漸減弱。正如我之前提到的，2025 年我們的租金變化幅度為 50%，您可以查看補充文件進行分析和推斷，2026 年的租金變化幅度將達到 30% 以上，或者大約為 40%，因為您在評估市場租金時，需要結合我們租賃市場估值的討論來判斷其位置。所以這方面的貢獻會比較小，換句話說，入住率下降的幅度會比較小。

One of the predominant factors is just [lighter FPLA] really from the Duke acquisition. That does have a long tail. I'll say that is still dragging net effective same-store growth by 75 to 100 basis points, and it will be with us for a few more years, but it does slowly reduce over time.

其中一個主要因素就是杜克收購帶來的[較輕的FPLA]。這個問題確實會持續很久。我認為這仍然會拖累同店淨有效成長 75 到 100 個基點，這種情況還會持續幾年，但隨著時間的推移，這種情況會逐漸減少。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

I wanted to go back to the capital deployment, ask about something at a little bit of a higher level. You previously talked about deployment drag in '26, just given lighter levels of starts in '24 and '25, which has impacted FFO growth to some extent in the near term. Can you talk about the cadence of stabilizations during the year and comment on whether you see that accelerating or increasing as the year progresses? I'm just wondering if you can talk about the magnitude and impact of that drag within the '26 guidance and whether you expect that to begin alleviating as '27 approaches?

我想回到資金部署的話題，問一些更高層次的問題。您之前談到了 2026 年的部署拖累，由於 2024 年和 2025 年的開工量較低，這在短期內對 FFO 成長產生了一定程度的影響。您能否談談一年中市場趨於穩定的節奏，並評論一下隨著時間的推移，您是否認為這種趨勢會加速或加劇？我想請您談談2026年業績預期中這種拖累的程度和影響，以及您是否預計隨著2027年的臨近，這種拖累會開始緩解？

Yes, Todd, I think the best disclosure on this is present in the sup with regard to the pipeline overall, and we do demark what years of stabilization of projects fall into. We don't provide it out by quarter. That's just a lot of detail for one. But on the speculative side, it's going to be subject to when leasing is being achieved.

是的，托德，我認為關於這方面最好的披露信息在補充文件中，其中涉及整個管道的情況，我們也明確劃分了項目穩定期的年份。我們不按季度發放。首先，細節也太多了吧。但就推測而言，這取決於租賃何時能夠實現。

Perhaps just to help you, if you wanted to unpack some breadcrumbs from prior year starts, which we give you quarterly, I'd say our Spec business is typically leasing up between seven and nine months. Long-term average would be seven. Recent years have been a little bit longer. I expect to see that tighten as market conditions do. And then build-to-suits, of course, come online immediately at project completion.

也許只是為了幫助您，如果您想了解一些往年開工情況（我們每季都會提供這些資訊），我想說，我們的投機性租賃業務通常需要七到九個月才能完成租賃。長期平均值為7。近幾年時間稍長了一些。我預計隨著市場狀況的變化，這種情況會變得更加嚴峻。當然，客製化建造的伺服器會在專案完成後立即投入使用。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Another follow-up on the data center side. Can you discuss the 5-plus gigawatts of power that you have access to and how fragmented that power is dispersed either geographically or even conceivably by asset and where the largest blocks are that you have?

關於資料中心方面還有後續工作。您能否談談您擁有的超過 5 吉瓦的電力，以及這些電力在地理位置或資產上的分散程度，並說明您擁有的最大電力塊位於何處？

Yes, sure. So our land and the power bank, if you will, it is distributed across Tier 1 and Tier 2 markets across the US and Europe. That's Northern Virginia, that's Silicon Valley, Chicago, New Jersey, Dallas, Portland in the US is Tier 1. It's the FLAP-D markets. Literally, we've got Amsterdam, London, Paris, Frankfurt, Dublin that we're working. And then Tier 2, we've got a number of sites as well, Austin, Las Vegas, Phoenix, Salt Lake City, Boston, Denver and then Madrid, Milan and Berlin in Europe. So very dispersed, a wide range of opportunities here.

當然可以。所以，我們的土地和電力庫（如果你願意這麼稱呼的話）分佈在美國和歐洲的一線和二線市場。那是北維吉尼亞，那是矽谷，芝加哥、紐澤西、達拉斯、波特蘭在美國都是一級城市。這是 FLAP-D 市場。實際上，我們正​​在阿姆斯特丹、倫敦、巴黎、法蘭克福和都柏林開展工作。其次，第二梯隊也有很多站點，包括奧斯汀、拉斯維加斯、鳳凰城、鹽湖城、波士頓、丹佛，以及歐洲的馬德里、米蘭和柏林。所以機會非常分散，這裡有很多機會。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

I wanted to follow up on what's incorporated in same-store guidance in terms of the occupancy growth of US versus international markets? Will that international outperformance continue? And also what you're expecting from solar contribution, given there wasn't much contribution last year, but we're one year closer to $1 billion Essentials revenue target that you're expecting by 2030?

我想進一步了解一下，在同店銷售指引中，美國市場與國際市場的入住率成長分別包含了哪些因素？這種國際市場的優異表現能否持續？另外，鑑於去年太陽能業務貢獻不大，但我們距離您預期的到 2030 年實現 10 億美元的 Essentials 收入目標又近了一年，您對太陽能業務的貢獻有何預期？

Yes, John, the occupancy gains that I would see in same-store are relatively dispersed across our geographies. There's more weight coming out of the US generally, of course, but the levels of improvement even at the market level as we think about Chris' absorption are kind of uniform in basis point terms between those geographies.

是的，約翰，我看到的同店入住率成長在我們各個地區的分佈相對分散。當然，整體而言，美國市場貢獻的權重更大，但即便從市場層面來看，就克里斯的吸收而言，這些地區的改善程度在基點方面也相當一致。

Solar revenues, I'm glad you highlight. It is in NOI. We're very proud to have surpassed that 1 gigawatt goal. By the way, I'd like to mention again. The growth you see there, while impressive on its own, it's just at a nominal level, to be frank, that it kind of pales in comparison to $6 billion, $7 billion of NOI from rental operations we have now, but that will continue to grow from here and become a much more meaningful contributor in future years.

很高興你重點提到了太陽能收入。它位於NOI。我們非常自豪能夠超越1吉瓦的目標。順便提一下，我想再提一下。雖然這方面的成長本身令人印象深刻，但坦白說，這只是名義上的成長，與我們現在從租賃業務中獲得的 60 億至 70 億美元的淨營業收入相比，簡直微不足道。不過，租賃業務的淨營業收入將持續成長，並在未來幾年成為更有意義的貢獻者。

This now concludes our question-and-answer session. Now I would like to turn the floor back over to management for any closing comments.

我們的問答環節到此結束。現在我想把發言權交還給管理階層，請他們做最後的總結發言。

Thank you for joining us today. We appreciate your interest in the company. We look forward to connecting throughout the quarter or during next quarter's call. Take care.

感謝您今天蒞臨。感謝您對本公司的關注。我們期待在本季度或下個季度的電話會議上與您保持聯繫。小心。

And ladies and gentlemen, thank you for your participation. That does conclude today's teleconference. Please disconnect your lines and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。請斷開線路，祝您有美好的一天。