Prologis, Inc. (PLD) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Prologis Q1 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Prologis 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Justin Meng, Senior Vice President, Head of Investor Relations. Thank you. You may begin.

現在我很榮幸介紹投資人關係主管、高級副總裁 Justin Meng。謝謝。您可以開始了。

Thank you, operator, and good morning, everyone. Welcome to our first-quarter 2026 earnings conference call. Joining us today are Dan Letter, CEO; Tim Arndt, CFO; and Chris Caton, Managing Director.

謝謝接線員，各位早安。歡迎參加我們 2026 年第一季財報電話會議。今天與會者包括執行長 Dan Letter、財務長 Tim Arndt，以及董事總經理 Chris Caton。

I'd like to note that this call will contain forward-looking statements within the meaning of federal securities laws and including statements regarding our outlook, expectations, and future performance. These statements are based on the 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.

我想提醒各位，本次電話會議將包含符合聯邦證券法定義的前瞻性陳述，包括關於我們展望、預期與未來表現的陳述。這些陳述係基於目前的假設，並受風險與不確定性影響，可能導致實際結果出現重大差異。關於這些風險的討論，請參閱我們向 SEC 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 first-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，我們將討論某些非 GAAP 的財務衡量指標，例如 FFO 與 EBITDA。並依據 Reg G，我們已在第一季財報新聞稿與補充資料中，提供與最直接可比的 GAAP 指標之調節表。兩者皆可於我們網站 www.prologis.com 取得。

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

接下來，我把電話交給 Dan。

Thank you, Justin. Good morning, and thank you for joining us. We entered 2026 with solid momentum, and we saw that continue in our first-quarter results. While the geopolitical backdrop has become more uncertain in recent weeks, our business continues to perform at a very high level, supported by resilient demand, disciplined execution and the strength and scale of our global platform. Last quarter, we outlined our top three priorities for the business.

謝謝你，Justin。各位早安，感謝各位加入我們。我們以穩健動能進入 2026 年，並在第一季業績中延續這股動能。儘管近幾週地緣政治背景更趨不確定，我們的業務仍維持非常高水準的表現，受惠於具韌性的需求、嚴謹的執行力，以及我們全球平台的實力與規模。上一季我們概述了業務的三大優先事項。

Let me highlight how our strategy is translating into results across operations, value creation, and capital formation. First, we delivered another quarter of record leasing with 64 million square feet of signings supported by both strong retention and healthy new leasing activity. Occupancy exceeded our expectations, and we are raising our full-year outlook.

我來重點說明我們的策略如何在營運、價值創造與資本形成方面轉化為成果。第一，我們再度創下單季租賃紀錄，簽約面積達 6,400 萬平方英尺，強勁的續租率與健康的新租賃活動共同支撐。入住率超出我們預期，因此我們上調全年展望。

Second, we are putting our land bank to work across logistics and data centers with $2.1 billion of starts in the quarter, of which $1.3 billion was data center build-to-suits. The depth of customer interest for our data center offerings is significant, and we believe our ability to bring together land, power and development expertise is a key differentiator for our business and positions us to capture a growing share of this opportunity.

第二，我們正將土地儲備投入物流與資料中心開發，本季開工金額達 21 億美元，其中 13 億美元為資料中心量身訂做（build-to-suit）專案。客戶對我們資料中心產品的興趣深度相當可觀；我們相信，整合土地、電力與開發專業的能力是我們業務的關鍵差異化優勢，並使我們得以在此機會中取得日益提升的市占。

And third, we are expanding our Strategic Capital platform. We announced a $1.6 billion joint venture with GIC and, subsequent to quarter end, a $1.2 billion joint venture with La Caisse. These partnerships reflect strong investor demand for our platform and our ability to deploy capital into high-quality opportunities worldwide. Taken together, these initiatives reinforce a simple point. We are building a broader, more resilient platform, one that is positioned to compound growth over time.

第三，我們正在擴大我們的策略資本（Strategic Capital）平台。我們宣布與 GIC 成立 16 億美元的合資企業，並在季後再宣布與 La Caisse 成立 12 億美元的合資企業。這些合作夥伴關係反映投資人對我們平台的強勁需求，以及我們將資本部署至全球高品質機會的能力。綜合而言，這些舉措強化了一個簡單的重點。我們正在打造更廣泛、更具韌性的平台，使其能隨時間持續複利成長。

Before I pass the call to Tim, let me briefly address the geopolitical backdrop. The conflict in the Middle East has introduced yet another source of economic uncertainty, most directly through higher energy prices and renewed pressure on inflation and interest rates.

在把電話交給 Tim 之前，我先簡要談談地緣政治背景。中東衝突帶來另一項經濟不確定性來源，最直接的影響是能源價格上升，以及對通膨與利率的再度壓力。

Rather than speculate, I'll focus on what we are seeing in our data, what we're hearing from our customers and how we are operating the business. Our lease signings, proposal volume, and build-to-suit pipeline point to continued strength in underlying demand.

我不做臆測，而是聚焦於我們數據所呈現的情況、我們從客戶那裡聽到的回饋，以及我們如何經營業務。我們的租約簽約量、提案量，以及量身訂做（build-to-suit）案源管線，皆顯示基礎需求持續強勁。

In fact, March was a very active month for new leasing. By comparison, when our business faced abrupt tariff-related uncertainty in April of 2025, the pause in leasing activity was relatively immediate before thawing out in the following weeks and months. At the same time, our customer insights are grounded in direct ongoing engagement with hundreds of real-time interactions each quarter.

事實上，3 月的新租賃活動非常活躍。相較之下，當我們的業務在 2025 年 4 月面臨關稅相關的不確定性突然升高時，租賃活動幾乎立即暫停，之後在接下來數週與數月逐步回溫。同時，我們的客戶洞察建立在與數百次、每季即時互動的直接且持續交流之上。

Seven weeks into this conflict, most are actively monitoring the situation, and they are telling us 2026 business plans are unchanged. The risk today is that uncertainty slows customer decision-making. We have not seen meaningful evidence of that to date. That said, we're operating with a heightened level of awareness guided by the same discipline that has defined our business for decades. This is a time-tested platform and the structural drivers of growth across logistics, digital infrastructure and energy remain firmly in place.

衝突進入第七週，多數客戶正積極關注情勢，並告訴我們其 2026 年的業務計畫並未改變。當前的風險在於，不確定性可能放慢客戶的決策速度。截至目前，我們尚未看到有意義的證據顯示如此。儘管如此，我們以更高的警覺度運作，並以數十年來定義我們業務的同樣紀律為指引。這是一個經時間驗證的平台，而物流、數位基礎設施與能源等領域的結構性成長驅動因素仍然穩固存在。

And with that, I'll hand the call to Tim to walk you through our results and outlook.

接下來，我把電話交給 Tim，請他帶各位了解我們的業績與展望。

Thank you, Dan. Turning straight to our results. We delivered a solid quarter, executing well against our strategic priorities in a dynamic environment. First-quarter core FFO was $1.50 per share, including net promote expense, and $1.52 per share, excluding this expense, each ahead of our expectations. We ended the quarter with occupancy of 95.3%, reflecting the seasonal drop we telegraphed and typically experience each first quarter. Retention remained very strong at nearly 76%.

謝謝你，Dan。我直接進入我們的業績。我們交出穩健的一季，在多變的環境中，針對策略優先事項執行到位。第一季核心 FFO 為每股 1.50 美元（包含淨業績分成費用 net promote expense），若排除此費用則為每股 1.52 美元，兩者皆優於我們預期。本季期末入住率為 95.3%，反映我們先前已預告且通常每年第一季都會出現的季節性下滑。續租率仍非常強勁，接近 76%。

Net effective rent change was more muted this quarter at 32%, driven primarily by market mix. Our expectation for full-year rent change to approach 40% on a net effective basis remains unchanged. Our lease mark-to-market ended the quarter at 17% on a net effective basis. The rate of decline has slowed meaningfully, due in part by an uptick in market rents this quarter, the first increase in 2.5 years.

本季淨有效租金變動較為溫和，為 32%，主要受市場組合影響。我們對全年淨有效租金變動接近 40% 的預期維持不變。本季租約按市價重估（mark-to-market）在淨有效基礎下為 17%。下降速度已明顯放緩，部分原因是本季市場租金回升，為 2.5 年來首次上升。

Our lease mark-to-market represents approximately $750 million of embedded NOI at spot rents, which, of course, do not reflect the replacement cost rent upside, which should materialize over time as occupancies improve.

我們的租約按市價重估約代表以即期租金計算、約 7.5 億美元的內含 NOI；當然，這尚未反映重置成本租金上行空間，該上行應會隨著入住率改善而逐步顯現。

Same-store NOI growth was 6.1% on a net effective basis and 8.8% on cash. In addition to the year-over-year occupancy increase and the growing contribution of rent change, the period also benefited from unusually low bad debt. In terms of capital deployment, we had a fantastic quarter. We started $2.1 billion of new development, including $850 million in logistics and $1.3 billion in two data center projects. Within logistics, approximately 75% of the starts were speculative, reflecting improving fundamentals and our confidence in the need for new supply across many of our markets.

同店 NOI 成長在淨有效基礎下為 6.1%，在現金基礎下為 8.8%。除年對年入住率提升與租金變動貢獻增加外，本期亦受惠於異常偏低的壞帳。就資本部署而言，我們本季表現非常出色。我們啟動 21 億美元的新開發案，包括 8.5 億美元的物流開發，以及兩個資料中心專案合計 13 億美元。在物流方面，約 75% 的開工為投機性開發（speculative），反映基本面改善，以及我們對多個市場新增供給需求的信心。

Our data center starts totaled 350 megawatts between one ground-up development at an existing campus and one conversion out of our portfolio. Both projects are pre-leased on a long-term basis to leading technology companies with strong investment-grade credit. Customer interest in our power sites is exceptional with 1.3 gigawatts under LOI and all of our power pipeline in some level of discussion.

我們的資料中心開工總計 350 兆瓦，包括一個在既有園區的全新開發（ground-up）以及一個由我們資產組合轉換而來的專案。兩個專案皆已以長期合約預租給具備強勁投資等級信用的領先科技公司。客戶對我們電力用地（power sites）的興趣極為強勁，目前已有 1.3 吉瓦在 LOI（意向書）之下，且我們所有的電力案源管線皆已進入某種程度的洽談階段。

We ended the quarter with 5.6 gigawatts of energy either secured or in advanced stages which reflects the stabilization of another 150-megawatt facility during the quarter. Simply assuming a power shell format at $3 million per megawatt, our current pipeline could provide well over $15 billion of investment and multiples of that in a turnkey format, creating significant potential for value creation. Continue to scale our solar and storage business, meaning customer demand and completing 42 projects during the quarter, bringing us to a total of 1.3 gigawatts of installed capacity.

我們在本季結束時，已有5.6吉瓦的能源專案已取得或處於後期推進階段，這反映出本季完成另一座150兆瓦設施的穩定化作業。若僅以電力殼（power shell）形式、每兆瓦300萬美元估算，我們目前的專案管線可帶來遠超150億美元的投資額；若以交鑰匙（turnkey）形式，規模更可達其數倍，創造顯著的價值創造潛力。我們持續擴大太陽能與儲能業務，體現在客戶需求以及本季完成42個專案，使我們的累計已安裝容量達到1.3吉瓦。

In terms of capital recycling, we sold or contributed approximately $1.2 billion of assets during the quarter. This included initial activity within the US Agility Fund announced last quarter as well as seed assets for our new venture with GIC.

在資本回收方面，我們本季出售或投入約12億美元的資產。其中包括上季宣布的美國Agility基金的初始活動，以及我們與GIC新合資事業的種子資產。

Before turning to our markets, I'd like to take a moment to highlight that we marked the 10-year anniversary of Prologis Ventures, our corporate venture capital arm. We've now invested $300 million across more than 50 companies providing visibility to emerging technologies and solutions in the supply chain to stay ahead of disruption, drive innovation and discover new opportunities.

在談到市場之前，我想花點時間強調，我們迎來了Prologis Ventures（我們的企業創投部門）成立10週年。目前我們已在50多家公司投資3億美元，讓我們得以掌握供應鏈中新興技術與解決方案的能見度，以領先變局、推動創新並發掘新機會。

Overall, we progressed further through the stages of inflection with demand strengthening, vacancy topping out and an increase in the number of markets providing positive rent growth. Our US markets absorbed 45 million square feet, a solid result on a seasonally adjusted basis, slightly ahead of our forecast and consistent with our own leasing experience in the quarter.

整體而言，隨著需求轉強、空置率觸頂，以及提供正向租金成長的市場數量增加，我們在拐點的各階段持續向前推進。我們在美國市場吸納了4,500萬平方英尺，經季節性調整後屬於穩健成果，略優於我們的預測，且與我們本季自身的租賃經驗一致。

The US vacancy rate was flat sequentially at 7.5%, aided by lower completion levels as the construction pipeline remains favorable at just 1.7% of stock compared to a 10-year average of 2.6%. We still expect a relative balance between supply and demand, which would allow vacancy to drift lower over the year.

美國空置率較前一季持平於7.5%，受惠於完工量較低；由於施工管線仍然有利，僅占存量的1.7%，相較10年平均的2.6%更低。我們仍預期供給與需求將相對平衡，這將使空置率在今年逐步下滑。

Globally, market rents grew 30 basis points during the quarter. And barring an economic slowdown, we expect growth to continue, although it may be uneven quarter to quarter as conditions firm. In the US, the strongest growth remains in many of our Central and Southeast markets, while Latin America, Western Europe, the UK, and Japan stand out internationally. Southern California is performing in line with our expectations, which is to say it is improving but will lag other markets.

全球而言，本季市場租金成長30個基點。若不出現經濟放緩，我們預期成長將持續，儘管隨著環境轉趨穩固，各季之間可能不均衡。在美國，最強勁的成長仍出現在我們許多中部與東南部市場；國際上則以拉丁美洲、西歐、英國與日本最為突出。南加州的表現符合我們的預期，也就是正在改善，但將落後於其他市場。

We're seeing stronger leasing activity and a more constructive tone from customers and vacancy has increased modestly and rents have declined slightly, again, both consistent with our outlook as the market continues to progress through its earlier stages of inflection.

我們看到更強的租賃活動與客戶更具建設性的態度；空置率小幅上升、租金略有下滑——同樣都與我們的展望一致，因為市場仍在其較早期的拐點階段持續推進。

Moving to our customers. Our recent leasing has been supported by a broader mix of transactions across both size, category, and geography. Even after delivering record leasing in the quarter, our pipeline has not only replenished but in fact, reached new highs reflecting strong underlying and ongoing demand. With large space format now essentially sold out in our portfolio, we're seeing activity broaden into other unit sizes alongside strength in our build-to-suit demand where our pipeline continues to be healthy.

接著談客戶。我們近期的租賃由更廣泛的交易組合所支撐，涵蓋不同規模、類別與地理區域。即使本季創下創紀錄的租賃量，我們的管線不僅已補回，甚至創下新高，反映出強勁且持續的基本需求。由於我們投資組合中的大面積空間形式目前基本已售罄，我們看到需求擴展至其他單元尺寸；同時，我們的量身打造（build-to-suit）需求也維持強勁，相關管線持續健康。

From a segment perspective, demand remains strong in essential goods and e-commerce, with increasing momentum among data center suppliers. Decision-making is marginally slower, the leasing activity remains robust, and we have not seen any meaningful evidence of pullback.

從產業別來看，民生必需品與電商的需求仍然強勁，資料中心供應商的動能也在提升。決策速度略為放慢，但租賃活動仍然強勁，我們尚未看到任何具實質意義的縮手跡象。

In capital markets, transaction volumes have increased with an encouraging amount of product currently in the market across core, core-plus and value-add strategies and spanning both single asset and portfolio transactions. What stands out is the pricing premium for quality. Assets with strong locations, functionality and credit are attracting the deepest buyer pools with cap rates on market rents around 5% and unlevered IRRs in the mid-7s.

在資本市場方面，交易量已增加，目前市場上有令人鼓舞的供給，涵蓋核心（core）、核心加值（core-plus）與增值（value-add）策略，並橫跨單一資產與投資組合交易。最突出的現象是優質資產的定價溢價。具備優越區位、功能性與信用條件的資產，正吸引最深厚的買方群體；以市場租金計算的資本化率約5%，無槓桿IRR約在7%中段。

Turning to strategic capital. We closed commitments for three additional vehicles, including a new venture with GIC, which will develop and hold US build-to-suit opportunities and an expansion of our relationship with La Caisse through a pan-European venture focused on both development and acquisition strategies. We also launched a new acquisition vehicle in Japan. Between these ventures as well as the Agility Fund and CRE closings announced last quarter, we've raised over $2.6 billion of third-party equity, aligning capital with growing investment opportunities in a more accretive format.

接著談策略性資本。我們完成了另外三個載體的承諾募集，其中包括與GIC的新合資事業，將開發並持有美國量身打造（build-to-suit）機會；以及透過一個泛歐合資事業擴大我們與La Caisse的合作，聚焦於開發與收購策略。我們也在日本推出新的收購載體。透過這些合資事業，以及上季宣布完成募集的Agility基金與CRE，我們已募集超過26億美元的第三方股權，以更具增益（accretive）的形式，讓資本與日益增加的投資機會相匹配。

And finally, on our balance sheet, we raised $5.5 billion in new financing during the quarter at a weighted average rate of approximately 3.75%. This includes the $3 billion recast of one of our three credit facilities at a spread of just 63 basis points, the lowest of any REIT.

最後，就資產負債表而言，我們本季以約3.75%的加權平均利率取得55億美元的新融資。其中包括將我們三項信用融通之一進行30億美元的重訂（recast），利差僅63個基點，為所有REIT中最低。

Turning to guidance, which I'll review at our share. We are increasing our forecast for average occupancy to a range of 95% to 95.75%. This increase, together with our first-quarter outperformance, drives our expectations for net effective same-store growth to 4.75% to 5.5% and cash growth to 6.25% to 7%. Strategic capital revenue is now expected to range between $660 million and $680 million, and G&A is expected to range between $510 million and $525 million.

接著談財測指引，我將就我們的持股比例（at our share）進行說明。我們將平均入住率的預測上調至95%至95.75%的區間。此一上調，加上第一季優於預期的表現，使我們對同店淨有效成長（net effective same-store growth）的預期提升至4.75%至5.5%，現金成長提升至6.25%至7%。策略性資本收入目前預期為6.6億至6.8億美元，G&A（一般及行政費用）預期為5.1億至5.25億美元。

As for deployment, we are increasing development starts to $4.5 billion to $5.5 billion, this on an owned and managed basis with approximately 40% allocated to data center build-to-suits. Acquisitions will continue to range between $1 billion and $1.5 billion, and our combined contribution and disposition activity will range between $3.5 billion and $4.5 billion, all at our share.

在資金投放方面，我們將開發開工額上調至45億至55億美元，這是以自有與受託管理（owned and managed）口徑計算，其中約40%配置於資料中心量身打造（build-to-suit）。收購金額仍將維持在10億至15億美元區間；我們合計的投入（contribution）與處分（disposition）活動將介於35億至45億美元之間，皆以我們的持股比例（at our share）計算。

Putting it together, our strong start has us increasing our outlook on earnings. Net earnings will range between $3.80 and $4.05 per share. Core FFO, including net promote expense will range between $6.07 and $6.23 per share, while core FFO, excluding net promote expense, will range between $6.12 and $6.28 per share an 80-basis-point increase from our prior midpoint.

綜合而言，我們強勁的開局使我們上調獲利展望。淨利將介於每股3.80至4.05美元。核心FFO（含淨分成費用，net promote expense）將介於每股6.07至6.23美元；核心FFO（不含淨分成費用）將介於每股6.12至6.28美元，較先前中位數上調80個基點。

In closing, the strength of our business is evident against the backdrop of ongoing volatility. We are anchored by a portfolio of irreplaceable assets generating durable and growing cash flows, a disciplined approach to capital deployment, a scaled asset management platform and a fortress balance sheet.

總結來說，在持續波動的背景下，我們業務的韌性與強度顯而易見。我們以一組不可替代的資產組合為根基，產生穩健且成長的現金流；並以嚴謹的資金投放紀律、具規模的資產管理平台，以及堅實如堡壘的資產負債表作為支撐。

At the same time, we continue to expand in our adjacent businesses in energy and data centers, providing additional avenues for growth. We're excited by the strong start we've had, are proud of our team's execution and are well positioned to deliver excellent results over the balance of the year.

同時，我們持續在能源與資料中心等相鄰業務擴張，提供額外的成長途徑。我們對今年以來的強勁開局感到振奮，為團隊的執行力感到自豪，並已做好準備在今年剩餘時間交出優異成果。

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

接下來，我把電話交回給接線員，進行提問。

(Operator Instructions) Ronald Kamdem, Morgan Stanley.

(接線員指示) Ronald Kamdem，摩根士丹利。

Great. Congrats on the record leasing in the quarter. And I think I heard you mention that the pipeline is also back at record. I guess my question is just on the leasing spread. That looks like slightly decelerating in the quarter. Just any comments there and how you guys are thinking about occupancy versus pricing going forward for the rest of the year?

很好。恭喜本季創下租賃紀錄。我想我也聽到你提到，專案管線也回到創紀錄水準。我想問的是租賃價差（leasing spread）。看起來本季略有放緩。能否請你們評論一下，以及在今年剩餘時間，你們如何看待入住率與定價之間的取捨？

Ron, yes, the quarter, I mentioned there was some mix going on in the numbers. You see about 40% of the roll by happenstance happen to be in our West region in the US where we have some softer conditions and lower lease mark-to-market, as you're aware. So that impacted both rent change and things like free rent that you'll see in the sub. In terms of balancing around occupancy and rent change, it's really not only market by market, it's really deal by deal.

Ron，是的，這一季我提到數字裡面確實有一些組合（mix）的變化。你會看到大約40%的到期（roll）因緣際會地剛好落在我們美國西部區域，而那裡如你所知，市場狀況較疲弱、租約的市價重估（mark-to-market）幅度也較低。因此這同時影響了租金變動，以及你在分項（sub）裡會看到的免租等項目。至於在入住率與租金變動之間如何取得平衡，真的不只是按市場來看，而是逐案（deal by deal）來看。

I would say out there, we have a pretty wide mix of market conditions, as you know, some exceedingly tight and some still soft, and that can happen at the submarket or even the unit level. So I'd say, in aggregate, we are in a mode of pushing rents in a number of markets and situations, but still preserving for some occupancy.

我會說，在那邊我們的市場狀況組合相當廣泛，如你所知，有些市場極度緊俏，有些仍然偏軟，而且這種差異可能發生在次級市場，甚至到單一單位（unit）層級。所以我會說，整體而言，我們在不少市場與情境下正處於推升租金的模式，但同時也仍會為了維持一定的入住率而保留一些彈性。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Just wanted to ask on the data center development leasing front. It obviously seems like some good news announced in the quarter. But I mean, is there a worry? We've heard things in the news around data center development opportunities around the country getting shelved, there are local municipalities pushing back. Is that a risk for this pipeline? Or do you feel for these projects you've got underway even with the secured power that you're able to go forward and lease these and ultimately create that value that you've been talking about?

我想就資料中心開發的租賃進度問一下。這一季顯然宣布了一些好消息。但我的意思是，是否存在擔憂？我們在新聞上聽到，全國各地一些資料中心開發機會被擱置，地方政府也在反對。這會是你們這條開發管線的風險嗎？還是你覺得，對於這些你們已在推進中的專案，即使電力已確保（secured power），你們仍能繼續推進並完成出租，最終創造你們一直在談的那個價值？

Michael, this is Dan. So our pipeline in the build-to-suits for data centers is very strong. You saw these two starts that we announced this quarter. We've been guiding for the year for the first time on what we expect to see. We've got 1.3 gigawatts of deals under LOI, and we're making further progress converting the pipeline. I feel really good about what we have going. And I think that accounts for the next three years' worth of business and everything we're hearing from our customers is they need the space.

Michael，我是Dan。我們資料中心的量身訂做（build-to-suit）開發管線非常強勁。你也看到我們本季宣布的兩個開工案。我們今年也首次就我們預期會看到的情況提供全年指引。我們有1.3吉瓦（gigawatts）的交易在意向書（LOI）之下，並且在把管線進一步轉換方面持續取得進展。我對我們正在進行的事情感覺非常好。我認為這涵蓋了未來三年的業務量，而我們從客戶那裡聽到的都是他們需要這些空間。

Craig Mailman, Citi.

Craig Mailman，花旗（Citi）。

It's Nick Joseph here with Craig. I appreciate the added disclosure on the data centers. What are the assumed development margins on the new starts this quarter? I think in the past, you've talked about 25% to 50% margin. So how do these starts compare to that range?

我是Nick Joseph，和Craig一起。感謝你們增加資料中心的揭露。本季新開工案假設的開發利潤率（development margins）是多少？我記得過去你們談過25%到50%的利潤率。那這些開工案和那個區間相比如何？

So when you look at our start volume for the quarter, that obviously is a blend of both our logistics that includes build-to-suits. It includes spec. We have more spec going on this quarter than we've had the last several quarters. And then on the data center front, I would keep it within the range that you've heard us talk about the last few years. It's 25% to 50% better or higher than what you see in our typical logistics margins.

當你看我們本季的開工量時，顯然是物流業務的組合，其中包含量身訂做（build-to-suit）。也包含投機性開發（spec）。本季我們的投機性開發比過去幾季都更多。至於資料中心方面，我會把它維持在你們過去幾年聽我們談的那個區間內。也就是比我們典型物流開發利潤率高出25%到50%。

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行（Wells Fargo）。

It seems as though average occupancy outperformed expectations during the quarter. I know you guys raised the guidance slightly, but given that the occupancy guidance doesn't lead much upside from Q1, is there anything kind of timing related that happened such that we could see some more downside in Q2 than was initially expected? Or is there just maybe some conservatism in that guidance since we're still early in the year. And as Dan mentioned, visibility is somewhat more challenged.

看起來本季平均入住率優於預期。我知道你們把指引小幅上調，但鑑於入住率指引相較Q1並沒有留下太多上行空間，是否有任何與時點（timing）相關的因素，導致我們可能在Q2看到比原先預期更多的下行？或者只是因為現在還在年初，所以指引比較保守？而且如Dan提到的，可見度確實更具挑戰。

Hi, Blaine. We outperformed average occupancy by around 20 basis points in the quarter. You see a lift in our full year using the midpoint of our guidance of around 0.375 points, so in excess of that. That reflects two things. There is one, some pulling forward of occupancy, mainly that's going to manifest in the form of surprise renewals, that kind of thing. And then also reflects the strength of the pipeline. As I mentioned, we had a lot of activity both in signings. That's half of it, but then the overall size of proposals standing today is large enough that gives us the confidence for the rest of the piece of that raise.

嗨，Blaine。我們本季平均入住率大約超出20個基點。你會看到我們全年指引以中位數計算，上調大約0.375個百分點，因此高於那個幅度。這反映兩件事。第一，有一些入住率提前實現，主要會以意外續約（surprise renewals）之類的形式呈現。第二，也反映了管線的強勁。如我提到的，我們在簽約方面活動很多。那是其中一半；另外，今天仍在進行中的提案整體規模夠大，讓我們對其餘那部分上調更有信心。

Andrew Berger, Bank of America.

Andrew Berger，美國銀行（Bank of America）。

It sounds like 1Q net absorption was a bit ahead of your expectation. Can you just share your latest views on the fundamental outlook for 2026?

聽起來1Q的淨吸納量（net absorption）略高於你們的預期。能否分享一下你們對2026年基本面展望的最新看法？

Sure, it's Chris. So our view is unchanged. We're moving through the inflection phase, as Dan and Tim described in the script. There's very little change to our view. That's net absorption on pace to approach 200 million square feet and completions, 190 million square feet this year. So that will see rents and occupancies, market rents and occupancies improving over the year. So like you proposed there, like you described, Q1 was modestly better. But we're going to hold our core assumptions.

當然，我是Chris。我們的看法沒有改變。我們正處於拐點階段（inflection phase），如Dan和Tim在講稿中所描述。我們的觀點幾乎沒有變化。也就是今年淨吸納量有望接近2億平方英尺，而完工量約1.9億平方英尺。因此，市場租金與入住率會在今年內逐步改善。所以如你所說、你所描述的，Q1確實略好一些。但我們會維持核心假設不變。

This is a macro landscape that's going to evolve over the course of the year. It will be shaped by the magnitude and duration of the conflict in the Middle East. And so our outlook is balancing that risk against what we see which is resilient customer demand, as Dan described in his prepared remarks. We also leverage the economic consensus. And they have been marking to market their view, taking it down 20, 30, sometimes 40 basis points in the back half of the year. But look, stepping back, the baseline view is intact, and there is ongoing momentum in the marketplace.

這是一個會在全年持續演變的總體環境。它將受到中東衝突的規模與持續時間所影響。因此，我們的展望是在權衡該風險與我們所看到的韌性客戶需求之間取得平衡，如Dan在事先準備的發言中所描述。我們也參考經濟學界的共識。他們一直在把自己的看法按市價調整（mark to market），在今年下半年下修20、30，有時甚至40個基點。但回過頭看，基準情境仍然成立，而且市場上仍有持續的動能。

Nicholas Yulico, Scotiabank.

Nicholas Yulico，加拿大豐業銀行（Scotiabank）。

I just want to turn back to some of the market commentary on -- which was helpful. Wanted to see if we could get a little bit more details on some of the US laggard markets. I know you already talked about Southern California, but perhaps New York, New Jersey, other markets that maybe aren't outperforming. What kind of needs to change to get better rent growth there?

我想回到一些市場評論上——那些內容很有幫助。想看看能否再多提供一些美國表現落後市場的細節。我知道你們已經談到南加州，但例如紐約、紐澤西，或其他可能沒有超預期的市場。那邊需要出現什麼變化，才能帶來更好的租金成長？

And then in terms of the Europe exposure, if you could just also talk about non-UK countries and sort of latest feeling you're hearing from customers since there is a lot of questions about how energy prices in Europe could affect the economy over there.

另外，就歐洲曝險而言，也請談談非英國的國家，以及你們最近從客戶那裡聽到的最新感受，因為大家對歐洲能源價格如何影響當地經濟有很多疑問。

It's Chris. I'll jump in. So first off, in the US, there are three or four things to reflect on. Number one, there is a growing range of healthy geographies in the US. Places like Texas generally, South Houston and Dallas are either strong or healthy, Atlanta, and increasingly some of the Midwest markets, I'm thinking about Columbus, I'm thinking about Indianapolis. So there's that strength that Tim described in his prepared remarks. Yes, specifically after soft markets, the two softest markets are probably LA County and Seattle in the United States. Those are areas where vacancy rates are very elevated relative to history.

我是Chris。我來回答。首先，在美國，有三到四點值得思考。第一，美國健康的地理區域範圍正在擴大。像是德州整體而言，南休士頓和達拉斯要嘛很強、要嘛很健康；亞特蘭大也是；而且中西部一些市場也愈來愈好，我想到的是哥倫布（Columbus）和印第安納波利斯（Indianapolis）。這就是Tim在事先準備的發言中所描述的那股強勁。是的，若特別看偏軟市場，美國最疲弱的兩個市場可能是洛杉磯郡（LA County）和西雅圖。這些地區的空置率相較歷史水準明顯偏高。

The pace of incoming demand is muted. And so the recovery is yet to play out there. In terms of some core markets, you asked after New York, New Jersey, I'd also throw in San Francisco Bay Area. These are areas where we're upgrading our views. In general now, we're entering a phase where we're upgrading our assessment of markets and New York, New Jersey is a great example of it.

新進需求的增速偏弱。因此，那裡的復甦仍尚未真正展開。就一些核心市場而言，你提到紐約、紐澤西，我也會把舊金山灣區算進來。這些都是我們正在上調看法的區域。整體來看，我們現在正進入一個階段：我們在上調對各市場的評估，而紐約、紐澤西就是很好的例子。

Is it time for rent growth there? No, not quite yet. This is a year where we're going through a transition phase like we've talked about, but it's just worth knowing that we have a bias to upgrading areas. Vacancy rates have peaked are beginning to come down, tone and customer demand is positive.

那裡到了租金成長的時候了嗎？不，還沒有到。今年如同我們談到的，是一個過渡期，但值得注意的是，我們傾向於上調這些區域的評估。空置率已見頂並開始下降，市場氛圍與客戶需求都偏正向。

Turning to Europe. So first off, the Western European geographies of like Germany and the Netherlands are leading that marketplace. And we have the dialogue that was described in the prepared remarks, we have it globally, and that includes Europe and the tone there is positive. Business plans are intact and customers are moving forward with their real estate requirements.

接著談歐洲。首先，像德國與荷蘭等西歐地區正引領該市場。而我們在事先準備的發言中所描述的那種對話，我們在全球都有進行，也包括歐洲；那裡的氛圍是正向的。商業計畫維持不變，客戶也正持續推進其不動產需求。

Maybe one thing I would add on here is just focusing on the unit size or building size, anything over, call it, large format, 500,000 square feet or above, we're nearly sold out. We're 98% leased across the globe at that size. So you'll start seeing rent growth there, certainly.

我在這裡可能想補充的一點是：聚焦在單位面積或建物規模，任何超過——就稱之為——大型規格、50萬平方英尺以上的，我們幾乎已經售罄。在這個規模上，我們全球出租率達到98%。所以你肯定會開始看到那裡的租金成長。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗（Mizuho）。

Congrats on the strong quarter. Just two clarifications. So I think last quarter, you had said as we enter the back half of the year, we'd like to see some markets where annualized rent growth could maybe eclipse your rent bumps. I'm just wondering if you can give us a bit more color, like which markets are you seeing real rent growth on an annualized basis? And then if you can just clarify on the same-store NOI outlook, the cash outlook, given the number you had in 1Q, it does suggest a decel. So what's sort of driving that? Or I guess, what drove the big pop in 1Q versus the guide?

恭喜本季表現強勁。我有兩點釐清。我想上季你們曾說，當我們進入下半年時，希望能看到某些市場的年化租金成長可能會超過你們的租金調升幅度。我想請你們多提供一些細節：你們目前看到哪些市場在年化基礎上出現真正的租金成長？另外也請釐清同店NOI展望、現金展望；以你們1Q的數字來看，似乎暗示會放緩。那是什麼在驅動？或者說，相較於指引，1Q的大幅跳升是由什麼造成的？

Vikram, I'll start with market rent growth, and Tim will take some of the same-store questions. I like the way you worded the question there trying to get really specific numbers out of me. I don't recall that we would have put it that way. But let me just tell you the healthiest geographies included in Atlanta, Dallas, Houston, Columbus, also outside the US places in Latin America like Sao Paulo and the Mexico City, these are the leading geographies for rent growth.

Vikram，我先從市場租金成長談起，Tim 會回答一些同店的問題。我喜歡你這個問題的措辭，試圖從我這裡挖出非常具體的數字。我不記得我們會用那種方式表述。但我可以告訴你，最健康的地區包括亞特蘭大、達拉斯、休士頓、哥倫布；另外在美國以外，拉丁美洲如聖保羅與墨西哥城，這些都是租金成長領先的地區。

And Vikram, on the cash piece, yes, our guidance reflects our expectations clearly. The first quarter is benefiting from some occupancy comps a bit more favorable on the first quarter. As we think about the cadence of 2025, we built occupancy over the course of that year. So those comps get to be a lesser effect. And then rent change, of course, is powerful rolling through the portfolio. But on a year-over-year basis, as spreads get a little bit more relaxed, that contributes lesser to quarter over quarter -- well, sorry, year over year for the same quarters in terms of same-store.

Vikram，關於現金的部分，是的，我們的指引清楚反映了我們的預期。第一季受惠於一些入住率比較基期在第一季較有利。當我們思考2025年的節奏時，我們是在那一年逐步提升入住率。因此那些比較基期的影響會變小。當然，租金變動在整個投資組合中滾動反映的力道很強。但以年對年來看，當價差（spreads）稍微趨於和緩時，對同店在相同季度的年對年貢獻就會變小——呃，抱歉，我是指年對年、同一季度的同店表現。

Tom Catherwood, BTIG.

Tom Catherwood，BTIG。

Excellent. Maybe going back to the data centers for a second. Even when power is secured, it seems like there's a supply chain crunch on the equipment side, which is creating bottlenecks, especially with turnkey developments. Are you able to get ahead of that by preordering material and equipment similar to what you did during the pandemic? And if so, is it giving you an advantage when it comes to your build-to-suit negotiations?

很好。我想再回到資料中心談一下。即使電力已經到位，設備端似乎仍有供應鏈吃緊的情況，造成瓶頸，特別是在交鑰匙（turnkey）開發案上。你們是否能像疫情期間那樣，透過預先下單材料與設備來提前因應？如果可以，這是否在你們的量身打造（build-to-suit）談判上帶來優勢？

Thanks, Tom. The short answer is yes, absolutely. Procurement, our fortress of a balance sheet and ability to get out in front of these long lead items is absolutely a differentiator for us. And what I'd say is just overall, this machine we've built and that we focused on so much over the last three years around building these capabilities across this company, whether it be procurement, data center expertise we've built in a big way over the last few years, it's leading to this pipeline that you see and the confidence that we have in putting these numbers out there.

謝謝，Tom。簡短答案是：是的，絕對可以。採購能力、我們堅實如堡壘的資產負債表，以及能夠提前布局這些交期很長的項目，對我們而言確實是差異化優勢。我想說的是，整體而言，我們在過去三年投入大量心力打造的這套機器、在公司內部建立這些能力——不論是採購，或是我們近幾年大幅建立的資料中心專業——正促成你們看到的這條管線，以及我們敢於提出這些數字的信心。

And I'll actually correct something I said earlier on today on an earlier question around margins. Margins are actually 25% to 50%, not 25% to 50% better than logistics. And these are very profitable deals. Keeping in mind, our pipeline is built on the foundation of logistics basis, buildings, and land.

另外我也要更正我今天稍早在一個關於利潤率的問題上說的一點。利潤率其實是25%到50%，而不是比物流高出25%到50%。而這些都是非常獲利的交易。請記住，我們的管線是建立在物流的成本基礎、建物與土地之上。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛（Goldman Sachs）。

You might have touched on this a bit in the prepared remarks in terms of three points of focus. But Tim, you mentioned the new GIC and La Caisse JVs, the acquisition vehicle in Japan, the Agility Fund. It just seems like a lot. So I'm wondering if there's some new increased focus on the strategic capital business. Are those coincidental timing? Or is there some bigger push kind of on the fund side? And is there any core differences between these new funds and the existing ones?

你們在事先準備的發言中，可能已稍微提到三個重點方向。但 Tim，你提到新的GIC與La Caisse合資企業（JV）、日本的收購載體（acquisition vehicle）、Agility Fund。看起來事情很多。所以我想問，是否策略資本（strategic capital）業務有新的、加強的聚焦？這些只是時間點巧合嗎？還是基金端有更大的推進？另外，這些新基金與既有基金之間是否有任何核心差異？

Caitlin, look, we're really proud and excited of the number of vehicles we've launch now in the last two quarters, five new vehicles, spanning geographies and formats, but also risk appetite. One thing that you see between the US Agility Fund launched last quarter, as well as the GIC venture announced here is spanning into some development activities. And it's very purposeful. We're getting ahead of what we see as growing deployment volumes.

Caitlin，你看，我們對於過去兩個季度推出的載體數量感到非常自豪也很興奮：五個新載體，橫跨不同地理區域與產品形式，也涵蓋不同風險偏好。你會看到的一點是，上季推出的美國Agility Fund，以及這次宣布的GIC合資案，都延伸到一些開發活動。這是非常有目的性的。我們是在提前布局我們所看到的、日益成長的資金部署量。

On one part in logistics, you see us ramping up our guidance there as markets are improving. This is a machine that ought to be able to do $5 billion to $6 billion pretty easily, I would say, with our land bank and the size of our platform. But that's being matched up with this incredible data center opportunity that Dan is speaking to. And we are looking at the capital needs there and finding the right ways to get to all of those opportunities actually in a smarter, more capital-efficient format that can yield fees and promotes. So you're seeing that branching out exhibited in the announcement of these vehicles.

在物流這一塊，你會看到隨著市場改善，我們正在上調那邊的指引。以我們的土地儲備與平台規模來看，我會說這套機器要做到50億到60億美元其實相當容易。但同時也要匹配 Dan 所談到的這個驚人的資料中心機會。我們正在評估那裡的資本需求，並尋找合適的方法，以更聰明、更具資本效率的形式去把握所有這些機會，同時能帶來費用收入與績效分成（promotes）。因此你會看到，這些載體的宣布正展現出這種向外延伸的布局。

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀（UBS）。

Lease proposal pipelines picked up quite a bit in the first quarter here. So can you provide a little bit more context around it? What's driving it? What sectors is coming from, what sizes? And how should that translate to actual leasing in the current quarters?

本季第一季租賃提案的管線明顯增加。能否請你提供更多背景說明？是什麼在驅動？需求來自哪些產業、哪些規模？而這應該如何轉化為本季接下來幾季的實際租賃表現？

It's Chris. So what's underpinning that is customers have been deferring growth requirements, sitting on their net needs and they're increasingly responding to the growth in their businesses, the opportunity to invest in their supply chains. And as far as slices, it's diverse. So there are a couple of different ways we can look at it, whether it's by size.

我是Chris。支撐這個現象的原因是，客戶一直在延後其成長需求，先按兵不動、保留其淨需求；而現在他們愈來愈多地回應其業務成長，以及投資其供應鏈的機會。至於需求的切分面向，來源相當多元。所以我們可以用幾種不同方式來看，例如按規模來看。

And so there's growth, say, for example, both above and below 100,000 square foot unit sizes. There's growth, for example, in terms of organizational types. So say international scale customers versus our local scale customers. Those are both growing as well as both renewal and new requirements. So there is diversity there.

因此你會看到成長，例如在10萬平方英尺以上與以下的單位規模都有成長。你也會看到成長，例如就組織類型而言。例如具國際規模的客戶相對於我們本地規模的客戶。這兩者都在成長，同時續租與新增需求也都在成長。所以確實呈現多元化。

Vince Tibone, Green Street.

Vince Tibone，Green Street。

I wanted to follow up on your comment that data center suppliers are increasingly taking down logistics warehouse space. I just wanted to get your perspective on how material this demand driver could be in the coming years and also how sustainable? Like is it all tied to construction, and this could be shorter-term leases? Or is this about servicing existing data centers as well?

我想追問你提到資料中心供應商正愈來愈多承租物流倉庫空間。我想請教你對於未來幾年這個需求驅動因素可能有多重要、以及可持續性的看法。例如它是否完全與施工相關，因此可能是較短期的租約？或者這也與既有資料中心的營運服務有關？

So I'm trying to get a sense of like how -- is this a new structural demand driver for the space? What percentage of new leases maybe is represented in last quarter or two, if you're able to share? I just wanted to kind of pick your brain on that kind of seemingly new side of warehouse demand.

我想掌握的是——這是否是該類空間一個新的結構性需求驅動因素？如果你方便分享，最近一兩季的新租約中，大概有多少比例來自這一塊？我想就這個看似新的倉庫需求面向請你分享一些想法。

Yes, Vince, you're right. It is a new structural driver of logistics real estate demand. It has gone from, say, less than 5% of new leasing a year ago to now 10% of new leasing, and it's an even greater share of the forward-looking pipeline. So there's absolutely upside over the near term as a consequence of this driver.

是的，Vince，你說得對。這確實是物流不動產需求的一個新的結構性驅動因素。它已從一年前新租賃不到5%的占比，提升到現在新租賃的10%，而在前瞻性的管線中占比更高。因此，受此驅動因素影響，短期內確實有上行空間。

In terms of the breadth and duration, I suppose, number one, we see them signing deals with really healthy term. There is a shift in their own supply chains going from -- I think you could think about it as unbundling manufacturing and distribution to having distribution, a more regionalized and close to end production of the data centers. And so there's really solid momentum here, and you're right to describe it as a new structural driver for logistics real estate.

就廣度與持續時間而言，首先，我們看到他們簽下的合約租期相當健康。他們自身供應鏈也正在轉變——你可以把它想成從把製造與配送拆開（unbundling），轉向以配送為主、更區域化，並更貼近資料中心的終端建置。因此這裡的動能非常扎實，而你用「新的結構性驅動因素」來形容物流不動產需求是正確的。

Michael Carroll, RBC Capital Markets.

Michael Carroll，RBC資本市場。

With regard to the data center opportunity, how do these tenants discussions progress when deciding between pursuing a power base or a turnkey build-out? I'm assuming these are different tenants that would want the power base builds. Is that fair? And how much of the opportunity that you kind of quoted in your prepared remarks could potentially be turnkey?

關於資料中心的機會，當這些租戶在決定要採用「供電基礎（power base）」或「交鑰匙（turnkey）建置」時，討論通常如何推進？我猜想，想要power base建置的應該是不同類型的租戶。這樣理解合理嗎？另外，你在事先準備的發言中提到的那部分機會，可能有多少比例會是交鑰匙？

Every discussion, every deal is different, let's put it that way. And different users have different mindsets at different periods of time. So what you see from us, we were heavily focused on the powered shell side of this as you start these discussions.

每一次討論、每一筆交易都不一樣，我們先這麼說。不同使用者在不同時間點會有不同的思維與偏好。因此你看到我們在一開始推進這些討論時，會高度聚焦在「供電外殼（powered shell）」這一端。

And then you've seen us deliver some powered shell-plus. Really, we're trying to just work through the customer what they need from us. And as we talk about how we capitalize this business longer term, maybe you see some more turnkey from us over time. But really, it's just a matter of what customer you're talking to and what's on their mind at the time and --

接著你也看到我們交付了一些「powered shell-plus」。本質上，我們是試著與客戶一起釐清他們需要我們提供什麼。而當我們談到長期如何資本化（capitalize）這項業務時，未來你可能會看到我們逐步提供更多交鑰匙方案。但歸根結底，還是取決於你在談的是哪一位客戶、以及他當下在意的是什麼，並且--

Yes. And deals, as you know, what is their respective cost of capital is the other thing I see us coming up against because the migration up to turnkey can be expensive.

是的。另外，如你所知，交易中我們也會碰到的另一個因素是對方各自的資本成本，因為往交鑰匙方向移動可能會很昂貴。

Nick Thillman, Baird.

Nick Thillman，Baird。

Tim, I wanted to circle back on some of the commentary you had on the acquisition side and cap rates. Obviously, you have varying degrees of demand from a fundamental standpoint and the leasing side. And I understand your comments on just core portfolio transactions and quality buys. But it seems historically relative to historical trends, just cap rates by market are historically tight. I'm wondering if you guys could provide a little bit more commentary on markets where maybe you're seeing cap rates expand a little bit more? Or maybe you're seeing a little bit more compression on the transaction side.

Tim，我想回到你先前對併購端與資本化率（cap rates）的評論。顯然，從基本面與租賃端來看，你們面對的需求程度不一。我也理解你對核心投資組合交易與高品質收購的看法。但相較於歷史趨勢，按市場來看，資本化率在歷史上仍然偏緊。我想請你們多評論一下：在哪些市場你們看到資本化率有較明顯的擴張？或者在交易端你們看到有些市場出現更進一步的壓縮？

Nick, I would say cap rates certainly expanded over the last few years. They've been holding pretty steady for the last five, six quarters or so. We obviously dive deep into this. Volumes themselves are actually, I would say, normalized. And those cap rates at a market 5 -- it's going to be a range between 5% and 5.5% depending on the location quality.

Nick，我會說資本化率在過去幾年確實有擴張。而在過去大約五、六個季度左右，它們大致維持相當穩定。我們當然會深入研究這些。交易量本身我會說其實已經回到常態化水準。而就市場層面的資本化率而言——大概會落在5%到5.5%的區間，視地點品質而定。

You're seeing more of a divergence of Class B and C than obviously that collapsed during the last cycle. And when we look at it, what we are an IRR-based investor, we're not focused necessarily -- of course, we're focused on it, but we're looking at the total return of these assets, quality, total return location. And so cap rates can be a bit confusing at times or misleading.

你會看到B級與C級資產的分化更明顯；而在上一個週期中這種分化曾經收斂。我們在看這件事時，作為以IRR為基礎的投資人，我們不會只盯著——當然我們會關注，但我們更看重的是這些資產的總報酬、品質、以及地點所帶來的總報酬。因此資本化率有時候可能會讓人困惑，或具有誤導性。

Mike Mueller, JPMorgan.

Mike Mueller，摩根大通（JPMorgan）。

For GIC and La Caisse, can you give some color on how you determine what developments will be done in those ventures versus on your balance sheet?

針對GIC與La Caisse，你能否說明一下，你們如何決定哪些開發案會放在那些合資企業中進行、而哪些會放在你們的資產負債表上？

Mike. We go through an allocation policy that is long-standing at the company now as you can imagine. Our 40 years as an asset manager, we've had overlapping vehicles with mandates that need to be managed. So we have an allocation policy in that regard that deals [will] cycle through. It could find any of those vehicles, including the balance sheet has been the ultimate developer of some of these assets, and it's dependent on a variety of conditions that are run with good governance.

Mike。我們有一套在公司已行之有年的配置政策，你可以想像得到。作為資產管理人40年來，我們有多個投資工具（vehicles）之間存在重疊、且各自有授權範圍（mandates）需要管理。因此我們有相應的配置政策，交易會依此在各工具之間輪轉。它可能落在任何一個工具中，包括資產負債表也一直是其中一些資產的最終開發者；而這取決於多項條件，並在良好治理下運作。

I think that makes your lives difficult if you were left only that, which is a way of saying you're going to be increasingly reliant on the PLD share of these development volumes. So that will cut through all that noise for you because, ultimately, that's the thing that's going to matter economically for the company.

我想如果你們只能得到這樣的答案，會讓你們的工作變得困難；換句話說，你們將會愈來愈依賴PLD在這些開發量中的占比。因此這會幫你們穿透所有雜訊，因為最終，這才是對公司在經濟上真正重要的部分。

Brendan Lynch, Barclays.

Brendan Lynch，巴克萊（Barclays）。

It looks like turnover costs per square foot are coming down, I think now about 7.3% lease value, but free rent has ticked up a bit. So how should we think about the evolution of concessions going forward?

看起來每平方英尺的換租成本正在下降，我想現在大約是租約價值的7.3%，但免租期似乎略有上升。那麼我們應該如何看待未來讓利條件（concessions）的演變？

Well, I'll start. Concessions are still a bit elevated right now. We've seen free rent, as you highlight, stepped up. I said earlier, so I'll say it again, some of that influenced by the greater amount of roll out of the West where those conditions are softer and concessions are a bit more elevated. We do expect concessions to normalize as occupancies build, which on the [fount of] free rent metric would be more in the order of something like 3% of lease value versus a little bit of a bulge that you see at the moment.

好，那我先開始。目前讓利條件仍然偏高。正如你提到的，我們看到免租有所增加。我先前說過，所以我再說一次，其中一部分是受到西部地區推出量增加的影響；那邊的市場條件較為疲軟，讓利也相對更高。我們確實預期隨著入住率提升，讓利將回歸常態；以免租這個指標來看，大概會是租約價值的約3%，而不是你目前看到的那種短期凸起。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

On data centers, I wanted to see if there's an update on the timing of your data center vehicle. And also if you can just clarify the 5.6 gigawatt of capacity, is that on gross or leasable power?

關於資料中心，我想了解一下你們資料中心載體（vehicle）的時間安排是否有更新。另外也請你澄清一下，5.6吉瓦的容量是以總（gross）電力還是可出租（leasable）電力計算？

Sure. So let me start with the capitalization fees, maybe hand it to Tim for some color. But bottom line is we've had very constructive conversations with global investors over the last 2.5 quarters or so. And interest remains very strong. We feel like we're in a very good position with multiple options. And we're just taking the time to evaluate what makes the most sense for us right now. Our current model of building on the balance sheet and then selling these stabilized assets has worked really well the last couple of years, and we see it working quite well going forward.

當然。那我先從資本化費用（capitalization fees）談起，或許再請Tim補充一些說明。但重點是，過去大約2.5個季度以來，我們與全球投資人進行了非常具建設性的對話。而且興趣仍然非常強勁。我們覺得自己處於非常有利的位置，且有多種選項。我們只是花時間評估，什麼方案在當下對我們最合理。我們目前的模式是在資產負債表上開發建置，然後出售這些已穩定（stabilized）的資產；這在過去幾年運作得非常好，我們也認為未來會持續運作得很順利。

I'd like to actually step back at this point and realize what we've done over the last few years, and I already mentioned it at the front end of the call, but the pipeline we've built, the capabilities we've built and the progress we've made since we embarked on this officially at, call it, Investor Day 2023 has been tremendous. So feel great about what we're putting in front of these investors and where we're going to take it from here.

我想在這個時間點稍微退一步，回顧一下我們過去幾年所做的事情。我在電話會議一開始也提過：我們建立的開發管線、打造的能力，以及自我們在所謂的2023年投資人日正式啟動以來所取得的進展，都非常驚人。因此，我們對呈現在投資人面前的內容，以及接下來要如何推進，都感到非常有信心。

But Tim may have some additional color on the capitalization piece.

不過Tim可能會就資本化這一塊再補充一些說明。

Look, I think you covered it well. Happy to take other questions. I think the second part of your question dealt with clarification on the megawatts that is utility load that we're reporting out, and there's going to be -- probably two-thirds of that will be critical, so you can apply math based on those numbers.

你看，我覺得你已經講得很完整了。我也很樂意回答其他問題。我想你問題的第二部分是要釐清我們所報告的兆瓦數，那是公用事業負載（utility load）；其中大概有三分之二會是關鍵負載（critical），所以你可以用這些數字自行換算。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc資本市場。

I just wanted to go back to the discussion on market rent growth, and I appreciate some of the color and good to see the first increase in, I think, 2.5 years, as you said. Do you expect market rent growth to persist just given where conditions are at this point in the cycle? And then I know you touched on SoCal, but can you share a little bit more detail on that market and a bit of a real-time read on what you're seeing and how conditions are currently and how the market is performing relative to expectations so far this year?

我想回到市場租金成長的討論；感謝你提供一些補充說明，也很高興看到你提到這是大概2.5年來的首次上升。考量目前景氣循環所處的位置，你是否預期市場租金成長會延續？另外我知道你提到過南加州（SoCal），但你能否再分享一些該市場更細的資訊，以及你們即時觀察到的情況：目前條件如何、以及今年迄今市場表現相對於預期如何？

Yes, it's Chris. I'll start and Dan may add some remarks as well. So first off, on market rent growth, I want to underline the word stability. We did have a bit of growth in the first quarter is pretty incremental. And that is really a market-by-market exercise with most markets enjoying stable to slightly rising, but with there being pockets of real strength like we discussed earlier on the call, as well as some pockets of softness like we also discussed. So I think what you should think about is our call is unchanged, but we're passing through an inflection.

是的，我是Chris。我先回答，Dan也可能會補充一些看法。首先談市場租金成長，我想強調「穩定」這個詞。第一季確實有一些成長，但幅度相當有限。這其實是逐市場（market-by-market）的狀況：大多數市場維持穩定到小幅上升，但也存在一些我們先前在電話會議中提到的強勁區塊，同時也有一些我們同樣提過的疲軟區塊。所以我認為你應該這樣理解：我們的看法沒有改變，但我們正在穿越一個拐點。

Rent growth is still a little bit uneven, and it's just a bit too early for broad-based and sustained growth. I'll offer a few details on Southern California. That is a market that is moving through the bottoming process. We're seeing the demand pick up. Vacancy is near a trough, but it's just a bit too early for rents to increase on a broad base, but there are pockets that are firming.

租金成長仍然有些不均衡，而且現在要看到廣泛且可持續的成長還稍嫌過早。我再補充一些南加州的細節。那是一個正在走過觸底過程的市場。我們看到需求正在回升。空置率接近谷底，但要讓租金在更廣泛的層面上上升仍稍嫌過早，不過有些區域正在轉趨堅挺。

Yes. Let me just pile on a little bit here on Southern California. I feel like I've said this quite a bit over the last 1.5 years or so in various meetings. But I think it's really important to emphasize just how big of a market Southern California is and what our MO is in these markets. We're focused on being close to the end consumer.

是的。我也再補充一點關於南加州。我覺得在過去大約一年半的各種會議中，我已經講過不少次。但我認為非常重要的是要強調南加州市場規模有多大，以及我們在這些市場的運作方式（MO）。我們的重點是貼近終端消費者。

There are 24 million consumers in Southern California. It's a $2 trillion economy down there and it's just getting more and more difficult to build down there. So the supply backdrop is really shaping up for that market quite well. And so we feel good about the projection we've made about Southern California kind of tailing the overall market by two to three quarters.

南加州有2,400萬名消費者。那裡是2兆美元規模的經濟體，而且在那裡興建開發正變得越來越困難。因此，供給面的背景對該市場而言正在形成相當有利的態勢。所以我們對於我們所做的預測感到樂觀：南加州大概會落後整體市場兩到三個季度。

That was the last question. So thank you all for joining the call. Just a big thank you to our colleagues around the world for another exceptional quarter. We look forward to seeing you all at upcoming conferences and speaking again at the next quarterly call. Thank you.

那是最後一個問題。因此，感謝各位參與本次電話會議。也要特別感謝我們全球各地的同仁，再次交出一個卓越的季度表現。我們期待在接下來的各項會議上與各位見面，並在下一次季度電話會議再與各位交流。謝謝。

Thank you. And with that, we conclude today's conference call. All parties may disconnect. Thank you.

謝謝。至此，我們結束今天的電話會議。各方可斷線離席。謝謝。