Vince Tabone's questions to Prologis (PLD) leadership • Q3 2025
Question
Vince Tabone asked about the comfortable annual pace of data center development starts or under-construction volume, the constraints on doing $3+ billion of starts, and a realistic pace for realizing value from the data center land bank.
Answer
CFO Tim Arndt stated that $3 billion in data center starts is an 'easy number' to handle, especially with the build-to-suit approach and strong balance sheet/liquidity. He emphasized that Prologis is not constraining itself and is actively pursuing opportunities given the high volume of customer conversations. Managing Director Chris Caton added that power, not capital, will be the constraint going forward.