Prologis Inc (PLD)

Despite noting that market rents decreased approximately 3% globally this quarter, with Southern California being a significant contributor - , you've raised your acquisition guidance for the second straight quarter - . How do you reconcile increasing acquisition activity with the softening rent environment, and what gives you confidence in pursuing acquisitions amid these market conditions?

You've mentioned an uptick in lease commencements with terms less than one year, attributed to customer uncertainty and strategic positioning on rents - . How does this trend of shorter lease terms impact your long-term leasing strategy and vacancy risk, and what measures are you taking to mitigate potential impacts on occupancy and rent growth?

Given that vacancies are up and customers are taking longer to make decisions due to uncertainties, yet you reported strong leasing activity in Q3 - , what catalysts do you foresee that will prompt customers to move from hesitant to more active in 2025, and how are you positioning the company to capitalize on potential demand recovery?

With the reduction in your development starts guidance due to slow decision-making in build-to-suits and deferring new speculative development amidst stubborn demand - , how do you plan to manage growth initiatives in light of these challenges, and what is your outlook for development activity as market conditions evolve?

You've tightened and slightly reduced your net effective same-store growth forecast due to increased noncash write-offs from higher bankruptcies expected in the balance of the year - . Do you anticipate this trend of rising bankruptcies to continue, and how might this affect your future financial performance and risk management strategies?