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Prologis, Inc. is a global leader in logistics real estate, operating in high-barrier, high-growth markets across 19 countries on four continents . The company is structured into two main operating segments: the Real Estate Segment and the Strategic Capital Segment. Prologis focuses on owning, leasing, and developing logistics properties, with rental operations being the primary revenue driver . Additionally, the company manages unconsolidated co-investment ventures and has launched new business lines under the Essentials umbrella, focusing on energy, mobility, and operational essentials .
- Real Estate Segment - Owns, leases, and develops logistics properties, with rental operations as the primary revenue driver through operating leases and property cost reimbursements .
- Strategic Capital Segment - Manages unconsolidated co-investment ventures, generating revenue through asset and property management services, and is capitalized through private and public equity .
- Essentials - Focuses on new business lines in energy, mobility, and operational essentials, expected to grow significantly in the future .
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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?
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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?
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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?
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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?
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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?
Customer | Relationship | Segment | Details |
---|---|---|---|
Amazon | Logistics real estate tenant | Real Estate | 6.4% of consolidated NER (34M sq ft); 5.0% of O&M NER (43M sq ft) |
Home Depot | Logistics real estate tenant | Real Estate | 2.2% of consolidated NER (15M sq ft); 1.5% of O&M NER (17M sq ft) |
FedEx | Logistics real estate tenant | Real Estate | 1.9% of consolidated NER (8M sq ft); 1.4% of O&M NER (11M sq ft) |
UPS | Logistics real estate tenant | Real Estate | 1.0% of consolidated NER (6M sq ft); 0.8% of O&M NER (9M sq ft) |
Geodis | Logistics real estate tenant | Real Estate | 0.9% of consolidated NER (6M sq ft); 1.3% of O&M NER (17M sq ft) |
Wal-Mart | Logistics real estate tenant | Real Estate | 0.8% of consolidated NER (6M sq ft) |
DHL | Logistics real estate tenant | Real Estate | 0.8% of consolidated NER (4M sq ft); 1.2% of O&M NER (13M sq ft) |
Wayfair | Logistics real estate tenant | Real Estate | 0.6% of consolidated NER (6M sq ft) |
DSV Panalpina | Logistics real estate tenant | Real Estate | 0.6% of consolidated NER (2M sq ft); 0.8% of O&M NER (8M sq ft) |
NFI Industries | Logistics real estate tenant | Real Estate | 0.6% of consolidated NER (3M sq ft) |
CEVA Logistics | Logistics real estate tenant | Real Estate | 0.9% of O&M NER (13M sq ft) |
Maersk | Logistics real estate tenant | Real Estate | 0.8% of O&M NER (7M sq ft) |
GXO | Logistics real estate tenant | Real Estate | 0.8% of O&M NER (10M sq ft) |