Prologis, Inc.

Greetings. Welcome to the Prologis fourth quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that this conference is being recorded. And I will now turn the conference over to Justin Meng, Senior Vice President, Head of Investor Relations. Thank you, Justin. You may begin.

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

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