Prologis, Inc.

Greetings and welcome to the ProLogis Q2 2026 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, press star zero on your telephone keypad as a reminder this conference also is being recorded. It is now my pleasure to introduce Justin Meng, Senior Vice President, Head of Investor Relations. Thank you. You may begin.

Thank you, operator, and good morning, everyone. Welcome to our second quarter 2026 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 and second quarter earnings press release 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 second quarter earnings press release and supplemental. Both are available on our website at www.prologis.com. I'd also note that in connection with the company's possible offer for Seagrow under the UK Takeover Code, for regulatory reasons, we will not take or respond to any questions directly or indirectly related to Seagrow or the possible offer. And with that, I will hand the call over to Dan.

Thank you, Justin, and good morning, everyone. Thank you for joining us today. As we look across the business, it's clear we're entering the next phase of growth where logistics, data centers, and energy increasingly reinforce one another. We delivered another exceptional quarter driven by strengthening demand, disciplined execution, and the expanding capabilities of our platform. As a result, we're raising our outlook for the year. We signed a record 67 million square feet of leases during the quarter, and after several quarters of sustained demand, we believe the market is entering its next phase. We're putting that demand to work through disciplined investment. Our 14,000-acre land bank represents 240 million square feet of embedded development opportunity. That gives us the flexibility to meet customer demand while creating value through development. During the quarter, we started $1.6 billion of new projects. Our logistics platform is creating opportunities well beyond warehouse development. The same land, customer relationships, and operating capabilities that have made us the leader in logistics are enabling our data center and energy businesses, creating two additional long-term growth opportunities for Prologis. Our power pipeline has expanded to approximately 5.8 gigawatts, representing about $17 billion of powered shell investment potential, or up to $87 billion on a turnkey basis. While this opportunity has been years in the making, we believe we're still in the early innings. Importantly, the projects in our current power pipeline represent less than 1% of our global portfolio, underscoring the runway ahead. We're also seeing customers increasingly look to Prologis for more than real estate. They're looking for integrated solutions across logistics, energy, and warehouse operations. Our scale and long-standing customer relationships give us a unique view into how their businesses are evolving. That insight helps us anticipate demand, shape our development pipeline, and stay ahead of the market. Finally, we continue to execute on our strategic capital strategy. During the quarter, we closed our $1.2 billion European joint venture with Lacasse, further expanding that long-standing relationship and reflecting strong demand for high-quality logistics assets. Prologis remains the partner of choice for investors seeking scale, execution and access to the highest quality logistics portfolio in the world. Taken together, these results reinforce the strength of our platform and the opportunities in front of us. We're confident in where the business is headed and remain focused on creating long-term value for our shareholders. With that, I'll turn the call over to Tim.