Prologis, Inc.

Greetings and welcome to the Prologis third quarter 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, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Justin Meng, Global Head of IR and Strategic Initiative. Thank you. You may begin.

Thank you, Operator, and good morning, everyone. Welcome to our third 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 third quarter earnings press release for 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 third quarter earnings press release and supplemental. Both are available on our website at www.prologis.com. And with that, I will hand the call over to Dan.

Thank you, Justin, and good morning, everyone. The third quarter was another strong example of our business model at work. Operations were excellent. We signed 60 million square feet of leases and fully replenished our pipeline, giving us clear visibility into what our customers need. We also remained active deploying and recycling capital and are on track for $15 billion of activity this year. We reached another important milestone during the quarter. On September 28th, Seagrow shareholders overwhelmingly approved the combination of Prologis and Seagrow. Following completion, we will have a 363 million square foot operating portfolio in Europe with greater scale to serve customers and a broader set of development opportunities across logistics and data centers. We appreciate the constructive engagement with the Seagrow leadership team and look forward to closing the transaction. Before Tim walks you through the quarter, I want to spend a few minutes on the current environment, especially with the recent move in interest rates and how Prologis is positioned. Operating fundamentals are healthy, and we remain constructive on the outlook. Most of our customers are operating efficiently, so incremental growth in their businesses should translate into additional space requirements. At the same time, several long-term trends continue to drive demand for logistics real estate. E-commerce, advanced manufacturing, and the build-out of the data center supply chain are all critical to the modern economy. Taken together, we expect demand to remain resilient even in a higher-rate environment. On the supply side, the bar for new development is going up. Construction costs are escalating, financing is more expensive, and return requirements are trending higher. That makes projects harder to pencil at today's rents. All else equal, we expect fewer starts and a more favorable supply environment. That creates an attractive setup for rents. In a balanced market, logistics rents should grow above inflation over time. Today, the rents needed to justify new construction have expanded to 27% above current market levels. That leaves meaningful room for rents to grow before new supply makes economic sense. That said, the capital markets backdrop has become more challenging. We think the recent move in rates will slow transaction activity and could put some pressure on values. Our bar for allocating capital was already high, and in response, we've raised it even further. But the fundamentals of logistics real estate remain strong, and our balance sheet gives us the flexibility to invest through changing market conditions. We also have an enormous opportunity in data centers where our land, power, and development capabilities give us multiple ways to create value. Add to that what we can do across energy and strategic capital, and we are well positioned to create value for our customers and shareholders. With that, I'll turn the call over to Tim.