Prologis, Inc. (PLD) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

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...