Prologis
Q1 2022 Earnings Call
Apr 19, 2022, 12:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by. My name is Brent. I will be your conference operator today. At this time, I would like to welcome everyone to the Prologis first quarter 2022 earnings conference call.
[Operator instructions] It's now my pleasure to turn today's call over to Tracy Ward, managing director of investor relations. Please go ahead.
Tracy Ward -- Managing Director, Investor Relations
Thanks, Brent, and good morning, everyone. Welcome to our first quarter 2022 earnings conference call. The supplemental document is available on our website at prologis.com under investor relations. I'd like to state that this conference call will contain forward-looking statements under federal securities laws.
These statements are based on current expectations, estimates and projections about the market and the industry in which Prologis operates as well as management's beliefs and assumptions. Forward-looking statements are not guarantees of performance and actual operating results may be affected by a variety of factors. For a list of those factors, please refer to the forward-looking statement notice in our 10-K or SEC filings. Additionally, our first quarter earnings press release and supplemental do contain financial measures such as FFO and EBITDA that are non-GAAP measures.
And in accordance with Reg G, we have provided a reconciliation to those measures. I'd like to welcome Tim Arndt, our new CFO, who will cover results, real-time market conditions and guidance. Hamid Moghadam, Gary Anderson, Chris Caton, Mike Curless, Dan Letter, Ed Nekritz, Tom Olinger, Gene Reilly and Colleen Mckeown are also here with us today. And with that, I'll hand the call over to Tim.
Tim Arndt -- Chief Financial Officer
Thanks, Tracy. Good morning, everybody, and thank you for joining our call. The strong performance we realized through 2021 has continued into the new year. Today, as the production and distribution of goods continue to be disrupted, our customers find themselves struggling to simply keep up rather than focus on optimizing for resilience.
This morning, we released our first quarterly results which exceeded our expectations across the board. Core FFO was $1.09 per share ahead of our forecast, rent change on rollover with 37% on a net effective basis and was led by the U.S. at 42%. Notably, our Southern California and New York, New Jersey portfolios realized 86% and 67% rent change during the quarter, respectively.