Prologis, Inc. (NYSE:PLD) Q3 2023 Earnings Conference Call October 17, 2023 12:00 PM ET

Company Participants

Jill Sawyer - Senior Vice President, Investor Relations

Tim Arndt - Chief Financial Officer

Hamid Moghadam - Chief Executive Officer

Dan Letter - President

Chris Caton - Managing Director, Global Strategy and Analytics

Conference Call Participants

Michael Goldsmith - UBS

Craig Mailman - Citi

Steve Sakwa - Evercore ISI

Todd Thomas - KeyBanc Capital Markets

Caitlin Burrows - Goldman Sachs

John Kim - BMO Capital Markets

Nicholas Yulico - Scotiabank

Camille Bonnel - Bank of America

Ron Kamdem - Morgan Stanley

Anthony Powell - Barclays

Michael Carroll - RBC Capital Markets

Vikram Malhotra - Mizuho

Mike Mueller - JPMorgan

Bill Crow - Raymond James

Blaine Heck - Wells Fargo

Ki Bin Kim - Truist Securities

Vince Tibone - Green Street

Operator

Greetings. And welcome to the Prologis Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jill Sawyer, Senior Vice President of Investor Relations. Thank you, Jill. You may begin.

Jill Sawyer

Thanks, John, and good morning, everyone. Welcome to our third quarter 2023 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 other SEC filings.

Additionally, our third quarter results press release and supplemental do contain financial measures such as FFO and EBITDA that are non-GAAP and in accordance with Reg G, we have provided a reconciliation to those measures.

I’d like to welcome Tim Arndt, our CFO, who will cover results, real-time market conditions and guidance. Hamid Moghadam, our CEO and our entire executive team are also with us today.

With that, I will hand the call over to Tim.

Tim Arndt

Thanks Jill. Good morning, everybody, and thank you for joining our call. The third quarter marked a continuation of themes we have been anticipating for more than a year, namely; growing supply translating to increased market vacancy; continued moderation of demand; and market rent growth that will slow until the low levels of new starts drive reduced availability over-time.