Prologis, Inc. (NYSE:PLD) Q1 2024 Earnings Conference Call April 17, 2024 12:00 PM ET

Company Participants

Natasha Law - Director of Investor Relations
Tim Arndt - Chief Financial Officer
Chris Caton - Managing Director, Global Strategy & Analytics
Dan Letter - President
Hamid Moghadam - Co-Founder, Chairman and Chief Executive Officer

Conference Call Participants

Caitlin Burrows - Goldman Sachs
Steve Sakwa - Evercore ISI
Michael Goldsmith - UBS
Craig Mailman - Citi
Camille Bonnel - Bank of America
Nikita Bely - JPMorgan
Blaine Heck - Wells Fargo
Vince Tibone - Green Street Advisors
Ki Bin Kim - Truist Securities
Thomas Catherwood - BTIG
Jonathan Petersen - Jefferies
Ronald Kamdem - Morgan Stanley
John Kim - BMO Capital Markets
Vikram Malhotra - Mizuho Securities
Nicholas Yulico - Scotiabank
Todd Thomas - KeyBanc Capital Markets

Operator

Greetings and welcome to the Prologis First Quarter 2024 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] And as a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Natasha Law, Director of Investor Relations. Thank you, Natasha. You may begin.

Natasha Law

Thanks, John. Good morning, everyone. Welcome to our first quarter 2024 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 first quarter earnings 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

Good morning and thank you for joining our call. We've had a good start to the year in terms of our operating and financial results in the first quarter. We delivered strong rent change, drove occupancy slightly ahead of our forecast, raised nearly $5 billion in capital, including $750 million in strategic capital, and made important headway in our Energy business.