Prologis’ first-quarter 2024 results show a slight decrease in its 2024 guidance due to competitive leasing activities in certain markets. Despite a rise in rental revenue, occupancy and net operating income are anticipated to fall. Although operating conditions are favorable, customers are prioritizing cost control, affecting leasing decisions and pace. The average occupancy rate for 2024 is projected to be between 95.75% and 96.75%, indicating a 75-basis point reduction. Despite a challenging environment, Prologis remains optimistic about its business fundamentals.