Thanks, conditions we're morning, began new results been grow, and earnings has with quarter declines the sharp supply. Market year to call. and welcome Jill. demand our construction everybody, remained have continued limiting We strong. consistent rents to Good in future seeing that first and
over While be sentiment could concern the is continues XXXX. that balance and translate logistics picture the some weigh very into a demand customer real of estate to we could be healthy, macroeconomic the on anticipate into delayed it year
slowdown for high occupancy growth However, year. into rent of deliveries, dynamic overlap sustained and this new will with creating a continued a next
was per was share core our results, $X.XX Beginning with our promotes excluding $X.XX and share. promotes per including FFO
higher approximately from activity in from quarter in the insurance storm a unusually just year's but benefited active claims offset $X.XX by results first the of experiencing season NOI quarter. expense worth higher an Our of
was XX% fourth both two average lower unusually record. change on on The for cash between XX% a In new operating effective basis free wide were leasing. for occupancy flat the our is the terms escalations and net in holding quarter. spread average and occupancy of quarter rent and of higher a ending each reflective Rent results, XX%, basis a our the
in-place the as expanded lease Despite market strong mark-to-market rent remained rents, quarter our ahead and of XX% during of growth to step-up the expectations. slightly
four a the of and With as incremental remaining These XX.X% earnings basis. same-store share market, lease income basis represents on growth. dividend leases record the lease future per net roll term over effective this roughly $X.XX results mark-to-market years, visibility drove X.X% a on our cash to and growth providing of
During of our $X not the ventures quarter, Prologis total our potential nearly balance efforts of from billion of recast line-of-credit, XX X.X% in billion additional April, an new for interest our a under sheet total liquidity, were which include term on to years. lines $X.X over global fundraising at billion. rate does brings closed financings borrowing on and a the $X.X focused our of our raising in and This capacity and
outlook cautious some remain sentiment weakening As for we a of how This not the expect prepared the demand. mentioned, top-down days and our strong, XX as view the is our loss a more perspective a weigh will fundamentals but markets forecast in on year. over for ago that pace new occupancy
outperformance. we but We it haven't outlook, also quarter's that changed haven't upgraded despite the
ticked level of across to down is the as which X.X update in absolute line an units view metrics, XX%, in and negotiation. ticked Approximately that a square or feet XX% available to percent activity is customers optimal. conditions strong market our up are proposal our of a normalizing space. proprietary terms As in billion on either with as our leased Utilization
single a new five-year average. increased leasing. to it's its up conclusions quarter quarter of towards metrics, notable back E-commerce here, most the all picked e-commerce of XX% that meaningfully avoid on leasing during activity leasing from We but drawing
before, on certainly that strong. retention, of our rent at metrics said basis, results ultimately best and As we've very pre-leasing we look and achievement are health, the portfolio as real-time
will vacancy We the X.X% year, expect Xs rate the that in historically before back accounting of current similar a due We our lack European course, the the US XXXX, of to vacancy to build by mid-Xs the turning the and to even markets of rate end low for toward anticipate supportive incoming supply strong a of rental markets, in growth. our is and demand. excellent path and X% moderating late
of US true and year. a which to months pattern decline should healthy months We play in this was into XX out very metric, expect the next supply the our in XXs
development such We the pipelines also Sunbelt large a markets in are manageable. supply that the in far few US, that as but have seems so launching
the we a all in our year, construction surges US And similarly, growth In most forecast rent at market where of demand may are the land market increases Japan which a as Taking the see expects holding but also and even the continued which in movements focus has lift to is year Europe, starts have of in these for over to is rents. vacancies and new on our due X% supply XX% costs. is UK, and slowdown larger in expected into vacancy globally. account, development market will pressure moderated,
adjusted warranted the respectively and they peak. the view these during than for write-down. in be busier declined and our and funds noting to US have market far worth but Europe that few is in X% prices suggests, from activity Appraised markets, levels in see quarter. between, In XX% and public second pickup more that of our X% quarter It's in the continue much X% the NAVs will transactions we values of capital a and
of value. our requests open-ended redemptions from both million $XXX around a well prior is queue as Combined commitments pace with last of as redemption and reflective queue with made essentially year. the new of X% Redemption slowed This our have slower funds net unchanged asset unchanged is significantly of net requests. over rescissions nearly of new
our value investors, over to vehicles, quarters in coming few turn, which described overarching regard, fulfilling the plan to fair this for to response redemption appraisal the catch requests, do valuers numbers. expect this USLF Europe value, on and an we'll nearing In as and meaningful to given some quarters we objective the that a swift view changes quarter, capital to be to approach time we quarter. we be redeem to requiring as our based to up. seem to quarter, same of an in be units and In doing the consistent excellent into invest which more is next in Last fair all
guidance. to Turning
and range XX.XX% at between a XX.XX%, to XX average basis point We increasing and occupancy increase are tightening the midpoint.
to benefit net driving X% X.XX%, this will from range same-store and our a cash to guidance to of same-store Our X.XX%. of increase X.X% effective
next forecasting change are mark-to-market this XX% should will to exceptional exceed but illustration XXXX continued of growth, how our endure even not end component clear market Extracting the suggests grow. only continue of We the a change rent which rent rent lease without close year to year, our XX%. is to
million and promotes between expect capital We and to million. $XXX million $XXX G&A revenues range excluding $XXX million $XXX to range strategic and between
the for downside here covered. and size We for have changes have and meaningful to there of believe promote the million, net impact, a are our income we we in small forecast upside given for the of value potential is maintaining USLF and $XXX potential
We a deep of guidance pipeline maintaining billion our discipline, the had and starts billion for to are the reflection of quarter, we in our few our but development $X.X $X is year.
costs activity of remain that the We quarter, the the construction bulk inflation. putting now them that second quarters. It's noteworthy as belief the likely line to to expect increase in in in into following decline the may slow second coming half. mostly We pace the with see the
become be the concentrated visible, $X totaling to forecasted to contributions we dispositions. has with forecast in billion second $X fundraising new half when combined billion As
per expect So range earnings in we $X.XX total, and per share to share. GAAP $X.XX between
including our per representing guidance and increasing range excluding to share to a guiding share core $X.XX per between of FFO range $X.XX growth are XX% FFO and $X.XX to promotes share, XXXX. share, per with midpoint promotes the We are we over per $X.XX further, core
I'd sit XXth share. wanted combined. few of ahead close Ford about that GE, and the we've which Express, the equity standing the like markets, observations largest to we GM XXX company in like to names made we Cigna, well Citigroup, in and American interesting S&P with as Today, as a our found as
outgrown Also that S&P of points year CAGR, we this a terms in planned IPO, of notice have dividends the total cash fact, last ranking by billion And has Of at XXX. over in basis in per the billion XX% growth since entire three dividends paid group these of our $XX our XXX investors. on the years. XXnd with XXth ranked over dividend $X.X Prologis year, payers, in to top XX return we
be been eye-opening. getting the objective, While we thought never would bigger our has context
So much of and year. a of we most excited of alters In face in we're the that about later about outlook tell our slowing drivers even seen path feel of the secular regard, more for we economy, its in the the importantly, have closing, great underlying potential long-term the our nothing our platform. health in business, that to you platform
define upcoming into the and to our where hope you will our there talents bench that showcase many our held More the Last on Stock see person webcast, of and New week, Exchange Day strong live at company. to be that to differentiators tuned We we this in Investor December. announced the of we York details come. deep
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