joining morning, and a for Good important in results We've to slightly billion delivered headway and first operating of in thank $XXX forecast, start including energy strong in year financial million the had our our drove nearly quarter. raised good and in ahead occupancy capital, change, our business. capital, $X We terms you our rent strategic call. of in the made
through year. more observed as volume within said, easily leasing on focused customers controlling will kept first high we in translate costs. net have decision-making absorption That evaluate resulting lower rates the and market, quarter's inflation the interest to The delay below-average persistent the
a period markets. in of pronounced in effect of period term correction ahead underway Southern a early, in and same-store by California. of a rent its of more of This to occupancy like our number the we've adjust forecast opted punctuated course, Accordingly, guidance looks near getting still is our below on higher our what
and at 'XX, half expectation in pushing however, surprisingly for continues but disciplined, few has environment be supply aggregate occupancy mean to back operating the this alongside a new the deeper muted in When which view into starts, better the towards 'XX. also sets swiftly we long-term of year. for limited year, quarters. that of considered expectation only moving a arrive this New may a extending changed demand to by adding modestly more out simply is The a up that outcome next simply demand,
and Occupancy ended Turning to for our quarter. essentially including promote the was portfolio Core results was per in expense in at excluding share, the $X.XX quarter XX%. forecast. FFO, our with the promotes, share, $X.XX per net line
market has summer For of today for declined declined since markets that of our its context, our the quality. U.S. Prologis peak less XXX only portfolio's while 'XX, than occupancy resulting points, in the basis reflective in our basis and is XX portfolio points half vacancy that of in
rent XX% signings. on effective based was new Net change based XX% on commencements and
just for this additional representing increase harvest quarter effective Rent growth million on growth market in-place $XXX an the market rents, $X.X XX%, approximately to single stands rent from over basis capture mark-to-market share. our billion without and rent Following and lease in at of any at here. our changes annualized was net
basis from in Duke is XXX same-store impacted on cash year-over-year basis from as growth but effective vacancy a X%, point portfolio's fair our lease alone well with and was a inclusion the value Our in approximately was rent at a The X.X%. X.X%, change as strong net on adjustments basis same-store was pool. same-store by basis XXX points change
last as well year. from as XXX onetime expenses Additionally, points from there were the approximately comps low of items reconciling items specific including basis to quarter, unfavorable XXXX,
billion, with estimated a million our number to at over $X.X portfolio bringing developments approximately increasingly with our quarter, creation of $X.X We billion feel new value started we the confident share, in over of $XXX stabilizing. in value
of meaningful related business, signing our on deployment, year's this megawatts of XXX including the In progress contracts we've with storage long-term energy made investment-grade utilities.
also United Beach. than less fleet the delivered L.A. miles from of and both the Long project charging States, ports XX We in largest the EV
we raised our of a billion and Finally, across in rate $X.X term balance of XX X.X% sheet average years. weighted debt at funds the of
Our quarter than liquidity and of debt has of of an overall of more over end years remaining just with $X.X portfolio the the life, in-place X.X% rate at billion. X average
sales, proprietary expectations. data, And Net overall economic example, metrics from the strong. the positive, remain to just conditions. very in quarter was absorption proposal leasing the net and low U.S., market our XX this million similarly square Turning activity retail and are absorption are at other of health to unemployment for Most very broad to while consumer, below tour, feet. running
the headwinds chains think generate while overall and continue macro we prudent So expect continued on need a landscape over to space, to supply it the next quarters. for few absorption
have increased have from as volatility has decision-making, on XX-year cuts and environment just especially basis moved weighed level rate its days interest points XX X The possibly to for now XX customer the its rate Fed associated from potentially ago and expectations X.
of is and customers. In the cost rates capacity, for across at containment to leads rates have space highlight utilization some that driven customers markets in playing is of intersecting high through part different and with pandemic. absorption This the out available the what space parallel, absorption available some rate desire lower dynamic by sublease and
new voiced e-commerce but for capitalized a global slow while XPLs, active of amounts years persisted openly has in and see such far further year plans process, we now less leasing commit large X to example, along significant of space. and in Amazon, markets customers discussed several For this retail is has to customers handful ago this and so who caution as
being The overall leasing California most felt slowdown of acute. is and handful in only the a Southern Empire most the Inland markets,
our In fact, are it and U.S. downtime of occupancy several flat, up, and elongated rents is generally markets near-term are in most mainly affecting NOI.
our on not has single challenging, highest rollover, in the slowed was portfolio. it market XXX%, Inland been in we quarter, first which at Empire the the has XXX% for change leasing tremendous from California realize with nearly the every rent uplift Southern While the quarter
quarter, grew which In case impress and we globe balance And have quarters. has rent rents of high the the the market the Overall, overall will remain by led market in with year. to rents continues positive global Southern over slightly quarter, over very Europe, growth LatAm mostly the recent the would occupancy of driven course, believe that declined excluded. in if California, slightly and X% been during
Baltimore XX million decades. of to over I'd moment a been ours dynamic like a for we spend market where on has feet and own square
last expect to be our following with disruption withstand and customers collapse able month, and the customers to little employees, businesses. impact Our properties their all are safe bridge the to
saw in Shifting to a Valuations except capital increased very markets. of small for decline. China, our which geographies, all
Over years, despite decreased global X.X cash values the in flow due increases last expansion. to rate have cap
ability growth. have growth As to now has the stabilized, to value translate cash flow cap rates
Even fundraising regard, though to as this in the interest Europe quarters. we've but modest, only capital. actually U.S. have turn upwards and where bottom a important U.S. new is in looking committing the value in for before Europe of uplift stronger values ahead are it investors not recent seen indeed the strategic been capital bit With
both to acquisitions. FIBRA of in raise into balance equity Prologis, as from our deployment well as contributed raising million be third-party successful a have sheet also assets over for $XXX We pursuit
has improved. certainly ticked activity and in have pricing weeks, recent and volumes up Transaction
X.X%. always, all approximately the incremental our focus which land on opportunity remains but a actively of development at return $XX billion our for opportunities As of provides of across capital of acquisition markets, bank, we're an our looking with over on build-out
we Same-store onetime XXXX. a guidance, for from are terms decline, basis change this between the midpoint, the will XX In XXX important as our guidance disproportionate to they on of impact that year, pace in X/X effective earlier. to a our occupancy basis views in accounts and create stems coming reducing quarter occupancy from average points net it's mentioned average well understand leasing demand basis which approximately adjustment basis of XX.XX% range XX.XX%. between a the the X.X% meaning markets, light lower for range on the XX and higher quarters, growth the impact from items point rent and our of slightly change annualized of of on in rent the Of same-store first as reduction X.X%, points, in
on is basis X.XX% range cash revised now X.XX%. a to Our
guidance million, and our $XXX capital million revenue, our $XXX guidance maintaining million. reducing for are strategic promotes, We excluding a to $XXX of range to to range million G&A to a $XXX of
revised our share, We're adjusting has of calendar impact disciplined in development billion and and $X the reflecting start year for at timing $X.X billion our speculative through the to starts this year. guidance a the range
rational always said, ultimately target a guidance on needs its own. our we've we be don't internally deal each and be consider to accretive and to As
between expense, promotes, range while range between to including the forecasting per per and $X.XX end, Core share, share. $X.XX promote will $X.XX and we're earnings per range FFO, excluding FFO, net share. GAAP $X.XX In $X.XX to $X.XX will from core
Our calls of X% earnings midpoint. core updated guidance nearly for the at growth
out, have intermediate modest intact. the the As in we only view is term, that putting I'd of And a message close of confidence by see timing which like underscore half is mark-to-market up. transaction lease the all the while interim, picking the to call, harvest valuations, outlook we encouraged year long in the are change our and to pleased of and supply fundraising in back the to for tremendous 'XX, aside, and have we're in activity this term
over to call operator your the questions. that, turn for With the I'll
