They kinda polyannish bragging about new leases all the time but notice they never give details on rental rates. Rent at all costs with cheap rates? I couldn't blame 'em if that is the philosophy and it will help them survuve the tsunami approaching the industry... but it won't lead to mega bucks. They are honkering down for the storm (stock dividends in lieu of cash are another sign of that!) and good for them to see that & not be blinded as so many other companies are but do I really want to buy the stock now or wait until the sector corrects another 40% sometime this year? I'm no expert on PLD but seems like pudent management to invest in later on - not now. Just my six cents.
No one in the industry mentions actual lease rates in a press release. Why give valuable market info to your competitors? (And if the rates are low, why risk ticking off other tenants that are paying higher rates on their long term leases?) Market rates are highly localized anyway, so the rates wouldn't mean much to you unless you really knew that particular market. Bottom line is that occupied space is better than empty space (assuming you aren't just doing irrational deals, which I've never known PLD to do). At least you have someone paying operating expenses for the space, plus some small return while you wait out the bad times.