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I've been through performance review cycles at large companies before, and yes, 'performance-based adjustments' can absolutely be a smoke screen for reductions. It's a tactic to try and make layoffs seem merit-based rather than a response to broader economic pressures. When the economy gets shaky, companies often look for ways to trim costs, and this is a common, albeit stressful, method. The cagey manager talk is also standard operating procedure when things are uncertain; they likely don't have concrete answers themselves or are under strict instructions not to reveal anything prematurely. Keep your documentation of achievements up to date, just in case.
While I haven't worked at Prologis specifically, I have seen similar situations arise at other real estate investment trusts during economic downturns. Performance reviews can definitely be used to justify difficult decisions when business slows down. The key is often how rigorously the performance metrics are applied and whether they are truly objective or subjectively interpreted. If you have strong evidence of meeting or exceeding your goals, that's your best defense. It might be worth discreetly networking with colleagues in other departments to see if there's any broader sentiment or information being shared.