Sign Up

FIBRA Prologis Announces Third Quarter 2024 Earnings Results

MEXICO CITY, Oct. 29, 2024 /PRNewswire/ -- FIBRA Prologis (BMV:FIBRAPL), a leading owner and operator of Class-A industrial real estate in Mexico, today reported results for the third quarter 2024.

HIGHLIGHTS FROM THE QUARTER:

Net effective rents on rollover were 56.2 percent.

Period-end and average occupancy were 98.1 and 97.8 percent, respectively.

Customer retention was 52.7 percent.

Same store cash NOI was 4.4 percent.

Successful first tender offer for Terrafina, 77 percent ownership acquired.

Net earnings per CBFI was Ps. 6.4887 (US$0.3448) for the quarter compared with Ps. 6.1356 (US$0.3609) for the same period in 2023.

Funds from operations (FFO), as modified by FIBRA Prologis per CBFI, was Ps. 0.6481 (US$0.0461) for the quarter compared with Ps. 0.9185 (US$0.0481) for the same period in 2023.

SOLID OPERATING RESULTS 

"The third quarter marks an important milestone for the company.  Following its successful tender offer, FIBRA Prologis now owns 77 percent of Terrafina," said Héctor Ibarzabal, CEO of FIBRA Prologis. "Meanwhile, we delivered strong results and fundamentals remain healthy in our key markets."

Operating Portfolio (only FIBRAPrologis)

3Q24

3Q23

Notes

Period End Occupancy 

98.1 %

98.4 %

Four of our markets are above 99%.

Average Occupancy

97.8 %

98.5 %

Leases Commenced

1.0 MSF

1.9 MSF

Activity primarily concentrated in Mexico City, Monterrey, Tijuana and Juarez.

Customer Retention

52.7 %

81.5 %

Four customers vacated, strong releasing opportunity.

Net Effective Rent Change