MEXICO
CITY, April 17, 2024 /PRNewswire/ -- FIBRA
Prologis (BMV:FIBRAPL 14), a leading owner and operator of Class-A
industrial real estate in Mexico,
today reported results for the first quarter 2024.
HIGHLIGHTS FROM THE QUARTER:
- Net effective rents on rollover were 47.7 percent.
- Period-end and average occupancy were 99.6 and 99.4 percent,
respectively.
- Customer retention was 75.4 percent.
- Same store cash NOI was 12.3 percent.
- 10 buildings generating solar energy.
Net earnings per CBFI was Ps. 6.1383 (US$0.3505) for the quarter compared with Ps.
1.0444 (US$0.0548) for the same
period in 2023.
Funds from operations (FFO), as modified by FIBRA Prologis per
CBFI, was Ps. 0.8416 (US$0.0492) for
the quarter compared with Ps. 0.9044 (US$0.0474) for the same period in 2023.
SOLID OPERATING RESULTS
"FIBRA Prologis had an excellent start to 2024, we continue to
see outstanding operational and financial results," said Héctor
Ibarzabal, CEO of FIBRA Prologis. "Market conditions remain strong
and favorable with demand for logistics real estate holding steady
across our six markets."
Operating
Portfolio
|
1Q24
|
1Q23
|
Notes
|
Period End
Occupancy
|
99.6 %
|
98.4 %
|
Five of our markets
are above 99%.
|
Average
Occupancy
|
99.4 %
|
98.4 %
|
|
Leases
Commenced
|
1.2 MSF
|
1.4 MSF
|
Activity primarily
concentrated in Juarez, Monterrey, and Reynosa.
|
Customer
Retention
|
75.4 %
|
84.1 %
|
|
Net Effective Rent
Change
|
47.7 %
|
38.5 %
|
Led by Tijuana,
Juarez, and Monterrey.
|
Same Store Cash
NOI
|
12.3 %
|
10.4 %
|
Led by annual rent
increases and rent change plus stronger
peso.
|
Same Store Net
Effective NOI
|
9.7 %
|
9.0 %
|
Led by annual rent
increases and rent change plus stronger peso.
|
STRONG FINANCIAL POSITION
As of March 31, 2024, FIBRA
Prologis' leverage was 2.6 percent and liquidity was approximately
Ps. 20.8 billion (US$1.2 billion),
which included Ps. 8.3 billion (US$500
million) of available capacity on its unsecured credit
facility and Ps. 12.4 billion (US$744
million) of unrestricted cash.
UPDATED GUIDANCE FOR 2024
(US$ in million,
except per CBFI amounts)
FX = Ps$19 per
US$1.00
|
Low
|
High
|
Same Store Cash
NOI
|
8.5 %
|
10.5 %
|
Building
Acquisitions
|
US$200
|
US$400
|
WEBCAST & CONFERENCE CALL INFORMATION
FIBRA Prologis will host a live webcast/conference call to
discuss quarterly results, current market conditions and future
outlook. Here are the event details:
- Thursday, April 18, 2024, at
9 a.m. Mexico Time.
- Access the live webcast at www.fibraprologis.com, in the
Investor Relations section, by clicking Events.
- Dial in: +1 888 596 4144 or +1 646 968 2525 and enter Passcode
4603995.
A telephonic replay will be available April 18 - May 2 at +1 800 770 2030 from the U.S.
and Canada or at +1 609 800 9909
from all other countries using conference code 4603995. The replay
will be posted in the Investor Relations section of the FIBRA
Prologis website.
ABOUT FIBRA PROLOGIS
FIBRA Prologis is a leading owner and operator of Class-A
industrial real estate in Mexico.
As of March 31, 2024, FIBRA Prologis
was comprised of 236 logistics and manufacturing facilities in six
industrial markets in Mexico
totaling 46.9 million square feet (4.4 million square meters) of
gross leasable area.
FORWARD-LOOKING STATEMENTS
The statements in this release that are not historical facts are
forward-looking statements. These forward-looking statements are
based on current expectations, estimates and projections about the
industry and markets in which FIBRA Prologis operates, management's
beliefs and assumptions made by management. Such statements
involve uncertainties that could significantly impact FIBRA
Prologis financial results. Words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates," variations of
such words and similar expressions are intended to identify such
forward-looking statements, which generally are not historical in
nature. All statements that address operating performance,
events or developments that we expect or anticipate will occur in
the future — including statements relating to rent and occupancy
growth, acquisition activity, development activity, disposition
activity, general conditions in the geographic areas where we
operate, our debt and financial position, are forward-looking
statements. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Although we believe the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, we can give no assurance that our
expectations will be attained and therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. Some of the factors that may
affect outcomes and results include, but are not limited to: (i)
national, international, regional and local economic climates, (ii)
changes in financial markets, interest rates and foreign currency
exchange rates, (iii) increased or unanticipated competition for
our properties, (iv) risks associated with acquisitions,
dispositions and development of properties, (v) maintenance of real
estate investment trust ("FIBRA") status and tax structuring, (vi)
availability of financing and capital, the levels of debt that we
maintain and our credit ratings, (vii) risks related to our
investments (viii) environmental uncertainties, including risks of
natural disasters, (ix) risks related to the coronavirus pandemic,
and (x) those additional factors discussed in reports filed with
the "Comisión Nacional Bancaria y de Valores" and the Mexican
Stock Exchange by FIBRA Prologis under the heading "Risk Factors."
FIBRA Prologis undertakes no duty to update any forward-looking
statements appearing in this release.
Non-Solicitation - Any securities discussed herein or in the
accompanying presentations, if any, have not been registered under
the Securities Act of 1933 or the securities laws of any state and
may not be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements under the Securities Act and any
applicable state securities laws. Any such announcement does not
constitute an offer to sell or the solicitation of an offer to buy
the securities discussed herein or in the presentations, if and as
applicable.
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SOURCE FIBRA Prologis