MEXICO
CITY, July 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 second quarter 2024.
HIGHLIGHTS FROM THE QUARTER:
- Net effective rents on rollover were 58.1 percent.
- Period-end and average occupancy were 98.4 and 98.6 percent,
respectively.
- Customer retention was 65.8 percent.
- Same store cash NOI was 11.9 percent.
Net earnings per CBFI was Ps. 0.7770 (US$0.0470) for the quarter compared with Ps.
3.0949 (US$0.1687) for the same
period in 2023.
Funds from operations (FFO), as modified by FIBRA Prologis per
CBFI, was Ps. 0.8112 (US$0.0485) for
the quarter compared with Ps. 0.8048 (US$0.0445) for the same period in 2023.
SOLID OPERATING RESULTS
"Today, we announced another strong quarter, with a new record
in rent change. Our operational results, supported by a
strong balance sheet, reflect current market conditions, which we
expect to remain favorable for the rest of the year," said Héctor
Ibarzabal, CEO of FIBRA Prologis.
Operating
Portfolio
|
2Q24
|
2Q23
|
Notes
|
Period End
Occupancy
|
98.4 %
|
98.0 %
|
Four of our markets
are above 99%.
|
Average
Occupancy
|
98.6 %
|
98.1 %
|
|
Leases
Commenced
|
1.3 MSF
|
1.4 MSF
|
Activity primarily
concentrated in Mexico City,
Monterrey, and Tijuana.
|
Customer
Retention
|
65.8 %
|
78.8 %
|
|
Net Effective Rent
Change
|
58.1 %
|
30.9 %
|
Led by Tijuana,
Juarez, and Mexico City.
|
Same Store Cash
NOI
|
11.9 %
|
9.4 %
|
Led by annual rent
increases and rent change.
|
Same Store Net
Effective NOI
|
11.2 %
|
7.8 %
|
Led by annual rent
increases and rent change.
|
STRONG FINANCIAL POSITION
As of June 30, 2024, FIBRA
Prologis' leverage was 2.6 percent and liquidity was approximately
Ps. 22.9 billion (US$1.2 billion),
which included Ps. 9.2 billion (US$500
million) of available capacity on its unsecured credit
facility and Ps. 13.7 billion (US$745
million) of unrestricted cash.
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, July 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 July 18 - August 1 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 June 30, 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/fibra-prologis-announces-second-quarter-2024-earnings-results-302199699.html
SOURCE FIBRA Prologis