FIBRA Prologis Reports Strong Fourth Quarter and Annual Earnings for 2025

FIBRA Prologis Announces 2025 Earnings Results

FIBRA Prologis (BMV:FIBRAPL 14), a prominent name in Class-A industrial real estate in Mexico, has unveiled its financial performance for the fourth quarter and the full year of 2025. This announcement comes amidst a period of both economic uncertainties and strategic growth for the company.

Year Highlights

In the past year, FIBRA Prologis made noteworthy strides, including an impressive increase in ownership of FIBRA Terrafina, which now stands at 99.8%. The company experienced a significant rise in net effective rents on rollover, reaching 59.1%. Additionally, it reported a robust period-end occupancy rate of 97.0%, with an average occupancy rate of 97.8%. Customer retention was recorded at 82.6%, indicating a strong relationship with its clients. The same-store cash net operating income (NOI) reflected healthy growth at 6.4%, and the acquisition of Class-A properties amounted to $67 million. Furthermore, the company marked its first international bond issuance, raising $500 million, and expanded its sustainability initiatives by installing 21 MW of solar capacity.

Financial Metrics

For the fourth quarter, the net earnings per CBFI were reported at Ps. 2.0887 ($0.1123), compared to Ps. 3.8692 ($0.1816) for the same quarter in the previous year. Looking at 2025 as a whole, net earnings per CBFI reached Ps. 6.9148 ($0.3565), down from Ps. 17.1978 ($0.9136) in 2024. In terms of funds from operations (FFO), the company reported a figure of Ps. 1.0533 ($0.0583) for the fourth quarter, an increase from Ps. 0.9740 ($0.0488) in 2024. Additionally, FFO for the entire year was Ps. 4.4854 ($0.2339), up from Ps. 3.4507 ($0.1943) for the previous year.

Operational Highlights

CEO Héctor Ibarzábal commented on the overall performance, stating, "Despite global uncertainties, 2025 was another exceptional year for FIBRA Prologis, reflecting strong execution and disciplined growth. We have delivered high occupancy and strong rent growth, fully integrated Terrafina, strengthened our balance sheet, and advanced our sustainability leadership."

The operating portfolio metrics also showcased stability. Period-end occupancy was slightly lower than the previous year, but remained above 96%. The average occupancy showed resilience after being above 96.5% since the second quarter of 2021. Lease activity was notably robust, with 11.4 million square feet of leases commenced in 2025, compared to 4.3 million square feet in 2024, with the majority of activity centered in significant markets like Mexico City and Guadalajara.

Financial Position and Forward Guidance

As the year closed on December 31, 2025, FIBRA Prologis reported a standalone leverage of 23.0% with liquidity around Ps. 18.7 billion (approximately $1.0 billion). This liquidity included about Ps. 18.0 billion in available capacity on its unsecured credit facility and Ps. 749 million in unrestricted cash.

Looking forward, the company has set optimistic forecasts for 2026, projecting FFO per CBFI to be between $0.2400 and $0.2600, and plans a distribution of $0.1700 per CBFI, reflecting a 13.3% increase from 2025.

In conclusion, FIBRA Prologis continues to navigate the challenges posed by the current economic environment while maintaining a solid growth strategy. The results and forward guidance signal a positive outlook for investors and stakeholders alike.

Webcast and Conference Call

To discuss these results further, FIBRA Prologis will host a live webcast and conference call on February 24, 2025, at 9 a.m. Mexico Time. Details can be found on their official website in the Investor Relations section. This event will allow stakeholders to gain deeper insights into current market conditions and the company's strategies moving forward.