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FIBRA Prologis Reports Strong Financial Performance for Q1 2025

FIBRA Prologis, a leading real estate investment trust based in Mexico, has unveiled its financial outcomes for the first quarter of 2025. The results reflect the trust's dedication to operational excellence and strategic positioning in the industrial real estate sector, even amidst global economic uncertainties.

Key Highlights of the Quarter

• - Effective Net Rent Growth: The effective net rent from renewals saw a remarkable increase of 65.2%, demonstrating a robust demand for Class-A industrial spaces.
• - Occupancy Rates: The occupancy rate at the end of the period was an impressive 98.8%, while the average occupancy stood at 98.1%, showcasing stability in tenant retention and demand.
• - Client Retention: FIBRA Prologis achieved a customer retention rate of 93.6%, indicative of its strong relationships with tenants.
• - Strong NOI Performance: The Cash NOI for same properties increased by 2.0%, a positive sign for ongoing operational efficiency.
• - New Independent Chairman: FIBRA Prologis has appointed an independent chairman to its Technical Committee to enhance governance and operational effectiveness.

Financial Results Overview

For the first quarter, the net earnings per Real Estate Investment Trust Certificate (CBFI) stood at Ps. 2.0195 (approximately US$0.0985), a decrease from Ps. 6.1383 in the same period of 2024. The Funds From Operations (FFO) were reported at Ps. 1.2384 (about US$0.0609), compared to Ps. 0.8416 for the corresponding quarter in the previous year, indicating a year-over-year growth that reflects the careful management of assets and the conditions of the market.

Operational Performance

Portfolio Overview

For Q1 2025, the operational performance highlights include:

• - High Occupancy Maintainance: The occupancy at the end of the quarter was 98.8%, although a slight decrease from 99.6% recorded the previous year.
• - Leasing Activity: The total leased contracts amounted to 3.0 million square feet, up from 1.2 million square feet in Q1 2024. This increase was particularly focused in the dynamic markets of Juarez and Tijuana.
• - Effective Rent Increase: The effective net rent per square foot surged by 65.2%, driven predominantly by markets in Monterrey, Tijuana, and Mexico City.
• - Operating Stability: Despite market fluctuations, the cash NOI for same properties recorded growth at 2.0%, primarily due to successful lease renewals and annual rent escalations.

Financial Stability

As of March 31, 2025, FIBRA Prologis showcased a healthy leverage ratio of 22.9% and held liquidity of Ps. 11.2 billion (around US$546 million), comprising Ps. 9.5 billion in undrawn capacity on an unsecured credit facility and Ps. 1.7 billion in unrestricted cash reserves.

Future Perspectives

FIBRA Prologis will be hosting a live conference call/webcast to further discuss these quarterly results and offer insights into prevailing market conditions. This session aims to engage stakeholders and provide transparency regarding the company’s strategic outlook.
Call Details: The conference is scheduled for April 30, 2025, at 9 a.m. Mexican time. Participants can join via FIBRA Prologis Investor Relations or dial directly into the call.

About FIBRA Prologis

FIBRA Prologis specializes in the investment and management of Class-A industrial properties throughout Mexico. By March 31, 2025, the portfolio comprised 507 properties covering a total of 87 million square feet. This includes 345 logistics and manufacturing buildings strategically placed across six major industrial markets in Mexico.

The strong results posted by FIBRA Prologis for the first quarter of 2025 reaffirm the trust’s ability to navigate a complex market landscape while prioritizing the long-term interests of its shareholders and tenants alike. As the company looks ahead, it remains committed to sustaining its operational efficiencies and enhancing stakeholder value through strategic development and market leadership.