#Mexico #Mexico City #FIBRA Prologis #FIBRA Terrafina

FIBRA Prologis Reports Financial Results for 2024

FIBRA Prologis (BMV: FIBRAPL 14), one of the leading real estate investment trusts in Mexico, has unveiled its financial results for the fourth quarter and the entire year of 2024. This announcement showcases a remarkable year of growth and strategic expansion, particularly highlighting its acquisition of shares in FIBRA Terrafina and solid operational performance.

Key Highlights of 2024

FIBRA Prologis achieved several notable milestones throughout the year, reflecting its robust growth and commitment to expanding its portfolio:

• - The trust acquired nearly 90% of the outstanding shares of FIBRA Terrafina, a significant boost to its operational capacity.
• - The effective net rent for renewals surged by an impressive 55.4%.
• - The occupancy rates reached 98.3% at the end of the reporting period, averaging 98.1% across the year, demonstrating strong demand for its properties.
• - Customer retention stood at 71.6%, showcasing the trust's ability to maintain long-term relationships with clients.
• - The cash NOI for same properties was recorded at 7.1%, indicative of successful property management strategies.
• - In property acquisitions, FIBRA Prologis invested $284 million in Class-A properties and also implemented 18 MW of solar capacity, emphasizing its focus on sustainable practices.

Financial Performance

In terms of financial performance, FIBRA Prologis reported net earnings per CBFI (Símbolo Bursátil Fiduciario Inmobiliario) of Ps. 3.8692 (approximately $0.1816) for Q4 2024, compared to Ps. 3.1136 ($0.1770) during the same period in 2023. For the full year, net earnings per CBFI rose to Ps. 17.1978 ($0.9136), significantly up from Ps. 13.6338 ($0.7761) the previous year.

Funds from operations (FFO), which is a vital measure of financial performance for real estate investment trusts, were recorded at Ps. 0.9740 ($0.0488) for Q4 and Ps. 3.4507 ($0.1943) for the entire year, further emphasizing the growth trajectory of FIBRA Prologis.

Operational Achievements

CEO Héctor Ibarzabal commented on the year’s achievements, noting, "2024 was a pivotal year for our company as we nearly doubled our size through the successful acquisition of FIBRA Terrafina. The exceptional financial results and operating metrics we achieved are a testament to our strategies and execution. We enter 2025 with a strong foundation and are well-positioned to navigate market fluctuations and geopolitical uncertainties."

Portfolio Performance

The operational portfolio of FIBRA Prologis demonstrated consistency with occupancy levels at 98.3% and an average of 98.1% throughout the year. Notably, leasing activity in important markets such as Reynosa and Mexico City underscored the trust's strategic focus on regions with high demand:

• - End of Period Occupancy: 98.3%
• - Average Occupancy: 98.1%
• - Customer Retention: 71.6%
• - Effective Net Rent Change: 55.4%
• - Cash NOI for Same Properties: 7.1%

Future Guidelines

Looking ahead, FIBRA Prologis has provided guidance for 2025:

• - FFO per CBFI is projected between $0.2000 and $0.2200.
• - The distribution per CBFI for the whole 2023 remains steady at $0.1500, which reflects a 6% increase year-on-year.
• - Occupancy is anticipated to range from 96.5% to 98.5%, with continued focus on maintaining high performance in operations and finance.

Webcast and Conference Call Information

To discuss the quarter’s results and market outlook, FIBRA Prologis will host a live teleconference and webcast:

• - Date: February 25, 2025
• - Time: 9 AM Mexico Time
• - Access: Live webcast at www.fibraprologis.com in the Investor Relations section.

Additionally, a replay will be available from February 25 to March 3 for stakeholders who cannot attend the live session.

About FIBRA Prologis

FIBRA Prologis is a leading real estate investment trust focused on the investment and management of Class-A industrial properties in Mexico. As of December 31, 2024, the company’s portfolio comprised 509 investment properties totaling 87.1 million square feet across critical industrial markets in Mexico, reinforcing its position as a premier player in the real estate sector.

In conclusion, FIBRA Prologis' impressive 2024 results not only reflect its successful strategies and operational efficiencies but also position it for continued success in the competitive real estate market.