FIBRA Prologis Announces Fourth Quarter and Full Year 2024 Earnings Results

Core Insights - FIBRA Prologis reported strong financial results for Q4 and full year 2024, with net earnings per CBFI increasing to Ps. 3.8692 (US $0.1816) for the quarter and Ps. 17.1978 (US$ 0.9136) for the full year, compared to Ps. 3.1136 (US $0.1770) and Ps. 13.6338 (US$ 0.7761) in 2023 respectively [3][4] - The company nearly doubled its size through the acquisition of FIBRA Terrafina, enhancing its operational metrics and financial performance [5] - FIBRA Prologis maintained high occupancy rates, with period-end occupancy at 98.3% and average occupancy at 98.1% for 2024 [6] Financial Performance - Funds from operations (FFO) per CBFI for Q4 2024 was Ps. 0.9740 (US $0.0488), up from Ps. 0.8249 (US$ 0.0469) in Q4 2023, while full year FFO per CBFI was Ps. 3.4507 (US $0.1943) compared to Ps. 3.3502 (US$ 0.1881) in 2023 [4] - The company reported a liquidity position of approximately Ps. 9.4 billion (US $457 million) as of December 31, 2024, with a leverage ratio of 18.1% [7] Operational Metrics - Customer retention decreased to 71.6% in 2024 from 84.3% in 2023, while net effective rent change increased significantly to 55.4% [6][9] - Same store cash NOI growth was reported at 8.4% for the year, down from 9.4% in 2023 [6] Future Guidance - For 2025, FIBRA Prologis has established guidance for FFO per CBFI between US$ 0.2000 and US $0.2200, and a distribution per CBFI of US$ 0.1500, reflecting a 6% increase compared to 2024 [8][10] - The company anticipates year-end occupancy to range between 96.5% and 98.5% for 2025 [10] Portfolio Overview - As of December 31, 2024, FIBRA Prologis' portfolio included 509 investment properties totaling 87.1 million square feet, with 345 logistics and manufacturing facilities across six core markets in Mexico [12] - The company acquired nearly 90% of FIBRA Terrafina's outstanding shares and added US$284 million of Class-A properties to its portfolio [9]