FIBRA Prologis (FIBRAPL 14) Q2 2026 earnings summary

Executive summary

• Leadership transition to a new CEO with a commitment to strategic continuity and disciplined capital allocation.

• Portfolio spans 87.3 million sq ft across 515 properties in 14 Mexican markets, maintaining status as the largest publicly traded industrial REIT in Latin America.

• Focus remains on high-quality industrial markets, leveraging Prologis sponsorship for global relationships and operational excellence.

• Net effective rents on rollover increased 40.8% year-over-year, reflecting strong leasing dynamics.

• Customer retention stood at 60.8%, with leasing activity concentrated mainly in Juarez.

Financial highlights

• FFO reached $102 million ($0.0613 per CBFI), up 4.4% year-over-year, driven by rent increases and Terrafina integration.

• AFFO was $86.5 million, in line with expectations.

• Same-store cash NOI rose 13.1% year-over-year, led by rent change and annual rent increases.

• Net effective rent change was 41% for the quarter and 53% over the trailing 12 months.

• Net earnings per CBFI were (US $0.0285) for the quarter, down from US $0.0915 in the same period of 2025.

Outlook and guidance

• Guidance remains unchanged, with acquisition guidance at $200 million–$500 million.

• Management expects to maintain an EBITDA margin around 87% going forward, following normalization post-Terrafina integration.

• Embedded lease mark-to-market stands at 30%, supporting future cash flow growth.

• Management remains optimistic about long-term fundamentals for modern logistics real estate in Mexico.

• Forward-looking statements highlight expectations for continued rent and occupancy growth, but caution about uncertainties in economic and market conditions.