FIBRA Prologis (FIBRAPL 14) Q3 2025 earnings summary

Executive summary

• Delivered strong third-quarter 2025 results, with robust operational and financial performance driven by e-commerce growth and supply chain modernization in key markets like Mexico City and Guadalajara.

• Net effective rents on rollover increased 47.2 percent, with activity concentrated in Mexico City, Monterrey, and Guadalajara.

• Customer retention improved to 81.7% from 52.7% year-over-year, with high occupancy at 98%.

• Benefited from the Terrafina acquisition, with significant progress in integrating and elevating operational standards.

• Portfolio comprised 515 investment properties totaling 87.0 million square feet as of September 30, 2025.

Financial highlights

• FFO reached $0.0561 per CBFI, up 28% year-over-year, totaling $90 million.

• AFFO was $78 million, a 50% increase year-over-year.

• Same-store NOI (cash and GAAP) grew around 15%, mainly from rent increases and higher occupancy.

• EBITDA margin for the nine-month period stabilized around 77%.

• Leverage stood at 22.6% and liquidity was approximately Ps. 19.9 billion (US$1.1 billion), including Ps. 18.4 billion (US$1.0 billion) in available credit and Ps. 1.6 billion (US$85 million) in cash.

Outlook and guidance

• Adjusted 2025 guidance: building acquisitions at $50–100 million, dispositions at $0–50 million.

• CapEx as a percentage of NOI revised to 9%-12% based on updated maintenance budgeting.

• Taxable income for 2025 expected to exceed distribution guidance, with distributions to be made in a mix of CBFIs and cash.

• Development activity remains focused on Mexico City, with flexibility to ramp up as market visibility improves.