FIBRA Prologis (FIBRAPL 14) Q3 2026 earnings summary

Executive summary

• Period-end occupancy reached 96.5%, 360 bps above the market; management cited strengthening demand and a 34% decline in the construction pipeline.

• FFO was US$97 million, up 8% YoY, or US$0.0574 per CBFI; AFFO was US$76 million, down 2% YoY.

• Net earnings per CBFI rose to US$0.1095 from US$0.0530 YoY; higher bad-debt reserves weighed on same-store cash NOI and AFFO.

Financial highlights

• Same-store cash NOI grew 1.7%; GAAP same-store NOI grew approximately 3%, as rent increases and annual bumps were mainly offset by higher bad-debt reserves.

• Same-store net effective NOI growth was 2.6%, compared with 15.2% in Q3 2025.

• Net effective rent change was 36.2%; weighted-average leasing spread was approximately 25%.

Outlook and guidance

• FY 2026 year-end occupancy guidance: 96.5%–97.5%; same-store cash NOI growth guidance: 7.0%–8.0%, primarily due to higher bad-debt reserves.

• FY 2026 FFO guidance: US$0.2400–US$0.2500 per CBFI, excluding incentive fees; based on Ps$18.5 per US$1.00.

• FY 2026 guidance includes US$0.1700 per CBFI in distributions, capital expenditures of 10%–12% of NOI, and US$65–70 million in asset management and professional fees.

• Acquisition guidance was US$100 million, mainly due to utility and permitting delays affecting transaction timing; management expected 2026 net absorption near 30 million square feet.

• 2027 dollar-denominated lease escalators are expected near 3.5%; peso leases are indexed to Mexican inflation (INPC), with no concerns cited for the upcoming rollover.