FIBRA Prologis (FIBRAPL 14) Q4 2024 earnings summary

Executive summary

• Celebrated 10th anniversary and first year under new CEO, achieving significant milestones including a $517 million oversubscribed follow-on and the acquisition of nearly 90% of FIBRA Terrafina, nearly doubling the portfolio and making the company the largest publicly traded industrial real estate firm in Latin America.

• Added over 100 new customers and initiated pre-marketing for asset recycling, with strong market interest in high-quality assets.

• Delivered strong operational and financial results, positioning for continued growth in 2025.

Financial highlights

• Q4 FFO was $76.2 million or $0.049 per certificate, a 4.1% increase per certificate year-over-year; FFO per CBFI for Q4 2024 was Ps. 0.9740 (US$0.0488), up from Ps. 0.8249 (US$0.0469) in Q4 2023.

• Full year 2024 FFO per CBFI was Ps. 3.4507 (US$0.1943), compared to Ps. 3.3502 (US$0.1881) in 2023.

• Net earnings per CBFI for Q4 2024 were Ps. 3.8692 (US$0.1816), up from Ps. 3.1136 (US$0.1770) in Q4 2023.

• Same-store cash NOI grew 8.4% year-over-year; GAAP NOI grew 3.2% year-over-year.

• Acquired $284 million of Class-A properties during the year, mainly in Mexico City.

Outlook and guidance

• 2025 FFO per CBFI guidance set at US$0.20–US$0.22, a 6% increase over 2024 guidance.

• 2025 distributions per CBFI expected at US$0.15.

• Year-end occupancy projected between 96.5% and 98.5%.

• Same-store cash NOI growth projected between 4% and 7%.

• Planned acquisitions between $150 million and $250 million; asset dispositions between $100 million and $400 million, mainly from non-core Terrafina assets.