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, making the company the largest publicly traded industrial real estate firm in Latin America.

• Nearly doubled portfolio size by acquiring almost 90% of FIBRA Terrafina's outstanding shares.

• 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.

• Maintained high occupancy and achieved a record 61% rent increase on rollovers, with $284 million in new assets acquired, mainly in Mexico City.

Financial highlights

• Q4 FFO reached $76.2 million or $0.049 per certificate, a 4.1% increase per certificate year-over-year.

• 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.

• Full year 2024 net earnings per CBFI reached Ps. 17.1978 (US$0.9136), up from Ps. 13.6338 (US$0.7761) in 2023.

• FFO per CBFI for Q4 2024 was Ps. 0.9740 (US$0.0488), up from Ps. 0.8249 (US$0.0469) in Q4 2023.

• Same-store cash NOI grew 3.8% and GAAP NOI grew 3.2% year-over-year.

Outlook and guidance

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

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

• Full-year FFO per certificate guidance between $0.20 and $0.22, a 6% increase over 2024 guidance.

• Distribution guidance raised by 6.4% to $15.00 per certificate (US$0.1500 per CBFI).

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