FIBRA Prologis (FIBRAPL 14) Q4 2025 earnings summary

Executive summary

• Completed full integration and delisting of Terrafina, increasing ownership to 99.8% and enhancing scale, liquidity, and efficiency.

• Issued first international bond with the tightest spread for a FIBRA, validating credit quality and strengthening the balance sheet.

• Achieved high occupancy rates, strong rent growth, and advanced sustainability initiatives with 21 MW of solar installed.

• Achieved strong operational and financial results, maintaining high occupancy and capturing significant rent growth.

• Management succession announced: CFO to become CEO, Head of IR to become CFO, ensuring continuity.

Financial highlights

• FFO reached $94 million for Q4 and $376 million for the year, up 20% year-over-year; FFO per CBFI for Q4 2025 was Ps. 1.0533 (US$0.0583), full year 2025 was Ps. 4.4854 (US$0.2339), both up year-over-year.

• AFFO totaled $64.4 million for Q4 and $307 million for the year, up 36% year-over-year.

• Net effective rent change and rollover was nearly 65% for the quarter and 59% for the year.

• Same-store cash NOI grew 9.4%, with GAAP NOI up almost 14%; same-store cash NOI increased 6.4% year-over-year.

• Acquired US$67 million of Class-A properties during the year.

Outlook and guidance

• 2026 FFO per CBFI guidance set at US$0.2400–0.2600, a 13.3% increase versus 2025 guidance.

• Full year 2026 distributions per CBFI expected at US$0.1700, up over 13%.

• Year-end 2026 occupancy projected between 96.5% and 98.5%.

• Same-store cash NOI growth expected between 9.0% and 13.0% for 2026.

• Acquisition guidance of $200 million-$500 million for 2026, with continued balance sheet discipline.