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 record-tight spread for a FIBRA, strengthening the balance sheet.

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

• 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).

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

• Same-store cash NOI grew 9.4% and GAAP NOI nearly 14% year-over-year; same store cash NOI increased 6.4% year-over-year.

• Net effective rent change on rollover was 65% for the quarter and 59% for the last 12 months.

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

Outlook and guidance

• 2026 year-end occupancy expected between 96.5% and 98.5%.

• Same-store cash NOI growth guided between 9% and 13%.

• Full-year FFO per CBFI expected between $0.24 and $0.26, a 13.3% increase versus 2025 guidance.

• Guided distribution per CBFI at $0.17, up over 13% from prior guidance.

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