MEXICO CITY, April 17, 2024 — FIBRA Prologis (BMV:FIBRAPL 14), a leading owner and operator of Class-A industrial real estate in Mexico, today reported results for the first quarter 2024.

HIGHLIGHTS FROM THE QUARTER:

Net effective rents on rollover were 47.7 percent.

Period-end and average occupancy were 99.6 and 99.4 percent, respectively.

Customer retention was 75.4 percent.

Same store cash NOI was 12.3 percent.

10 buildings generating solar energy.

Net earnings per CBFI were Ps. 6.1383 (US$0.3505) for the quarter compared with Ps. 1.0444 (US$0.0548) for the same period in 2023.

Funds from operations (FFO), as modified by FIBRA Prologis per CBFI, were Ps. 0.8416 (US$0.0492) for the quarter compared with Ps. 0.9044 (US$0.0474) for the same period in 2023.

SOLID OPERATING RESULTS

“FIBRA Prologis had an excellent start to 2024, we continue to see outstanding operational and financial results,” said Héctor Ibarzabal, CEO of FIBRA Prologis. “Market conditions remain strong and favorable with demand for logistics real estate holding steady across our six markets.”

Operating Portfolio

1Q24

1Q23

Notes

Period End Occupancy 

99.6 %

98.4 %

Five of our markets are above 99%.

Average Occupancy

99.4 %

98.4 %

Leases Commenced

1.2 MSF

1.4 MSF

Activity primarily concentrated in Juarez, Monterrey, and Reynosa.

Customer Retention

75.4 %

84.1 %

Net Effective Rent Change

47.7 %

38.5 %

Led by Tijuana, Juarez, and Monterrey.

Same Store Cash NOI

12.3 %

10.4 %

Led by annual rent increases and rent change plus stronger peso.

Same Store Net Effective NOI

9.7 %

9.0 %

Led by annual rent increases and rent change plus stronger peso.

STRONG FINANCIAL POSITION

As of March 31, 2024, FIBRA Prologis’ leverage was 2.6 percent and liquidity was approximately Ps. 20.8 billion (US$1.2 billion), which included Ps. 8.3 billion (US$500 million) of available capacity on its unsecured credit facility and Ps. 12.4 billion (US$744 million) of unrestricted cash.

UPDATED GUIDANCE FOR 2024

(US$ in million, except per CBFI amounts)

FX = Ps$19 per US$1.00

Low

High

Same Store Cash NOI

8.5 %

10.5 %

Building Acquisitions

US$200

US$400

WEBCAST & CONFERENCE CALL INFORMATION

FIBRA Prologis will host a live webcast/conference call to discuss quarterly results, current market conditions and future outlook. Here are the event details: