Mexico · Delayed Price · Currency is MXN FIBRA Prologis Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw stable FFO and strong operational results, with 97% occupancy and robust rent growth, especially in the Terrafina and non-core portfolios. Leadership transitions and a major tender offer mark significant developments, while guidance remains unchanged.
Fiscal Year 2025
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Full integration of Terrafina and record bond issuances drove scale and liquidity, with strong leasing, high occupancy, and robust NOI growth. 2026 guidance anticipates continued growth, disciplined acquisitions, and a seamless management transition.
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Third-quarter 2025 results showed strong financial and operational performance, driven by e-commerce and supply chain modernization, with FFO up 28% and AFFO up 50% year-over-year. The Terrafina integration progressed well, and guidance was adjusted due to timing and market conditions.
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Q2 2025 saw strong financial and operational results, with FFO up 21% and AFFO up 38% year-over-year, driven by Terrafina integration and robust consumption-led markets. Guidance for FFO was raised, and the portfolio remains resilient despite trade uncertainty and increased vacancy from record new supply.
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First quarter results showed strong growth, with AFFO up 78% and record rent changes, driven by the Terrafina integration and robust leasing. Despite trade uncertainty and a slowdown in border markets, occupancy and tenant retention remained high, and 2025 guidance was reaffirmed.
Fiscal Year 2024
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Achieved record rent growth, high occupancy, and expanded leadership through the Terrafina acquisition, despite geopolitical uncertainty slowing manufacturing leasing. Guidance calls for continued strong NOI growth, disciplined asset recycling, and focus on six core markets.
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FFO declined 11.5% per certificate year-over-year due to acquisition-related factors, while AFFO rose 13% nominally. Portfolio occupancy remains strong above 98%, and integration of Terrafina is progressing, with asset recycling and fee reductions planned for 2025.
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FFO per certificate declined 11.5% year-over-year due to acquisition-related factors, while nominal FFO rose 13% on rent growth and Terrafina integration. Portfolio occupancy remains high, with asset recycling and further acquisitions planned, and guidance for 2024 adjusted to mid-single-digit rent growth.