FIBRA Prologis Reports Strong Operational Performance and Significant Growth in Net Earnings
FIBRA Prologis, a prominent operator of Class-A industrial properties in Mexico, has announced impressive financial results for the fourth quarter and full year of 2023. The company reported strong operational performance, with net effective rents on rollover surging by 41.8%. Additionally, FIBRA Prologis maintained high occupancy rates, with period-end and average rates standing at 99.8% and 99.0%, respectively. The company also achieved a robust customer retention rate of 84.3%. This strong operational performance contributed to a 9.4% increase in same-store cash net operating income (NOI) over the year.
FIBRA Prologis Achieves High Occupancy Rates and Customer Retention
One of the key highlights of FIBRA Prologis’ financial results was the high occupancy rates and customer retention. With period-end occupancy at a high of 99.8% and average occupancy at 99.0%, the company showcased its ability to attract and retain tenants. FIBRA Prologis also maintained a strong customer retention rate of 84.3%. These numbers reflect the quality of the company’s industrial properties and its commitment to providing excellent service to its clients.
FIBRA Prologis Certifies 18.7 Million Square Feet of Green Space, Aligning with Environmental Goals
FIBRA Prologis achieved a substantial milestone by certifying 18.7 million square feet of green space, aligning with 92% of its environmental goal. The company’s commitment to sustainability and environmental responsibility is evident in its efforts to promote green spaces in its properties. By certifying this vast amount of green space, FIBRA Prologis is demonstrating its dedication to creating sustainable industrial properties and reducing its impact on the environment.
FIBRA Prologis Records Significant Increase in Net Earnings per CBFI for Fourth Quarter and Full Year
FIBRA Prologis reported a significant increase in net earnings per CBFI for the fourth quarter and full year of 2023. Net earnings per CBFI reached Ps. 3.1136 (US$0.1770) for the fourth quarter, compared to Ps. 0.8163 (US$0.0411) in the same quarter of 2022. For the full year, net earnings per CBFI were Ps. 13.6338 (US$0.7761), compared to Ps. 8.4672 (US$0.4158) for the previous year. These impressive financial results highlight the company’s ability to generate substantial returns for its investors.
FIBRA Prologis Sets Guidance for 2024 with Focus on FFO per CBFI and Occupancy Rates
Looking ahead to 2024, FIBRA Prologis has set its guidance based on its strong financial performance. The company expects its funds from operations (FFO) per CBFI to range from US$0.1850 to US$0.1950. FIBRA Prologis also anticipates an 8.5% increase in full-year distributions per CBFI compared to the 2023 guidance. The company projects year-end occupancy rates between 97.5% and 98.5%, reflecting its confidence in its ability to attract and retain tenants. FIBRA Prologis also forecasts a same-store cash NOI growth of 6.5% to 8.0% for the year. These projections underscore the company’s positive outlook for 2024.
Analyst comment
Positive news: FIBRA Prologis Reports Strong Operational Performance and Significant Growth in Net Earnings.
Analyst view: FIBRA Prologis’ strong financial performance and impressive growth indicate a positive outlook for the market. The company’s high occupancy rates, customer retention, and commitment to environmental sustainability contribute to its success. Projections for 2024 show continued growth and confidence in attracting tenants.
