FIBRA Prologis Announces Third Quarter 2022 Earnings Results

MEXICO CITY, Oct. 19, 2022 /PRNewswire/ -- FIBRA Prologis (BMV:FIBRAPL 14), a leading owner and operator of Class-A industrial real estate in Mexico, today reported results for the third quarter of 2022.


  • Period-end and average occupancy were 98.5 and 98.2 percent, respectively.
  • Net effective rents on rollover were 24.6 percent.
  • Customer retention was 93.0 percent.
  • Same store cash NOI was 7.3 percent.
  • Initiated our solar program with nine buildings.

Net earnings per CBFI was Ps. 0.5491 (US$0.0273) for the quarter compared with Ps. 2.1033 (US$0.1050) for the same period in 2021.

Funds from operations (FFO), as modified by FIBRA Prologis per CBFI, was Ps. 0.9568 (US$0.0474) for the quarter compared with Ps. 0.8553 (US$0.0426) for the same period in 2021.


"Today, we announced another strong quarter. Our operational and financial results continue to demonstrate the resilience of our business model," said Luis Gutiérrez, president, Latin America, Prologis. "In addition, we raised US$396 million through a rights offering which will strengthen our balance sheet while placing the company in a unique position. This will be reflected in next quarter's results."

Operating Portfolio




Period End Occupancy 

98.5 %

97.0 %

Our six markets are above 96%.

Average Occupancy

98.2 %

96.7 %

Pushed by a stronger period-end occupancy.

Leases Commenced

1.5 MSF

1.3 MSF

Activity primarily concentrated in Mexico City, Guadalajara, and Juarez.

Customer Retention

93.0 %

63.2 %

Net Effective Rent Change

24.6 %

7.4 %

Led by Mexico City, Guadalajara, Juarez, and Tijuana.

Same Store Cash NOI

7.3 %

12.5 %

Led by rent change and annual rent increases.

Same Store Net Effective NOI

5.7 %

6.7 %

Led by rent change and annual rent increases.


As of September 30, 2022, FIBRA Prologis' leverage was 28.7 percent and liquidity was approximately Ps. 8.1 billion (US$403 million), which included Ps. 7.5 billion (US$370 million) of available capacity on its unsecured credit facility and Ps. 672 million (US$33 million) of unrestricted cash.


(US$ in million, except per CBFI amounts)

FX = Ps$21.0 per US$1.00






Building Acquisitions




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

  • Thursday, October 20, 2022, at 9 a.m. CT/10 a.m. ET.
  • Access the live webcast at, in the Investor Relations section, by clicking Events.
  • Dial in: +1 888 330 2384 or +1 240 789 2701 and enter Passcode 3140861.

A telephonic replay will be available October 20 - November 3 at +1 800 770 2030 from the U.S. and Canada or at +1 647 362 9199 from all other countries using conference code 3140861. The replay will be posted in the Investor Relations section of the FIBRA Prologis website.


FIBRA Prologis is a leading owner and operator of Class-A industrial real estate in Mexico. As of September 30, 2022, FIBRA Prologis was comprised of 228 logistics and manufacturing facilities in six industrial markets in Mexico totaling 43.4 million square feet (4.0 million square meters) of gross leasable area.


The statements in this release that are not historical facts are forward-looking statements. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which FIBRA Prologis operates, management's beliefs and assumptions made by management.  Such statements involve uncertainties that could significantly impact FIBRA Prologis financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature.  All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, acquisition activity, development activity, disposition activity, general conditions in the geographic areas where we operate, our debt and financial position, are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic climates, (ii) changes in financial markets, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties, (iv) risks associated with acquisitions, dispositions and development of properties, (v) maintenance of real estate investment trust ("FIBRA") status and tax structuring, (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings, (vii) risks related to our investments (viii) environmental uncertainties, including risks of natural disasters, (ix) risks related to the coronavirus pandemic, and (x) those additional factors discussed in reports filed with the "Comisión Nacional Bancaria y de Valores" and  the Mexican Stock Exchange by FIBRA Prologis under the heading "Risk Factors." FIBRA Prologis undertakes no duty to update any forward-looking statements appearing in this release.

Non-Solicitation - Any securities discussed herein or in the accompanying presentations, if any, have not been registered under the Securities Act of 1933 or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and any applicable state securities laws. Any such announcement does not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein or in the presentations, if and as applicable.

(PRNewsfoto/FIBRA Prologis)

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