By Daniel Webster, dWeb.News
MEXICO CITY. July 20, 2021 /PRNewswire/ — FIBRA PROLOGIS (BMV:FIBRAPL 14, a leading Mexican owner and operator of industrial real estate Class-A in Mexico, reported today its results for the second quarter 2021.
HIGHLIGHTS FROM QUARTER
Period-end occupancy was 96.4 per cent.
The net effective rents on rollover increased by 7.7 percent
Average customer retention weighted was 65.6 percent.
The same store cash NOI was 16.4 %.
Purchase of a Last Touch(R), property in Mexico City for US$10 Million
Refinanced with a green private placement in America and a local green bond.
Ps. 2.9855 US$ (0.1484) was the quarter’s earnings compared to Ps. (0.4416) (US$0.0189)) for similar period in 2020.
CBFI Funds from operations (FFO), was Ps. 0.8625 (US$0.0424) was the quarter’s average, compared to Ps. 0.9131 (US$0.0383) in the same period in 2020.
SOLID OPERATING RESULT
“Today, our second quarter 2021 financial results and operational results were strong and solid. These results once again prove our resilience and strong business model,” stated Luis Gutierrez (President, Latin America, Prologis). “I am proud that our company can continue to create shareholder value. We recently announced a purchase from our sponsor that will improve our position in Juarez.
Period End Occupancy
Four of our six markets are above 96%
60% of 2Q21 activity was concentrated around Mexico City
Net Effective Rent Change
Tijuana, Mexico City, and Monterrey are the leaders
Cash in Same Store NOI
Lower FX, fewer concessions and higher annual rents are the main factors.
Same Store GAAP NOI
Lower FX and lower annual rent increases are the main drivers
SOLID FINANCIAL POSITION
At June 30, 2021 FIBRA Prologis had a leverage of 27.4 percent, and liquidity was at approximately Ps. 8.0 billion (US$405 millions), which included Ps. 7.6 billion (US$385 millions) of capacity on its unsecured loan facility and Ps. 397.4 Million (US$20,000,000) of unrestricted money
WEBCAST & CONFERENCE CALLER INFORMATION
FIBRA Prologis will host a webcast/conference call live to discuss quarterly results and current market conditions as well as future outlook. Here are the details:
Wednesday, July 21, 2021 at 9 a.m. CT/10: a.m. ET.
Live webcast at http://www.fibraprologis.com. Click Events to go to the Investor Relations section.
Call +1 866 719-1816, +1 778 560-2714, and enter Passcode 47999736.
A telephonic replay of the conference will be available July 21-27 at +1 800 585 83367 from the U.S. or Canada, and at +1 416 624 642 from all other countries using conference number 4799736. The replay will be available in the Investor Relations section on the FIBRA Prologis site.
FIBRA Prologis, a major owner and operator in Mexico of industrial real estate Class-A, is a leader in this sector. FIBRA Prologis, which includes 206 logistics and manufacturing facilities located in six Mexican industrial markets, had a total of 40.2 million square feet (3.7 Million square meters) of gross lettable area as of June 30, 2021.
Forward-looking statements are statements that are not historical facts. These forward-looking statements are based upon management’s expectations, projections, and projections regarding the industry and markets where FIBRA Prologis operates. These statements are subject to uncertainties that could have a significant impact on FIBRA Prologis’ financial results. Forward-looking statements are identified by words such as “expects”, “anticipates,”” “intends,”,” plans,” “believes,” and “seeks,” as well variations thereof. These forward-looking statements are generally not historical in nature. Forward-looking statements include statements about operating performance, events and developments we expect or anticipate to occur in the future. This includes statements regarding rent and occupancy growth and acquisition activity, development activity and disposition activity, general conditions within the geographic areas we operate, our debt, and our financial position. These statements do not guarantee future performance and are subject to uncertainties, risks and assumptions that are difficult for us to predict. We believe that the forward-looking statements reflect reasonable assumptions. However, actual outcomes and results could differ materially from those projected or stated. Some factors that could affect the outcome and results include, among others: (i), changes in financial markets, interest rate and foreign currency exchange rates; (iii), increased or unanticipated competitors for our properties; (v) maintenance status of real estate investment trust (“FIBRA”) status, tax structuring; (vi) availability and capital, levels of debt we maintain and credit ratings; (x) additional factors discussed under the heading “Risk Factors” in reports filed with the “Comision Nacional Bancaria FIBRA Prologis and the Mexican Stock Exchange by FIBRA Prologis and the Mexican Stock Exchange Forward-looking statements in this release are not subject to revision by FIBRA Prologis.
Non-Solicitation – Securities discussed herein or in accompanying presentations have not been registered under either the Securities Act of 1933, or any state’s securities laws. They may not be offered or sold in America without registration or exemption from the registration requirements. Any such announcement does NOT constitute an offer to sell securities or solicitation of an offer for them to be purchased.
SOURCE FIBRA Prologis
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