Subjects: ERN, ERP, HSP, DEI
FIBRA Prologis Announces Fourth Quarter and Full Year 2021 Earnings Results
MEXICO CITY, Jan. 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 fourth quarter and full year 2021.
HIGHLIGHTS FROM THE YEAR:
- Leases commenced were 5.6 million square feet.
- Period-end occupancy was 97.9 percent.
- Net effective rent on rollovers increased 8.8 percent.
- Weighted average customer retention was 65.6 percent.
- Same store cash NOI was 10 percent.
- Acquired US$233 million of Class-A properties.
Net earnings per CBFI was Ps. 5.7144 (US$0.2758) for the quarter compared with Ps. 3.2891 (US$0.1576) for the same period in 2020. For the full year 2021, net earnings per CBFI was Ps. 11.7470 (US$0.5761) compared with Ps. 4.4111 (US$0.2091) for the same period in 2020.
Funds from operations (FFO), as modified by FIBRA Prologis per CBFI, was Ps. 0.8748 (US$0.0425) for the quarter compared with Ps. 0.8164 (US$0.0380) for the same period in 2020. For the full year 2021, FFO per CBFI was Ps.3.4606 (US$0.1708) compared with Ps.3.5937 (US$0.1663) for the same period in 2020.
SOLID OPERATING RESULTS
"The market had an exceptional year in 2021, setting new records globally in net absorption, rental prices and valuations. Our strong operational and financial results continue to demonstrate the resiliency of our strategic business model," said Luis Gutiérrez, president, Latin America, Prologis. "During the year, we accomplished several accretive acquisitions, both from our sponsor, Prologis, and from third parties. We have enhanced our position in the markets where we have a presence and remain focused on delivering continued sustainable growth."
Operating Portfolio | 4Q21 | 4Q20 | Notes |
Period End Occupancy | 97.9% | 97.1% | Our six markets are above 95%, the highest occupancy since IPO. |
Leases Commenced | 1.4 MSF | 1.1 MSF | 43% of 4Q21 activity was concentrated in Mexico City, followed by Guadalajara, Monterrey and Tijuana. |
Customer Retention | 65.4% | 72.7% | Some tenants left due to lack space or M&A. |
Net Effective Rent Change | 15.2% | 10.5% | Led by Juarez and Reynosa. |
Same Store Cash NOI | 6.8% | -1.2% | Led by rent change, annual rent increases, fewer concessions and higher occupancy. |
Same Store Net Effective NOI | 3.0% | 2.5% | Led by rent change and annual rent increases. |
STRONG FINANCIAL POSITION
As of December 31, 2021, FIBRA Prologis' leverage was 30.4 percent and liquidity was approximately Ps. 7.8 billion (US$382 million), which included Ps. 7.5 billion (US$365 million) of available capacity on its unsecured credit facility and Ps. 343 million (US$17 million) of unrestricted cash.
GUIDANCE ESTABLISHED FOR 2022
(US$ in million, except per CBFI amounts) FX = Ps$21.0 per US$1.00 | Low | High | Notes |
FFO per CBFI | US$0.1750 | US$0.1850 | Excludes the impact of foreign exchange movements and any potential incentive fee. |
Full Year 2022 Distributions per CBFI | US$0.1200 | US$0.1200 | An 11.6% increase vs 2021. |
Year End Occupancy | 96.0% | 97.0% | |
Same Store Cash NOI | 2.5% | 4.0% | Based in U.S. dollars. |
Annual Capital Expenditures as % of NOI | 13.0% | 14.0% | |
Asset Management and Professional Fees | US$30.0 | US$35.0 | |
Building Acquisitions | US$150 | US$250 |
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:
- Thursday, January 20, 2022, at 9 a.m. CT/10 a.m. ET.
- Access the live webcast at www.fibraprologis.com, in the Investor Relations section, by clicking Events.
- Dial in: +1 866 719-1816 or +1 778 560-2714 and enter Passcode 5283777.
A telephonic replay will be available January 20 - January 27 at +1 800 585-8367 from the U.S. and Canada or at +1 416 621-4642 from all other countries using conference code 5283777. The replay will be posted in the Investor Relations section of the FIBRA Prologis website.
ABOUT FIBRA PROLOGIS
FIBRA Prologis is a leading owner and operator of Class-A industrial real estate in Mexico. As of December 31, 2021, FIBRA Prologis was comprised of 224 logistics and manufacturing facilities in six industrial markets in Mexico totaling 42.6 million square feet (4.0 million square meters) of gross leasable area.
FORWARD-LOOKING STATEMENTS
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.
SOURCE FIBRA Prologis
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