FIBRA Prologis (FIBRAPL 14) Q1 2026 earnings summary

Executive summary

• Launched a tender offer for FIBRA Macquarie, aligned with long-term strategy and leveraging a proven M&A track record to unlock value through operational synergies.

• Achieved solid operational results in Q1 2026, supported by a resilient, high-quality portfolio and strong customer service.

• Leadership transition announced: Jorge Girault to become CEO, Alexandra Violante to become CFO, ensuring continuity and internal promotion.

• Net effective rents on rollover reached 59.6 percent, with strong leasing activity in Mexico City and Juarez.

• Period-end occupancy was 97.0 percent and average occupancy was 97.4 percent, maintaining high levels since 2Q21.

Financial highlights

• FFO for Q1 2026 was $99.6 million ($0.06 per certificate), flat year-over-year; FFO per CBFI was US $0.0601, slightly down from US $0.0609 year-over-year.

• AFFO totaled approximately $80 million, in line with expectations.

• Leasing activity reached 3.6 million sq ft, with average occupancy around 97%.

• Same-store cash NOI growth was 9.9% year-over-year, and GAAP NOI growth was 10.10%.

• Liquidity stood at approximately US $1.1 billion, including US $990 million in available credit and US $76 million in cash; leverage as of March 31, 2026, was 25.0 percent.

Outlook and guidance

• Guidance for 2026 remains unchanged.

• Expect stabilization in national vacancy rates in upcoming quarters as development pipeline has declined to half of 2023 peak levels.

• Management emphasized portfolio durability and disciplined execution amid trade uncertainty.

• Forward-looking statements highlight expectations for continued rent and occupancy growth, with caution regarding economic and market risks.

• Confident in continued revenue growth through mark-to-market opportunities without additional investment.