Q3 2024 Prologis Property Mexico SA de CV Earnings Call Transcript
Key Points
- PrologisProperty Mexico SA de CV (FBBPF) successfully acquired 77% of FIBRA Terrafina, enhancing its portfolio and market presence.
- Occupancy rates remain high, with the overall portfolio above 98% and the Terrafina portfolio at 95%.
- The company reported a significant rent change on rollover of 56%, indicating strong leasing performance.
- PrologisProperty Mexico SA de CV (FBBPF) has a robust balance sheet with a total capacity of around $1.5 billion to reach a 35% loan-to-value ratio.
- The company achieved three new green certifications, reaching 88% of its portfolio, highlighting its commitment to ESG initiatives.
- FFO declined by 11.5% on a certificate basis compared to last year, impacted by decreased interest income and increased expenses.
- Market volatility and political factors, such as US elections, have slowed decision-making from clients, particularly in manufacturing markets.
- Vacancy rates increased by 30 basis points to 3%, with some markets experiencing marginal increases due to slower tenant decision-making.
- The company anticipates needing to invest in maintenance and improvements for Terrafina assets, which could impact short-term financials.
- Market rent growth expectations have been adjusted to mid-single digits, slightly below previous expectations.
Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the FIBRA Prologis third-quarter earnings conference call.
(Operator Instructions)
I would now like to turn the conference over to Alexandra Violante, Head of Investor Relations. You may begin.
Thank you, Desiree, and good morning, everyone. Welcome to our third quarter 2024 earnings conference call. Before we begin our prepared remarks, I would like to remind everyone that all the information presented in this conference call is proprietary and all rights are reserved. The information has been prepared only for information purposes and is not a solicitation of an offer to buy or sell any securities.
Forward-looking statements during this call speak only as of the date of this call. Our actual results, performance, prospects or opportunities may differ materially from those expressed in or implied by the forward
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