Q4 2024 Prologis Property Mexico SA de CV Earnings Call Transcript
Key Points
- PrologisProperty Mexico SA de CV (FBBPF) successfully executed a $5170 million follow-on transaction, which was oversubscribed, indicating strong investor confidence.
- The company achieved a record 61% increase in rent rollover rates, showcasing strong operational performance.
- PrologisProperty Mexico SA de CV (FBBPF) acquired Fierrapia, making it the largest publicly traded industrial real estate company in Latin America.
- The company maintained high occupancy rates, slightly above 98%, meeting expectations.
- PrologisProperty Mexico SA de CV (FBBPF) has a solid balance sheet with a $1.5 billion capacity to achieve a 35% loan-to-value ratio, providing financial flexibility.
- Uncertainty regarding tariffs and geopolitical tensions have led to a slowdown in decision-making and leasing activity in manufacturing markets.
- The company faced one-time acquisition expenses of about $9 million, impacting financial results.
- Net absorption in manufacturing markets declined significantly, from 14 million square feet in 2023 to 6 million square feet in 2024.
- Vacancy rates in certain markets increased, with manufacturing markets experiencing a rise from 1.6% to 5.7%.
- The company anticipates challenges in obtaining antitrust approvals, which could delay the execution of portfolio sales.
Thank you for standing by. My name is Novi, and I will be your conference operator today. At this time, I would like to welcome everyone to the FIBRA Prologis fourth-quarter earnings call. (Operator Instructions)
I would now like to turn the call over to Alexandra Violante, Head of IR. Please go ahead.
Thank you, Novi, and good morning, everyone. Welcome to our fourth 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 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-looking statements.
Additionally, during this call,
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