Through a call, as well as a written report, FIBRA PROLOGIS reports a 97.6% occupancy rate, in its more than 200 properties distributed in the Mexican territory, during the first quarter of 2022.
One of the most relevant movements of the report is the set of acquisitions made in the markets of Ciudad Juarez, Tijuana and Mexico City, for an amount of 67.9 million dollars and a footage of more than 62 thousand square meters.
It is thanks to this that its portfolio grows to four million square meters of gross leasable area (GLA), and according to Luis Gutierrez, CEO of the trust, they continue with results that exceed their expectations and predict a good year.
In terms of outstanding metrics, net absorption of more than 780 thousand m2, a 6.5% implied cap rate and Funds From Operations (FFO) of US$40 million, derived from total revenues that reached US$67.2 million during the reported period, stand out.
These results are the product of a constant movement presented in its portfolio, which shows very specific trends related to the occupancy of industrial properties in the country, for example, the Tijuana market is 100% occupied, followed by Reynosa and Monterrey.
The distribution of the tenants occupying the spaces provided by the FIBRA also shows a trend, specifically talking about companies dedicated to manufacturing and logistics. In the case of the former, demand continues to be driven by near-shoring by 30%, especially in markets located on the country's border and Monterrey, which show interest in built-to-suit (BTS) developments.
In the case of logistics, demand continues in urban areas, where leases have been renewed with significant rent increases, indicating that tenants are adapting to market conditions, specifically in Mexico City, Tijuana and Ciudad Juarez, where rent increases are expected to continue.
This demand drives FIBRA to continue with its development and acquisition scheme, which is defined by 2 strategies, one of them is to continue with the acquisition of developed spaces by Prologis, who have more than 500 thousand m2 of development projected for the next 12 months; while the other is the search for properties within the last-mile area, which contemplates spaces to be refurbished to meet the needs of future tenants.
Finally, in terms of sustainability, they mention that at the moment 50% of their portfolio has a sustainable rating, a metric to which they arrived ahead of schedule and expect to conclude by 2025. Similarly, this year a pilot solar energy program was initiated, and in a complementary manner, they say that 62% of their portfolio has LED lighting, such adaptation will also be completed in 2025.
Within FIBRA Analytics you can consult a historical analysis of the performance of this and more FIBRAs, supported by the SiiLA methodology, learn more about our product: https://www.siilamexico.blog/fibra-analytics