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MEXICO CITY<\/span>, Jan. 28, 2016<\/span> \/PRNewswire-HISPANIC PR WIRE\/ —\u00a0FIBRA Prologis (BMV:FIBRAPL 14), the leading owner and operator of Class-A industrial real estate in Mexico<\/span>, today reported results for the fourth quarter and full year 2015.<\/p>\n FIBRA Prologis began trading on the Mexican Stock Exchange June 4, 2014<\/span>. As such, results in the fourth quarter of 2015 reflect the second year-over-year comparable period for FIBRA Prologis. However, the company does not have comparable financial results from the prior full year. For prior full year comparisons, the company includes operating performance of the properties in its portfolio prior to ownership by FIBRA Prologis, when the properties were managed by its sponsor.<\/p>\n HIGHLIGHTS FROM THE YEAR<\/b><\/p>\n Funds from operations (FFO) per CBFI was Ps. 0.6850 (US$0.0412)<\/span> for the fourth quarter compared with Ps. 0.5295 (US$0.0359)<\/span> for the same period in 2014. For the full year 2015, FFO per CBFI was Ps. 2.6226 (US$0.1295)<\/span>, including realized exchange loss per CBFI of Ps. 0.5848 (US$0.0374)<\/span> from the reimbursement of the value-added tax paid in connection with the acquisition of the initial portfolio.\u00a0 <\/p>\n Net earnings per CBFI in the fourth quarter was Ps. 1.8128 (US$0.1085)<\/span> compared with Ps. 0.8847 (US$0.0681)<\/span> for the same period in 2014. For the full year 2015, net earnings per CBFI was PS. 3.8804 (US$0.2399)<\/span>. <\/p>\n OPERATIONS OUTPERFORM EXPECTATIONS<\/b><\/p>\n “We had an exceptional year, achieving record occupancy levels and solid rent growth that exceeded most of our objectives,” said Luis Gutierrez<\/span>, CEO, Prologis Mexico. “This outperformance is the result of favorable market conditions in which the demand for modern, well-located logistics facilities is greater than the supply.”<\/p>\n Operating Portfolio <\/b><\/span><\/span><\/p>\n<\/td>\n 4Q15<\/b><\/span><\/span><\/p>\n<\/td>\n 4Q14<\/b><\/span><\/span><\/p>\n<\/td>\n Notes<\/b><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n Period End Occupancy\u00a0<\/span><\/span><\/p>\n<\/td>\n 96.5%<\/span><\/span><\/p>\n<\/td>\n 96.3%<\/span><\/span><\/p>\n<\/td>\n Outperformed guidance by 25 basis points<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n Leases Signed<\/span><\/span><\/p>\n<\/td>\n 1.8 MSF<\/span><\/span><\/p>\n<\/td>\n 1.8 MSF<\/span><\/span><\/p>\n<\/td>\n Customer Retention<\/span><\/span><\/p>\n<\/td>\n 97.5%<\/span><\/span><\/p>\n<\/td>\n 90.6%<\/span><\/span><\/p>\n<\/td>\n Net Effective Rent Change<\/span><\/span><\/p>\n<\/td>\n 10.3%<\/span><\/span><\/p>\n<\/td>\n 13.4%<\/span><\/span><\/p>\n<\/td>\n 10.5% for full year 2015<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n Same Store NOI (Cash)<\/span><\/span><\/p>\n<\/td>\n 0.8%<\/span><\/span><\/p>\n<\/td>\n 5.5%<\/span><\/span><\/p>\n<\/td>\n 4.5% for full year 2015<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n Same Store NOI (IFRS)<\/span><\/span><\/p>\n<\/td>\n -2.4%<\/span><\/span><\/p>\n<\/td>\n N\/A<\/span><\/span><\/p>\n<\/td>\n CAPITAL ACTIVITY EXPANDS BEST-IN-CLASS PORTFOLIO<\/b><\/p>\n US$ in millions<\/b><\/span><\/span><\/p>\n<\/td>\n 4Q15<\/b><\/span><\/span><\/p>\n<\/td>\n 2015<\/b><\/span><\/span><\/p>\n<\/td>\n Notes<\/b><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n Acquisitions<\/b><\/span><\/span><\/p>\n<\/td>\n Class-A Buildings <\/span><\/span><\/p>\n<\/td>\n US$96.9<\/span><\/span><\/p>\n<\/td>\n US$101.8<\/span><\/span><\/p>\n<\/td>\n 1.4 MSF in global markets<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n Intermodal Facility<\/span><\/span><\/p>\n<\/td>\n US$14.0<\/span><\/span><\/p>\n<\/td>\n US$14.0<\/span><\/span><\/p>\n<\/td>\n 1.1 MSF facility in Mexico City<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n Total Logistic Facilities<\/span><\/span><\/p>\n<\/td>\n US$110.9<\/span><\/span><\/p>\n<\/td>\n US$115.8<\/span><\/span><\/p>\n<\/td>\n \u00a0\u00a0\u00a0\u00a0\u00a0 Weighted avg stabilized cap rate<\/span><\/span><\/p>\n<\/td>\n 6.8%<\/span><\/span><\/p>\n<\/td>\n 6.9%<\/span><\/span><\/p>\n<\/td>\n Land Parcel<\/span><\/span><\/p>\n<\/td>\n US$4.8<\/span><\/span><\/p>\n<\/td>\n US$4.8<\/span><\/span><\/p>\n<\/td>\n Acquired with a building in Monterrey<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n Total Acquisitions<\/span><\/span><\/p>\n<\/td>\n US$115.7<\/span><\/span><\/p>\n<\/td>\n US$120.6<\/span><\/span><\/p>\n<\/td>\n Dispositions<\/b><\/span><\/span><\/p>\n<\/td>\n Specialized Manufacturing Facility<\/span><\/span><\/p>\n<\/td>\n US$22.3<\/span><\/span><\/p>\n<\/td>\n US$22.3<\/span><\/span><\/p>\n<\/td>\n Acquired by existing customer<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n \u00a0\u00a0\u00a0\u00a0\u00a0 Weighted avg stabilized cap rate<\/span><\/span><\/p>\n<\/td>\n 8.6%<\/span><\/span><\/p>\n<\/td>\n 8.6%<\/span><\/span><\/p>\n<\/td>\n “Our proprietary access to the Prologis development pipeline is a unique competitive advantage that allows us to acquire Class-A logistics facilities that are fully occupied and complement our portfolio,” Gutierrez added.<\/p>\n STRENGTHENS FINANCIAL POSITION<\/b><\/p>\n As of December 31, 2015<\/span>, FIBRA Prologis’ liquidity was approximately Ps. 7.6 billion (US$441.6 million<\/span>), which included approximately Ps. 6.9 billion (US$400.0 million<\/span>) of available capacity on its unsecured credit facility and Ps. 721.2 million (US$ 41.6 million<\/span>) of unrestricted cash. <\/p>\n Net debt as a percentage of investment properties was 29.1 percent, fixed charge coverage was 3.86 and net debt to adjusted EBITDA was 4.58.\u00a0<\/p>\n “In 2015, we successfully executed our plan to strengthen our financial position by lowering our overall cost of debt, extending our maturities and increasing our liquidity,” said Jorge Girault<\/span>, senior vice president, Finance, Prologis Mexico. “As a result of this activity, we resolved all of our 2016 debt maturities and increased our weighted average term from 3 years to 4.5 years, maintaining the weighted average cost of debt at approximately 5 percent.”<\/p>\n As previously announced, during 2015, FIBRA Prologis completed US$650 million<\/span> of new unsecured syndicated debt. This includes the recast and upsize of the previous line of credit to a US$400 million<\/span> unsecured credit line facility and a US$250 million<\/span> of an unsecured term loan that was used to pay off US$134 million<\/span> of secured debt maturing in December 2016<\/span>.<\/p>\n Subsequent to year end, FIBRA Prologis refinanced US$107.0 million<\/span>, including prepayment cost, of the secured loans maturing in 2016.\u00a0 The secured facility matures in January 2026<\/span> and was priced at a 4.67 percent fixed interest rate. In addition, the company entered in a three-year forward interest rate SWAP agreement, starting on June 23, 2016<\/span>, to fix the US LIBOR rate of the US$250 million<\/span> unsecured credit facility to 1.065 percent. <\/p>\n GUIDANCE ESTABLISHED FOR 2016 \u2013 Full Year Distributions to Increase 10.0 percent<\/b><\/p>\n \u00a0(US$ in million, except per CBFI amounts)<\/b><\/span><\/span><\/p>\n<\/td>\n Low<\/b><\/span><\/span><\/p>\n<\/td>\n High<\/b><\/span><\/span><\/p>\n<\/td>\n Notes<\/b><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n FFO per CBFI<\/span><\/span><\/p>\n<\/td>\n US$0.1650<\/span><\/span><\/p>\n<\/td>\n US$0.1800<\/span><\/span><\/p>\n<\/td>\n Excludes the impact of foreign exchange movements<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n Full Year 2016 Distributions per CBFI<\/span><\/span><\/p>\n<\/td>\n US$0.1100<\/span><\/span><\/p>\n<\/td>\n US$0.1100<\/span><\/span><\/p>\n<\/td>\n Represents approximately 95 percent of 2016 forecasted AFFO and undistributed AFFO from 2015<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n Year End Occupancy<\/span><\/span><\/p>\n<\/td>\n 95.5%<\/span><\/span><\/p>\n<\/td>\n 96.5%<\/span><\/span><\/p>\n<\/td>\n Same Store NOI (Cash)<\/span><\/span><\/p>\n<\/td>\n 2.0%<\/span><\/span><\/p>\n<\/td>\n 3.0%<\/span><\/span><\/p>\n<\/td>\n Based in U.S. dollars<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n Annual Capital Expenditures as % of NOI<\/span><\/span><\/p>\n<\/td>\n 14.0%<\/span><\/span><\/p>\n<\/td>\n 16.0%<\/span><\/span><\/p>\n<\/td>\n Building Acquisitions<\/span><\/span><\/p>\n<\/td>\n US$100.0<\/span><\/span><\/p>\n<\/td>\n US$150.0<\/span><\/span><\/p>\n<\/td>\n Asset Management and Professional Fees<\/span><\/span><\/p>\n<\/td>\n US$18.0<\/span><\/span><\/p>\n<\/td>\n US$20.0<\/span><\/span><\/p>\n<\/td>\n WEBCAST & CONFERENCE CALL INFORMATION<\/b><\/p>\n\n
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