Local adaptation of e-commerce and manufacturing for export will continue to be key drivers of industrial real estate, said Luis Gutiérrez, director general of FIBRAPL.

FIBRA Prologis (FIBRAPL), a Class-A industrial real estate investment trust in Mexico, reported a 12.2% increase in cash from operations (FFO), to 827 million pesos, in the first quarter of 2022 (1Q22 ) compared to 1Q21.

Fiber's total revenue and net operating income (NOI) also closed the period with growth of 14.7% and 14.6%, to 1,386 million pesos and 1,219 million pesos, respectively, according to a report submitted to the Mexican Stock Exchange. (BMV).

Check here: Real estate Fibras in 2022 are on the path to sustainability

These increases are explained by the growth registered in these first three months of the year in the gross leasable area (GLA) of 8.3%, as well as the 2.7% increase in rent in dollars and by an occupancy rate higher by 90 points. base with respect to the first quarter of 2021.

At the end of March, occupancy in the firm's properties stood at 97.6%, where market conditions continue to be favorable and the demand for logistics real estate is stronger than anticipated in its six markets, said Luis Gutiérrez, president of Latin America of Prologis.

The manager considered that the local adaptation of electronic commerce and manufacturing for export will continue to be key drivers of industrial real estate.

FIBRAPL said that renewals represented 68% of this activity during the first quarter, while the change in net effective rent was 11.3% for the quarter. Cash NOI on the same properties was positive 3.7% due to annual rent increases and rent change.

Of interest: Industrial construction in Mexico reports historical figures, totaling 4.7 million m²

Fibra Prologis owns 227 logistics and manufacturing properties in six industrial markets in Mexico, including Ciudad de México, Guadalajara y Monterrey, totaling 4 million square meters of GLA, properties leased to 238 clients, including logistics providers, transportation companies, retailers and manufacturers.

At the end of the quarter, revenues denominated in US dollars represented 66.3% of annualized effective net income, resulting in a peso exposure of 33.7%.

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Original note