Prologis Property Mexico SA de CV

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A yield of 1.2%, in line with expectations, in the distribution per CBFI. Inorganic growth and good sector performance benefit operating indicators, but margins drop. Meanwhile, EBITDA contracted 1.9% y/y to $46 million (-11.8% in pesos), and with th...

FIBRAPL announced that 2Q21 cash distribution is US$22.8 million representing US$0.0269 (MXN 0.5389) per CBFI. It also established a payment date of July 30 with an ex-coupon date of July 28. Distribution came in line with our estimate of US$0.0264 p...

Good quarter in which the inorganic growth strategy continues to drive figures. An accounting adjustment boosted net income more than expected. Progress in results continues in view of higher GLA and improved sector dynamism. Meanwhile, EBITDA rose 8...

FIBRAPL announced the acquisition of a 242,643 square foot industrial property located in Ciudad Juarez, Chihuahua. The transaction amounted to US$19.1 million -including closing costs and capital improvements-. Neutral implication: This transaction ...

We raise our PT to MXN 47.00 from MXN 45.00 (13.5x P/FFO 2021e vs. 11.7x sector). It is worth mentioning that the full contribution of these properties will be reflected in 2022. In this sense, we estimate that by 2021, FIBRAPL's revenues will show a...

FIBRAPL announced the acquisition of 95,852 square feet of logistics space in Mexico City for MXN 237 million, including closing costs, capital improvements and equity carry. Neutral implication: This transaction would marginally increase the gross p...