EarningsQ2 2026 Earnings Report

FIBRA Prologis (FBBPF) Q2 2026 Earnings Report

55 Followers

Previous Report: Q1 2026

FBBPF Q2 2026 EPS Results

Actual EPS-$0.03

Consensus EPS$0.06

Beat/MissMissed by -$0.09

One Year Ago EPS$0.10

FBBPF Q2 2026 Revenue Results

Actual Revenue$170.30M

Expected Revenue$169.09M

Beat/MissBeat by +$1.21M

YoY Revenue Growth-6.87%

Earnings Announcement Details

QuarterQ2 2026

Date07/23/2026

TimeAfter Close

Conference CallThursday, July 23, 2026

FBBPF Upcoming Earnings

FIBRA Prologis's next earnings date is estimated for October 21, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

FBBPF Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 23, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presents a generally constructive operational and financial picture—FFO and NOI growth, high portfolio occupancy relative to the market, meaningful embedded mark-to-market upside, selective acquisitions, strong balance sheet and ESG progress. However, management acknowledged near-term headwinds: elevated completions outpacing absorption, localized move-outs (notably in Mexico City), lower short-term retention, and undisciplined new supply particularly in border and certain regional markets (e.g., Tijuana). Overall, the company appears well positioned with durable strengths and disciplined capital allocation, while monitoring cyclical and regional softening that could pressure short-term metrics.

Company Guidance

Management said it is keeping guidance unchanged (supplemental p.8), reiterating acquisition guidance of $200–$500 million and a continued focus on disciplined capital allocation and a conservative balance sheet; they expect EBITDA margins to normalize around ~87% and noted loan‑to‑value of ~25% with a BBB+ (stable) rating. For context, Q2 results included FFO of $102 million ($0.0613 per CBFI, +4.4% YoY) and AFFO of ~$86.5 million (in line with expectations), leasing of 2.3 million sq ft, period‑end occupancy of 95.8% (average 96.1%), same‑store cash NOI +13% and net effective NOI +9%, net effective rent change ~41% for the quarter ( >53% TTM) and a 30% embedded lease mark‑to‑market; market net absorption was 6.1M sq ft vs completions of 7.4M (market vacancy +10 bps). They also highlighted a $94M, 590k‑sq‑ft Mexico City acquisition, $40M of dispositions YTD, a $115.5M promote fee payable in CBFIs, and a 16% annualized total return since IPO.

Strong Financial Performance

FFO of $102 million ($0.0613 per CBFI), representing 4.4% year-over-year growth on a CBFI basis; AFFO approximately $86.5 million; guidance kept unchanged.

Large, High-Quality Portfolio and Outperformance

Portfolio of ~87 million square feet across more than 500 properties in 14 markets; period-end occupancy 95.8% (average occupancy 96.1%); portfolio occupancy ~250 basis points above the market; embedded lease mark-to-market ~30%.

Strong Leasing and Rent Momentum

Leased 2.3 million square feet during the quarter; same-store cash NOI increased ~13% and same-store net effective NOI increased ~9%; net effective rent change ~41% for the quarter and more than 53% over the trailing 12 months.

Selective Capital Deployment and Value Creation

Acquired a 590,000 square foot facility in Mexico City for $94 million (100% leased in U.S. dollars); performance promote triggered $115.5 million payable to Prologis in CBFIs; since IPO delivered a 16% annualized total return (highest among peers).

Prudent Balance Sheet and Credit Profile

Maintained conservative leverage with loan-to-value around 25%; FIBRA credit rating ratified at BBB+ with a stable outlook; guidance for acquisitions maintained in the $200M–$500M range reflecting financial flexibility.

ESG and Reporting Milestone

Released 2025 impact and sustainability report introducing FIBRA Prologis 2030 goals and providing disclosures in accordance with IFRS S1 and S2 — noted as the first regulatory climate risk filing across the Prologis network.

FBBPF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 21, 2026	2026 (Q3)	0.06 / -	0.053	―
Jul 23, 2026	2026 (Q2)	0.06 / -0.03	0.095	-128.72% (-0.12)
Apr 29, 2026	2026 (Q1)	0.06 / 0.11	0.107	-0.93% (>-0.01)
Feb 23, 2026	2025 (Q4)	0.06 / 0.11	0.205	-43.90% (-0.09)
Oct 28, 2025	2025 (Q3)	0.06 / 0.05	0.341	-84.43% (-0.29)
Jul 28, 2025	2025 (Q2)	0.06 / 0.10	0.041	131.82% (+0.05)
Apr 29, 2025	2025 (Q1)	0.06 / 0.11	0.325	-67.10% (-0.22)
Feb 24, 2025	2024 (Q4)	0.06 / 0.20	0.161	27.14% (+0.04)
Oct 29, 2024	2024 (Q3)	0.05 / 0.34	0.318	7.38% (+0.02)
Jul 17, 2024	2024 (Q2)	0.04 / 0.04	0.16	-74.31% (-0.12)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed