Terrafina: First Quarter 2024 Earnings Report


Mexico City, April 25th, 2024 – Terrafina® (“TERRA” or “the Company”) (BMV: TERRA13), a leading Mexican industrial real estate investment trust (“FIBRA”), externally advised by PGIM Real Estate and dedicated to the acquisition, development, leasing and management of industrial real estate properties in Mexico, announced today its first quarter 2024 (1Q24) earnings results.

The figures in this report have been prepared in accordance with International Financial Report Standards (“IFRS”). Figures presented in this report are expressed in millions of Mexican pesos and millions of U.S. dollars, unless stated otherwise. Additionally, figures may vary due to rounding.


Operating and Financial Highlights as of March 31st, 2024



  • As of March 31st, 2024, the occupancy rate was 97.1%, a 20 basis-point increase compared to the first quarter of 2023 (1Q23).
  • Renewal rate for 1Q24 was 89.6%, a 330 basis-point decrease compared to 1Q23.
  • Average leasing rate per square foot for 1Q24 leasing activity was US$6.65, with a 22.7% leasing spread compared to the last twelve months.
  • In 1Q24, Terrafina reported a total of 42.0 million square feet (msf) of Gross Leasable Area (GLA) comprised of 287 properties and 300 tenants.
  • 1Q24 leasing activity reached 2.1 msf, of which 11.7% corresponded to new leases, 70.0% to lease renewals and 18.3% to early renewals. Leasing activity was concentrated in the Northern region with 56.8%, the Bajío with 32.8%, and Central region with 10.4%. 



  • 1Q24 net collections (rental revenues – uncollected revenues + collected revenues) reached US$55.7 million, an 8.5% or US$4.4 million increase compared to 1Q23.
  • 1Q24 rental revenues reached US$56.3 million, a 6.9% or US$3.6 million increase compared to 1Q23.
  • 1Q24 NOI was US$53.0 million, a 10.2% or US$4.9 million increase compared to 1Q23.
  • The NOI margin for 1Q24 was 93.2%, an 11 basis-point increase compared to 1Q23.
  • 1Q24 EBITDA reached US$46.2 million, a 9.0% or US$3.8 million increase compared to 1Q23.
  • The EBITDA margin for 1Q24 was 81.2%, an 81 basis-point decrease compared to 1Q23.
  • 1Q24 funds for operations (FFO) reached US$32.8 million, a 7.2% or US$2.2 million increase compared to 1Q23.
  • The FFO margin for 1Q24 was 57.7%, a 154 basis-point decrease compared to 1Q23.
  • 1Q24 adjusted funds for operations (AFFO) reached US$29.9 million, an 11.7% or US$3.1 million increase compared to 1Q23.
  • The AFFO margin for 1Q24 was 52.4%, a 76 basis-point increase compared to 1Q23.
  • 1Q24 distributions totaled US$20.5 million. As a result, Terrafina will distribute Ps.0.4506 per CBFI (US$0.0265 per CBFI) for the January 1st to March 31st, 2024 period. Considering the average share price of US$2.24 for 1Q24 (Ps.38.14), Terrafina’s annualized dividend yield for the quarter was 4.7%.


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About Terrafina
Terrafina (BMV:TERRA13) is a Mexican real estate investment trust formed primarily to acquire, develop, lease and manage industrial real estate properties in Mexico. Terrafina’s portfolio consists of attractive, strategically located warehouses and other light manufacturing properties throughout the Central, Bajío and Northern regions of Mexico. It is internally managed by highly qualified industry specialists and externally advised by PGIM Real Estate.
Terrafina owns 291 real estate properties, including 287 developed industrial facilities with a collective GLA of approximately 42.0 million square feet and 4 land reserve parcels, designed to preserve the organic growth capability of the portfolio. Terrafina’s objective is to provide attractive risk-adjusted returns for the holders of its certificates through stable distributions and capital appreciations. Terrafina aims to achieve this objective through a successful performance of its industrial real estate and complementary properties, strategic acquisitions, access to a high level of institutional support, and an effective management and corporate governance structure. For more information, please visit www.terrafina.mx/en
About PGIM Real Estate
With $210 billion in gross assets under management and administration ($134 billion net)1, PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum.
PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the local experience of professionals in 35 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgim.com/real-estate/.
1 As of December 31, 2023; AUA is $49 billion.
2 Includes legacy lending through PGIM’s parent company, PFI.
About PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), a leading global investment manager with more than $1.29 trillion in assets under management as of December 31, 2023. With offices in 18 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate, and alternatives.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the
United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com
Forward Looking Statements
This document may include forward-looking statements that may imply risks and uncertainties. Terms such as “estimate”, “project”, “plan”, “believe”, “expect”, “anticipate”, “intend”, and other similar expressions could be construed as previsions or estimates. Terrafina warns readers that declarations and estimates mentioned in this document, or realized by Terrafina’s management imply risks and uncertainties that could change in function of various factors that are out of Terrafina’s control. Future expectations reflect Terrafina’s judgment at the date of this document. Terrafina reserves the right or obligation to update the information contained in this document or derived from this document. Past or present performance is not an indicator to anticipate future performance.

Conference Call


Cordially invites you to participate in its First Quarter 2024 Conference Call

Friday, April 26th, 2024

10:00 a.m. Mexico City Time

11:00 a.m. Central Time (CT)

12:00 p.m. Eastern Time (ET)


To access the call, please dial:

From within the U.S.: +1-888-506-0062
From outside the U.S.: +1-973-528-0011
Mexico Toll Free: 55-8526-2489
Conference access code: 913240
Audio Webcast Link:
To access the conference replay please dial:
U.S.: +1-877-481-4010
International (outside the U.S.): +1-919-882-2331
Replay Passcode: 50247

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