FIBRA Macquarie México (FIBRAMQ 12) Q1 2025 earnings summary

Executive summary

• Achieved record NOI and AFFO in USD and Peso terms for Q1 2025, with strong industrial re-leasing spreads of 16.5%-17% and 1.6 million sq ft of industrial leasing activity, slightly above the three-year average.

• Accelerated over 600,000 sq ft of renewals, reducing scheduled expirations for the year to 7.4% and maintaining guidance for leasing spreads above 10% with healthy retention.

• Retail portfolio occupancy closed at 93% with average monthly rental rates up 5.2%, driving an 8% annual NOI increase.

• Portfolio comprised 260 properties and 997 tenants as of March 31, 2025, with industrial properties accounting for 86% of NOI and 84% of NOI denominated in USD.

• Completed a 385k sqft industrial development in Tijuana and continued disciplined capex execution.

Financial highlights

• AFFO per certificate reached a record MXN 0.7556, up 18.7% YoY, driven by a 20% increase in NOI, higher same-store income, new developments, and FX benefit, partially offset by higher interest expense.

• Total revenues for 1Q25 were Ps. 1,339.2m, up 20.4% YoY; NOI (excl. SLR) reached Ps. 1,154.2m, up 20.4% YoY.

• EBITDA margin improved to 78.8% from 77.7% YoY; NOI margin (excl. SLR) was 85.9%.

• Real estate net LTV at 33.2% and net debt to EBITDA at 5.2x as of March 31.

• Available liquidity of US$420 million, with US$225 million drawn from revolving credit facilities in February.

Outlook and guidance

• Maintaining 2025 guidance, expecting AFFO growth of 1%-5% in USD terms, assuming no material geopolitical or tariff deterioration.

• FY25 AFFO per certificate guidance reaffirmed at Ps. 2.95–3.05 (US$115–119m), and distribution guidance at Ps. 2.45 per certificate (US$95m), implying an ~82% payout ratio.

• Targeting stabilized NOI yields of 9–11% on new developments.

• 0.6m sqft of growth GLA under stabilization, with additional 4.3m sqft potential from land bank.

• Stable outlook for key operating indicators and ongoing NOI growth anticipated.