FIBRA Macquarie México (FIBRAMQ 12) Q3 2024 earnings summary

Executive summary

• Achieved record consolidated NOI and NAV per certificate, with strong YoY growth in both industrial and retail segments and high occupancy rates (97.2% industrial, 93.0% retail).

• Upgraded full-year AFFO per certificate guidance to Ps. 2.60–2.63 and reaffirmed distribution guidance of Ps. 2.10 per certificate.

• Industrial development program and pipeline remain robust, with ongoing projects and a land bank supporting future growth.

• Sustainability initiatives advanced, with 39.8% of GLA certified and a target of 75% by 2035.

• Recognized for sustainability leadership and public disclosure, including Green Lease Leader and EDGE Champion awards.

Financial highlights

• 3Q24 consolidated NOI reached Ps. 1,087.0m (+20.2% YoY), US$57.5m (+8.4% YoY); industrial NOI US$48.7m (+8.6% YoY); retail NOI Ps. 148.7m (+10.8% YoY).

• AFFO for the quarter was Ps. 527.3m (+13.2% YoY), with AFFO per CBFI at Ps. 0.6613 (+8.0% YoY).

• NAV per certificate reached Ps. 51.9 (+19.9% YoY); record NAV of MXN 61.9 per certificate also reported.

• NOI margin reached 87.2% (+90bps YoY); AFFO margin at 42.3%.

• Leasing activity included 1.9 million sq ft of GLA, with 700,000 sq ft of new leases and an 83% retention rate over 12 months.

Outlook and guidance

• Upgraded FY24 AFFO per certificate guidance to Ps. 2.60–2.63, with distribution guidance reaffirmed at Ps. 2.10 per certificate.

• Targeting stabilized NOI yield of 9–12% on new developments.

• Committed to certifying 75% of industrial GLA by 2035.

• Expects continued NOI growth in both industrial and retail portfolios, partially offset by higher financing costs.

• Retained AFFO north of MXN 400 million this year, supporting future growth.