FIBRA Macquarie México (FIBRAMQ 12) Q3 2025 earnings summary

Executive summary

• Achieved record consolidated revenues and AFFO, with AFFO up 6.6% YoY and revenues up 8.4% in USD terms; portfolio occupancy at 94.7% with 278 properties and 998 tenants as of September 30, 2025.

• Quarterly distribution increased 17% YoY in MXN, maintaining a prudent payout ratio; AFFO per certificate rose 6.6% YoY in USD and 5.1% YoY in MXN.

• Strong industrial portfolio performance with high retention, double-digit renewal spreads, and rental rates up 6.8% YoY; retail portfolio reached post-pandemic record occupancy of 93.6%.

• Strategic capital allocation included a $35M Mexico City logistics acquisition, a $14M asset sale at a 29–30% premium to book value, and a JV for a 750k sqft industrial park in Tijuana.

• Sustainability initiatives recognized with three green stars, a 94-point GRESB score, and 41.9% of GLA certified.

Financial highlights

• AFFO for the quarter was $29.7M, up 6.6% YoY; AFFO per certificate at Ps.0.6950, up 5.1% YoY.

• Quarterly distribution rose 17% YoY in MXN; FY25 AFFO payout ratio expected at 86.7–87%.

• NOI for the retail portfolio grew 4.1% YoY; industrial same-store NOI up 1.9% YoY in USD; total NOI for 3Q25 was $59.3M (+4.5% YoY).

• Balance sheet liquidity at $625M after refinancing a $375M sustainability-linked credit facility.

• EBITDA increased 4.5% YoY to Ps.1,011.1M; FFO up 5.7% YoY to $37.8M.

Outlook and guidance

• FY25 AFFO per certificate guidance reaffirmed at MXN 2.8–2.85 (Ps. 2.80–2.85); U.S. dollar AFFO guidance at $115–$119M, up to 5% annual growth.

• FY25 cash distribution guidance reaffirmed at MXN 2.45 per certificate, a 16.7% increase in peso terms; payout ratio ~86.7%.

• Guidance assumes stable macro, market, and geopolitical conditions, with no major acquisitions/divestments beyond those disclosed.

• Cautiously optimistic outlook for both industrial and retail portfolios, expecting steady demand and growth into 2026.

• Target stabilized NOI yield for growth capex projects is 9–11%.