FIBRA Macquarie México

Reported results were strong and in line with expectations: record quarterly EBITDA was $55.1 million, up 6.7%, and record quarterly FFO was $38.5 million, up 6.8%. AFFO per certificate was MXN 0.65, up sequentially and year over year in underlying U.S. dollar terms, supported by 5% same-store consolidated NOI growth. NAV per certificate rose to MXN 49.7, up 1.2% quarter over quarter. On guidance, 2026 AFFO is now expected to be between MXN 2.54 and MXN 2.64 per certificate, while distribution guidance is unchanged at MXN 2.45 per certificate. Management said the AFFO update mainly reflects additional funding expense from the Tijuana land acquisition and excludes transaction expenses tied to the potential certificate acquisition process.

Simon Hanna described the quarter as strong and steady, with in-line financial and operating performance and a resilient portfolio despite a subdued market. He emphasized that the softness in the industrial market appears timing-related rather than a fundamental deterioration, pointing to lower new construction starts and stable rental rates, especially in logistics and border markets. He also highlighted disciplined capital allocation, including the large Tijuana land acquisition and the company’s continued focus on industrial development and selective growth.

Andrew McDonald-Hughes focused on the company’s financial strength and balance sheet flexibility. He cited record EBITDA of $55.1 million, record FFO of $38.5 million, AFFO per certificate of MXN 0.65, and NAV per certificate of MXN 49.7, while noting a real estate net LTV of 33.6% and regulatory debt service coverage of 4.2x. He also said debt is 99% fixed rate with a 3.5-year weighted average tenor, the revolver was refinanced and upsized to $200 million through April 2031 at the lowest spread achieved to date of 105 basis points, and available liquidity stood at $835 million.

In Q&A, analysts asked about the fairness-review process for the Monterrey tender and whether the modest occupancy decline reflected broader tenant caution. Simon said the technical committee will provide a fairness opinion within a 10-business-day deadline and, on occupancy, said move-outs were a mixed group with no clear industry or geography trend. He added that backfilling has still been possible, leasing spreads recovered to 13.8%, and the company remains comfortable with the 7% remaining 2026 expiration profile.