Fibra Danhos

Fibra Danhos reported first-quarter 2026 results in nominal Mexican pesos under IFRS. Fixed rent grew 8%, helped by the full contribution of Cuautitlan and Palomas industrial projects, lease indexation and better office occupancy. Overage and parking revenues increased almost 13% and 18%, respectively. Total revenue increased 9.4% year over year, operating expenses rose 7%, NOI increased 10%, and EBITDA increased 11% with margin improvements. AFFO per CBFI was MXN 0.76, equal to MXN 1.2 billion, and almost 16% higher year over year. Distribution was MXN 0.45 per CBFI, implying a 59% payout ratio. GLA in the operating portfolio rose 15% year over year and occupancy reached almost 92%, up 220 basis points; lease spread on 20,000 square meters of renewals was 4.3%. Management did not provide explicit next-quarter revenue or AFFO guidance, but said the industrial CapEx pipeline is gaining momentum, with Palomas and EdoMex III due to deliver by year-end and Parque Oaxaca and Nizuc progressing on schedule.

Salvador Daniel said the office portfolio is still recovering from the pandemic but occupancy is gradually improving, with Toreo expected to get better next trimester and over the next few years. He said the company is comfortable with its industrial strategy, prefers to develop assets because it can earn higher yields, but remains open to acquisitions if it finds a good opportunity. On the retail side, he said consumer activity is basically flat, though management expects a positive contribution from the World Cup in Mexico.

Jorge Serrano said the quarter showed sound financial and operating results, driven by 8% fixed-rent growth, stronger overage and parking income, and improved occupancy. He highlighted 9.4% revenue growth, 10% NOI growth, 11% EBITDA growth, AFFO per CBFI of MXN 0.76, and a 59% payout ratio on MXN 0.45 per CBFI distribution. He also pointed to 13.6% leverage and said Fitch ratified AAA ratings for both the CBFIs and debt issuances, while the industrial CapEx pipeline continues to advance toward year-end deliveries.

Analysts pressed on retail lease maturities and whether renewal windows could create a tenant refresh opportunity; management answered that retail contracts typically run about four years, around 25% expire each year, and renewals are used intentionally to push rents and generate leasing spreads above inflation. On construction costs, management said it has not seen any impact from the Middle East conflict and contractors have not warned of material price changes. Questions also focused on industrial M&A and office occupancy at Toreo; management said it prefers development for higher yields but will consider good acquisitions, and expects Toreo and office occupancy generally to keep improving over the next quarters and into next year. Consumer demand was described as flat, with some optimism tied to the World Cup.