FIBRA Macquarie México (FIBRAMQ 12) Q1 2026 earnings summary

Executive summary

• Delivered a strong and steady first quarter 2026 with financial and operational results in line with expectations, focusing on acquisition, development, ownership, and management of industrial and retail real estate in Mexico.

• Portfolio includes 262 properties with 1,007 tenants and 94.4% consolidated occupancy as of March 31, 2026; 86% of NOI from industrial and 14% from retail properties.

• Industrial rental rates increased 6.1% YoY to $6.70/sqm/month; retail rental rates up 1.2% YoY to Ps. 191.22/sqm/month.

• Ongoing acquisition offer by FIBRA Prologis and potential third-party interest noted, with legal restrictions on further commentary.

• Strategic acquisition of a 124-hectare land parcel in Tijuana with a 90 MW substation to develop 3.4 million square feet of GLA.

Financial highlights

• Record quarterly EBITDA of $55.1 million, up 6.7% year-over-year; consolidated NOI reached US$59.9 million, up 6.0% YoY.

• Record quarterly FFO of $38.5 million, up 6.8% YoY; FFO per certificate was US$0.0482, up 6.8% YoY.

• AFFO per certificate reached MXN 0.65, increasing both sequentially and annually, but decreased 13.6% YoY to Ps. 0.6529.

• NAV per certificate at Ps. 49.7, up 1.2% quarter-over-quarter but down 8.2% YoY.

• First quarter cash distribution of MXN 0.6125 per certificate declared, payable around June 18.

Outlook and guidance

• Full-year 2026 AFFO guidance updated to MXN 2.54–2.64 per certificate, reflecting funding expenses for the Tijuana land acquisition.

• Distribution guidance unchanged at MXN 2.45 per certificate, representing an 11% increase in USD terms.

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

• Guidance assumes no new acquisitions/divestments, no performance fees, and stable market conditions.

• Excludes transaction expenses related to potential acquisition, including up to $9.25 million in advisor fees.