FIBRA Macquarie México (FIBRAMQ 12) Q4 2024 earnings summary

Executive summary

• Achieved record AFFO generation of $114 million for FY 2024, with sustained earnings growth and strong operational execution.

• Portfolio consists of 243 industrial and 177 retail properties, totaling 36.4m sqft GLA and $3.4bn in assets, with 80.5% of rents US$-linked and 78% of industrial GLA in northern Mexico.

• Demonstrated long-term value creation with NAV/CBFI up 62.9% since 1Q21 and FFO/CBFI up 24.1% over the same period.

• Internal, vertically integrated property administration platform with 90 professionals and direct relationships with 280+ customers.

• Strong market positioning, benefiting from nearshoring, e-commerce, and resilient supply chain trends.

Financial highlights

• FY24 AFFO per certificate reached Ps. 2.6330, up 2.0% year-over-year; Q4 2024 AFFO was MXN 583.2 million, up 20% YoY.

• Record NAV per certificate of Ps. 54.32, up 21.9% YoY; FY24 NOI margin 85.7%.

• FY24 NOI increased 10.5% YoY to Ps. 4,131.3m; Q4 NOI up 17.9% YoY to Ps. 1,115.5m.

• Retail portfolio occupancy closed at 93.3%, with above-inflation NOI growth.

• Industrial portfolio Q4 NOI was $48.2 million, up 4.3% over the prior year.

Outlook and guidance

• FY25 AFFO guidance: Ps. 2.95–3.05 per certificate (US$115–119m), up 1–5% YoY in USD terms.

• FY25 distribution guidance: Ps. 2.45 per certificate, up 16.7% YoY, with an expected payout ratio of approximately 82%.

• Targeting stabilized NOI yield of 9–11% on new developments.

• Cautious outlook maintained due to macro and geopolitical uncertainties, but confident in long-term fundamentals.

• Industrial lease roll-over for FY25 at a record-low 11.4% of annualized base rents.