Fibra Mty S A P I (FMTY 14) Q4 2024 earnings summary

Executive summary

• AFFO for 2024 exceeded the high end of guidance for the 10th consecutive year, reaching Ps. 1.014 per CBFI and yielding over 8% at the start-of-year price, driven by organic and inorganic growth strategies.

• Major industrial acquisitions included the Aerotech and Batach portfolios, with expansion agreements totaling ~$70M and 45% of signed expansions delivered and generating income.

• Office divestments included the sale of the Axtel building for US$15 million and a binding agreement for Fortaleza (MXN 360M); full office portfolio to be sold over 4–8 quarters.

• Share repurchases reduced outstanding units by 1.5% in 2024, supported by excess cash flow and asset sales.

• Ended 2024 with 117 properties, 96.2% occupancy, and a land bank of 912,546 m².

Financial highlights

• Same-property NOI increased to Ps. 646.4 million in Q4 2024, with total NOI for the quarter at Ps. 707.2 million and NOI margin at 91.2%.

• AFFO for 4Q24 reached Ps. 661.3 million, up 62% year-over-year, and AFFO per share for 2024 exceeded guidance at Ps. 1.014.

• Portfolio valuation rose by Ps. 10.8 billion YoY to Ps. 38.1 billion, driven by revaluation, expansions, acquisitions, and FX effects.

• Trading at ~20% discount to book value and AFFO yield above 10%.

• 4Q24 revenue: Ps. 775.5 million (+27.7% YoY); EBITDA: Ps. 656.7 million (+29.3% YoY); consolidated net income for 4Q24: Ps. 1,901.5 million.

Outlook and guidance

• 2025 AFFO per CBFI guidance: Ps. 1.083–1.095, implying a 10.1% yield at Ps. 10.80 per CBFI, based on an FX rate of Ps. 20.5/USD.

• Focus on maximizing value from office divestments and strategic industrial investments.

• Market conditions expected to remain robust for industrial real estate despite potential U.S. tariffs and FX volatility.