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Business Wire
5 days ago
- Business
- Business Wire
FIBRA Macquarie México Reports Second Quarter 2025 Results
MEXICO CITY--(BUSINESS WIRE)--FIBRA Macquarie México (FIBRAMQ) (BMV: FIBRAMQ) announced its financial and operating results for the second quarter ended June 30, 2025. SECOND QUARTER 2025 HIGHLIGHTS Total Industrial portfolio leasing activity comprised 1.3 million square feet of GLA, including early renewals of 424 thousand square feet Solid tenant retention rates of approximately 80% across Industrial and Retail portfolios Consolidated 2Q25 NOI up 18.1% YoY in Peso terms Consolidated 2Q25 AFFO up 23.3% YoY in Peso terms 'We are proud to report another quarter of strong performance, highlighted by record results across multiple metrics, including AFFO per certificate that was up 8.6% in underlying US dollar terms, to US$30.3 million,' said Simon Hanna, FIBRA Macquarie's chief executive officer. 'Our industrial portfolio continues to demonstrate remarkable strength, achieving record leasing renewal spreads of 27.7%, and the continued demand for space in our markets is reflected in our solid retention and rental rate growth across both our industrial and retail portfolios. On the growth capex front, we are particularly excited about our expanded development program in Tijuana, which represents an attractive opportunity with plans for four Class A buildings totaling approximately 750 thousand square feet. This strategic investment aligns with our long-term vision for sustainable growth in key markets.' Mr. Hanna continued, 'Through our prudent financial management, we have maintained our strong balance sheet position, with ample liquidity and prudent leverage. While we remain mindful of broader economic uncertainties, Mexico maintains a key strategic position within North American supply chains. We continue to successfully navigate the current market conditions, while pursuing selective growth opportunities and maintaining our commitment to disciplined capital allocation. With our reaffirmed full-year US dollar AFFO and distribution per CBFI guidance, we are confident in our ability to deliver sustained value for our certificate holders.' CAPITAL ALLOCATION FIBRAMQ continues to pursue a strategy of investing in and developing Class A industrial assets in core markets that demonstrate strong performance and a positive economic outlook. Industrial Portfolio Growth Capex Program FIBRAMQ has approximately 600 thousand square feet of GLA in stabilization. No new building construction starts were commenced during the quarter. The forecast 2025 cash investment for the industrial development program continues to be in a range of US$50.0 million to US$100.0 million. FIBRAMQ remains disciplined in its capital deployment as it stabilizes recent deliveries and maintains an attractive future growth pipeline. FIBRAMQ continues to target a NOI development yield on cost between 9.0% and 11.0%, which incorporates the highest sustainability standards and is designed to generate embedded operational efficiencies for its customers. Projects in process are summarized below. For further details regarding recently delivered projects, please refer to the Supplementary Information materials located at BMV Filings ( Industrial Development Projects in Process Guadalajara, Jalisco FIBRAMQ continues to make progress in pre-development works including obtaining initial permits, licenses and commencement of initial infrastructure works for the first building comprising 330 thousand square feet of GLA FIBRAMQ anticipates developing two Class A buildings in this park over time, with a total GLA of approximately 460 thousand square feet Apodaca, Nuevo León FIBRAMQ is marketing for lease a 200 thousand square foot property that was delivered during 3Q24 Tijuana, Baja California FIBRAMQ is marketing for lease a 385 thousand square foot property that was delivered during 2Q25 FIBRAMQ has entered into a 50-50 joint venture to develop an industrial park in the prime Pacifico/Libramiento submarket of Tijuana. The project will feature up to four Class A industrial buildings, totaling approximately 750 thousand square feet of GLA with pre-development works, including obtaining initial permits and licenses, and commencement of initial infrastructure works underway FINANCIAL AND OPERATING RESULTS Consolidated Portfolio FIBRAMQ's consolidated 2Q25 results were as follows: Industrial Portfolio The following table summarizes 2Q25 results for FIBRAMQ's industrial portfolio: FIBRAMQ's industrial portfolio performance remains robust, with growing average rental rates and sustained retention. For the quarter ended June 30, 2025, FIBRAMQ's industrial portfolio delivered NOI of US$51.1 million, a 6.0% increase YoY. Total leasing activity comprised 1.3 million square feet, including 120 thousand square feet of new leases. Renewal leases comprised 14 contracts across 1.1 million square feet, driving a retention rate of 93.2% for the quarter and 80.1% over the last 12 months. For the remainder of the year, FIBRAMQ's industrial portfolio scheduled lease expirations, including expired leases in regularization, total 4.8% of annualized base rents. Retail Portfolio The following table summarizes the proportionally combined 2Q25 results for FIBRAMQ's retail portfolio: FIBRAMQ signed 54 new and renewal leases during the quarter totaling 11.5 thousand square meters of GLA, across a diverse range of tenants. The retail portfolio has a retention of 77.8% over the last twelve months. Of note, retail portfolio occupancy of 93.4% represents a post-pandemic record. Lease Rental Rate Summary Based on annualized base rents, leases in FIBRAMQ's consolidated portfolio is now 71.2% linked to either Mexican or US CPI, representing an increase of 525 bps over the last twelve months. In the Industrial portfolio, FIBRAMQ achieved a weighted average positive releasing spread of 27.7% in respect of 2Q25. During the prior 12-month period, FIBRAMQ achieved a weighted average lease spread of 22.0% in respect of commercially negotiated lease renewals generating US$33.2 million of annualized base rent. For further details about FIBRA Macquarie's Second Quarter 2025 results, please refer to the Supplementary Information materials located at BMV Filings ( Replacement of Trustee As previously announced, FIBRAMQ replaced CIBanco, S.A., Institución de Banca Múltiple ('CIBanco') with HSBC México, S.A., Institución de Banca Múltiple, Grupo Financiero HSBC, as FIBRA trustee effective July 18, 2025. BALANCE SHEET At June 30, 2025, FIBRAMQ had US$1,230.2 million of debt outstanding and total liquidity of US$420.9 million comprising US$228.8 million available on its undrawn committed revolving credit facilities as well as US$192.1 million of unrestricted cash on hand. FIBRAMQ's indebtedness is 85.0% fixed rate, with 3.0 years of weighted average tenor remaining. As of June 30, 2025, FIBRAMQ's CNBV regulatory debt to total asset ratio was 33.7% and debt service coverage ratio was 6.3x. CERTIFICATE REPURCHASE PROGRAM FIBRAMQ has a Ps. 1,000 million CBFI repurchase-for-cancellation program available through to June 25, 2026. No certificates were repurchased during the quarter. SUSTAINABILITY At June 30, 2025, FIBRA Macquarie's green building certification coverage represented 41.8% of consolidated GLA, representing an increase of 481bps YoY. The sustainability and green financing linked portion of drawn debt stands at 68.3% DISTRIBUTION FIBRAMQ declared a cash distribution of Ps. 0.6125 per certificate for the quarter ended June 30, 2025. The distribution is expected to be paid on or about September 26, 2025, to holders of record on September 25, 2025. FIBRAMQ's certificates are expected to commence trading ex-distribution on September 25, 2025. FY25 GUIDANCE AFFO FIBRA Macquarie is reaffirming its FY25 AFFO guidance in underlying US dollar terms to a range of US$115.0 million to US$119.0 million, representing an annual increase of between 1.0% and 5.0%. FIBRAMQ maintains a cautious outlook on operational performance for 2025, and this guidance assumes no material deterioration of the geopolitical landscape or Mexico's key trading relationships. This guidance assumes: an average exchange rate of Ps. 18.50 per US dollar for the remainder of 2025; no new acquisitions or divestments; no issuances or repurchases of certificates; no deterioration in broader economic and market conditions, including the potential implementation of tariffs or deterioration in the trade relationship with key trading partners Following the recent appreciation of the Peso relative to the US dollar, FIBRAMQ is updating its FY25 AFFO per certificate guidance to a range of Ps. 2.80 to Ps. 2.85. Cash Distribution FIBRAMQ is reaffirming guidance for cash distributions in FY25 of Ps. 2.45 per certificate, paid in equal quarterly instalments of Ps. 0.6125 per certificate. The FY25 per certificate cash distribution guidance equates to an annual increase of 16.7% in Peso terms, with an expected FY25 AFFO payout ratio of approximately 87.0%, based on the AFFO guidance midpoint. In underlying USD terms, the FY25 cash distribution guidance equates to approximately US$101 million, representing an annual increase of 10.8%. The payment of distributions is subject to the approval of the Manager, stable market conditions and prudent management of FIBRAMQ's capital position. Outstanding certificates FIBRA Macquarie had 797,311,397 outstanding certificates as of June 30, 2025. WEBCAST AND CONFERENCE CALL FIBRAMQ will host an earnings conference call and webcast presentation on Friday, July 25, 2025, at 11:00 a.m. CT / 13:00 p.m. ET. The conference call, which will also be webcast, can be accessed online at or by dialing toll free +1-877-407-2988. Callers from Mexico may dial 01-800-522-0034 and other callers from outside the United States may dial +1-201-389-0923. Please ask for the FIBRA Macquarie Second Quarter 2025 Earnings Call. An audio replay will be available by dialing +1-877-660-6853 or +1-201-612-7415 for callers from outside the United States. A webcast archive of the conference call and FIBRA Macquarie's financial information for the second quarter 2025 will also be available on FIBRAMQ's website, About FIBRA Macquarie FIBRA Macquarie México (FIBRA Macquarie) (BMV:FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties. FIBRA Macquarie's portfolio consists of 243 industrial properties and 17 retail properties, located in 20 cities across 16 Mexican states as of June 30, 2025. Nine of the retail properties are held through a 50/50 joint venture. For additional information about FIBRA Macquarie, please visit Cautionary Note Regarding Forward-looking Statements This release may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ significantly from these forward-looking statements and we undertake no obligation to update any forward-looking statements. Other than Macquarie Bank Limited ABN 46 008 583 542 ('Macquarie Bank'), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment. THIS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES, AND SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED.
Business Wire
09-06-2025
- Business
- Business Wire
FIBRA Macquarie México Expands Development Program With New Tijuana Project
BUSINESS WIRE)--FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ) announced it will develop up to four new Class A industrial buildings with a total potential GLA of approximately 750 thousand square feet on a 16-hectare land parcel in the Pacifico/Libramiento submarket of Tijuana. This development is in a prime industrial corridor, offering strategic connectivity to two major US border crossings. The park is well-located within the surrounding area, providing access to skilled labor to support both manufacturing and logistics activities. "This investment reinforces our commitment to expanding our development portfolio while maintaining our disciplined approach to capital deployment," said Simon Hanna, FIBRA Macquarie's chief executive officer. "The addition strengthens our presence in a strategic submarket of Tijuana, a well-located area with direct highway access. Our development strategy continues to focus on best-in-class sustainable construction with secured energy rights. Furthermore, we are pleased to be partnering again with Grupo FRISA, with whom we have enjoyed a strong and successful partnership for more than a decade. By maintaining our selective investment criteria and focus on strategic capital allocation, we're positioned to generate compelling returns that should enhance both our operational capabilities and financial results over the long term." This is a 50-50 joint venture between FIBRA Macquarie and Grupo FRISA, who is currently FIBRA Macquarie's JV partner in nine of its retail properties. Grupo FRISA is contributing the land parcel to the project, which minimizes FIBRA Macquarie's immediate capital deployment requirements. The total investment is anticipated to be approximately US$88.0 million, with 50% of that to be progressively contributed by FIBRA Macquarie. The project is expected to deliver an NOI yield on cost of between 9% and 11%, in line with FIBRA Macquarie's target returns. FIBRA Macquarie's scalable internal management platform, MPA, which has a strong existing local presence in Tijuana comprising specialist property management, leasing and engineering professionals, will provide on-going services for the project, enabling NOI margin optimization. The land site is shovel-ready with initial earthworks in progress. The first planned building comprises approximately 200 thousand square feet, targeting a minimum LEED ® Gold certification. About FIBRA Macquarie FIBRA Macquarie México (FIBRA Macquarie) (BMV:FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties. FIBRA Macquarie's portfolio consists of 243 industrial properties and 17 retail properties, located in 20 cities across 16 Mexican states as of March 31, 2025. Nine of the retail properties are held through a 50/50 joint venture. For additional information about FIBRA Macquarie, please visit Cautionary Note Regarding Forward-looking Statements This release may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ significantly from these forward-looking statements and we undertake no obligation to update any forward-looking statements. Other than Macquarie Bank Limited ABN 46 008 583 542 ('Macquarie Bank'), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
Yahoo
09-06-2025
- Business
- Yahoo
FIBRA Macquarie México Expands Development Program With New Tijuana Project
New industrial Park with potential for up to four buildings totaling approximately 750k square feet of Class A GLA Shovel-ready land with secured energy strategy MEXICO CITY, June 09, 2025--(BUSINESS WIRE)--FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ) announced it will develop up to four new Class A industrial buildings with a total potential GLA of approximately 750 thousand square feet on a 16-hectare land parcel in the Pacifico/Libramiento submarket of Tijuana. This development is in a prime industrial corridor, offering strategic connectivity to two major US border crossings. The park is well-located within the surrounding area, providing access to skilled labor to support both manufacturing and logistics activities. "This investment reinforces our commitment to expanding our development portfolio while maintaining our disciplined approach to capital deployment," said Simon Hanna, FIBRA Macquarie's chief executive officer. "The addition strengthens our presence in a strategic submarket of Tijuana, a well-located area with direct highway access. Our development strategy continues to focus on best-in-class sustainable construction with secured energy rights. Furthermore, we are pleased to be partnering again with Grupo FRISA, with whom we have enjoyed a strong and successful partnership for more than a decade. By maintaining our selective investment criteria and focus on strategic capital allocation, we're positioned to generate compelling returns that should enhance both our operational capabilities and financial results over the long term." This is a 50-50 joint venture between FIBRA Macquarie and Grupo FRISA, who is currently FIBRA Macquarie's JV partner in nine of its retail properties. Grupo FRISA is contributing the land parcel to the project, which minimizes FIBRA Macquarie's immediate capital deployment requirements. The total investment is anticipated to be approximately US$88.0 million, with 50% of that to be progressively contributed by FIBRA Macquarie. The project is expected to deliver an NOI yield on cost of between 9% and 11%, in line with FIBRA Macquarie's target returns. FIBRA Macquarie's scalable internal management platform, MPA, which has a strong existing local presence in Tijuana comprising specialist property management, leasing and engineering professionals, will provide on-going services for the project, enabling NOI margin optimization. The land site is shovel-ready with initial earthworks in progress. The first planned building comprises approximately 200 thousand square feet, targeting a minimum LEED® Gold certification. About FIBRA Macquarie FIBRA Macquarie México (FIBRA Macquarie) (BMV:FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties. FIBRA Macquarie's portfolio consists of 243 industrial properties and 17 retail properties, located in 20 cities across 16 Mexican states as of March 31, 2025. Nine of the retail properties are held through a 50/50 joint venture. For additional information about FIBRA Macquarie, please visit Cautionary Note Regarding Forward-looking Statements This release may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ significantly from these forward-looking statements and we undertake no obligation to update any forward-looking statements. Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment. THIS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES, AND SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. View source version on Contacts Investor relations contact:Contact: Nikki SacksTel: +52 (55) 9178 7751Tel: +1 203 682 8263Email: For press inquiries, please contact:FleishmanHillard MéxicoContact: Zaira CorreaTel: +52 55 3017 0260Email:
Yahoo
01-05-2025
- Business
- Yahoo
FIBRA Macquarie (DBMBF) Q1 2025 Earnings Call Highlights: Record NOI and AFFO Amid Market Challenges
NOI Growth: 20% increase in NOI. AFFO per Certificate: Record AFFO per certificate of MXN0.7556. Industrial Leasing Activity: 1.6 million square feet completed, with industrial releasing spreads of 17%. Same-Store Occupancy: 95.8% for industrial portfolio. Retail Portfolio Occupancy: 93% with average monthly rental rates at 5.2%. Annual Rental Rate Growth: 5.7% for industrial portfolio. Real Estate Net LTV: 33% as of March 31. Net Debt-to-EBITDA: 5.2 times. Available Liquidity: $420 million. Weighted Cost of Debt: 5.7%, with 82% being fixed rate. FY25 AFFO Guidance: $115 million to $119 million in U.S. dollars. Cash Distributions Guidance: MXN2.45 per certificate for FY25. Warning! GuruFocus has detected 10 Warning Signs with DBMBF. Release Date: April 30, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. FIBRA Macquarie (DBMBF) reported record NOI and AFFO in U.S. dollar terms for the first quarter of 2025. The company achieved industrial releasing spreads of 17% and completed 1.6 million square feet of industrial leasing activity. The retail portfolio showed year-over-year occupancy gains, closing the quarter at 93% with average monthly rental rates increasing by 5.2%. FIBRA Macquarie (DBMBF) maintains a strong liquidity position with available liquidity of $420 million and no scheduled debt maturities until September 2026. The company reaffirmed its guidance for cash distributions in FY25 of MXN2.45 per certificate, indicating a well-covered distribution in the sector. Occupancy rates have been declining, with some markets like Juarez and Villahermosa experiencing softer demand. The macroeconomic landscape presents challenges, including recent changes in tariff policies affecting trade and investment environments. New leasing activity is being impacted by broader market uncertainty, particularly regarding tariff policy. The company faces a challenging leasing environment in certain markets, with limited short-term lease prospects. Retention rates have decreased from 89% to 79%, reflecting some tenant move-outs due to expansions or operational adjustments. Q: Can you provide some color on how the lease-up, both at the pre-leasing level and after delivery of new properties, is going? Has this changed your preferences for capital allocation? A: Simon Hanna, CEO: Recent deliveries in Juarez and Villahermosa are facing challenges due to softer market conditions. We are cautious with new construction starts but continue to prepare existing land banks for future development. We are also exploring opportunistic investments, particularly in land with energy strategies and single asset purchases in Mexico City. Share buybacks are considered but balanced with other investment opportunities. Q: When do you expect occupancy to stabilize, and are you reaching out to tenants for early renewals? A: Simon Hanna, CEO: We are comfortable with current occupancy trends despite a slight decline. We have proactively pursued accelerated renewals, bringing forward over 600,000 square feet of scheduled expirations. We aim to maintain current occupancy levels and are optimistic about bringing forward more renewals from 2026 into 2025. Q: Are tenants looking to change lease terms, and are there specific industries showing incremental demand? A: Simon Hanna, CEO: We haven't seen significant shifts in lease terms. The leasing environment is subdued, but we see opportunities, particularly with auto parts tenants. The demand is consistent across various sectors, though at lower levels compared to previous years. Q: How is the retail portfolio performing, and what is the outlook for foot traffic and tenant performance? A: Simon Hanna, CEO: Foot traffic is not a primary indicator of tenant performance. Despite a soft quarter for cinema releases, retail performance was strong with 5% renewal spreads and stable occupancy at 93%. We expect continued NOI growth and stable occupancy for the remainder of the year. Q: Can you elaborate on the drivers behind the occupancy drop and when you expect recovery? A: Simon Hanna, CEO: The drop was mainly in Monterrey due to tenants relocating for expansion. These were planned move-outs from 2024. We have prospects for backfilling these spaces and expect no significant trend shifts. The overall leasing activity has decreased due to market uncertainty. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
