FIBRA Macquarie Mexico (FIBRAMQ12) Q1 2026 Earnings Report

The call conveyed a predominantly positive operational and financial performance: record EBITDA and FFO, healthy industrial leasing spreads (13.8%), strong NOI and occupancy near historical levels (~94.6%), sizeable liquidity ($835M), attractive refinancing terms (200M revolver at 105 bps), and a strategic land acquisition that supports long-term growth. Offsetting factors include a modest QoQ occupancy dip (single cinema move-out), a market-wide vacancy uptick of ~100 bps driven by a wait-and-see posture around USMCA renewal, near-term non-contribution of the land bank to NOI, and added funding/transaction costs that modestly pressure AFFO. On balance, the strength of operating metrics, liquidity position, and strategic initiatives outweigh the near-term headwinds and uncertainty.

Management updated full‑year 2026 AFFO guidance to MXN 2.54–2.64 per certificate (primarily reflecting additional funding expense from the $114M Tijuana land acquisition) while keeping distribution guidance unchanged at MXN 2.45 per certificate (an ~11% increase in annual distributions in USD at current FX); the Q1 cash distribution of MXN 0.6125 will be paid around June 18. Supporting metrics cited on the call included Q1 AFFO per certificate of MXN 0.65, record quarterly FFO $38.5M (+6.8%), record EBITDA $55.1M (+6.7%), same‑store consolidated NOI growth of 5%, industrial NOI $51.2M (+4.4%), leasing spreads of 13.8% on ~1.6M sq ft leased, quarter‑end industrial occupancy of 94.6%, and NAV per certificate of MXN 49.7 (+1.2% q/q). Balance sheet and liquidity signals underpinning the guidance were real estate net LTV 33.6%, regulatory debt service coverage 4.2x, debt 99% fixed with a 3.5‑year weighted average tenor, total available liquidity of $835M, and a $200M sustainability‑linked revolver extended to April 2031 at a 105 bp spread; AFFO guidance excludes potential transaction expenses (including up to $9.25M of adviser fees) related to any acquisition of FIBRA Macquarie certificates.