MEXICO CITY: FIBRA Macquarie México (BMV: FIBRAMQ) posted double-digit year-over-year growth in key financial metrics for the second quarter ended June 30, 2025, driven by robust industrial leasing and sustained rental rate momentum across its portfolio.
Net operating income rose 18.1% year-over-year, while funds from operations surged 23.3% in Mexican Peso terms. AFFO per certificate reached US$30.3 million, marking an 8.6% increase in underlying U.S. dollar terms.
“We are proud to report another quarter of strong performance,” said CEO Simon Hanna. “Our industrial portfolio achieved record renewal spreads of 27.7%, underscoring tenant demand and rental growth. Our expanded Tijuana development program is a strategic milestone for sustainable expansion.”
During the quarter, total industrial leasing activity reached 1.3 million square feet, including 120,000 square feet of new leases and 424,000 square feet of early renewals. Tenant retention held at 80% for the industrial and retail segments.
FIBRAMQ reaffirmed its full-year AFFO guidance in U.S. dollar terms at US$115.0 million to US$119.0 million and its annual cash distribution forecast of Ps. 2.45 per certificate, representing a 16.7% increase in Peso terms.
The industrial portfolio delivered NOI of US$51.1 million, up 6.0% year-over-year, supported by a 93.2% quarterly retention rate and occupancy gains across both new and renewed leases. FIBRAMQ is targeting an NOI development yield of 9.0% to 11.0% through its capex strategy.
Retail portfolio occupancy climbed to a post-pandemic record of 93.4%, with 54 new and renewed leases signed during the quarter across 11,500 square meters of GLA.
Leases indexed to Mexican or U.S. CPI reached 71.2% of total annualized base rents, up 525 basis points over the past year.
While no new constructions commenced in the quarter, FIBRAMQ’s stabilization pipeline includes 600,000 square feet of GLA and a projected development investment of up to US$100.0 million for 2025.