FIBRA Macquarie México Reports First Quarter 2025 Results

FIBRA Macquarie México (FIBRAMQ) (BMV: FIBRAMQ) announced its financial and operating results for the first quarter ended March 31, 2025.

FIRST QUARTER 2025 HIGHLIGHTS

• Total Industrial portfolio leasing activity comprised 1.6 million square feet of GLA, including early renewals of 619 thousand square feet
• Solid tenant retention rates of approximately 80% across both Industrial and Retail portfolios
• Retail portfolio quarterly NOI of Ps. 152.4 million, up 4.4% QoQ and 7.5% YoY
• Consolidated 1Q25 NOI up 20.4% YoY
• Consolidated 1Q25 AFFO up 23.1% YoY

“We are pleased to have started the year with positive momentum and delivered solid earnings growth. Both NOI and AFFO were up more than 20% year over year in Peso terms, with positive rental rate growth and margin expansion,” said Simon Hanna, FIBRA Macquarie’s chief executive officer. “We also recently completed the first development at our Tijuana industrial park comprising 385k sqft of GLA, and are actively marketing it for lease. We have remained disciplined in our growth capex program, with one additional building in stabilization and strategic land parcels available for future growth to commence at the appropriate time.”

Mr. Hanna continued, “While we face an uncertain macro and tariff policy backdrop, we believe we are well-positioned with a resilient portfolio and a strong balance sheet. As we look at the remainder of the year, we have record low expirations in 2025, with approximately 7.4% of the industrial portfolio scheduled to expire. Importantly, we have consistently prioritized prudent balance sheet management which has allowed us to maintain comfortable coverage ratios and ample liquidity, including a recent revolving credit facility drawdown to provide additional flexibility. We remain optimistic that Mexico will continue to retain its privileged status within North American supply chains, and that FIBRA Macquarie’s strategic positioning will continue to deliver long term 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 600 thousand square feet of GLA in stabilization.

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 completes developments in process and stabilizes recent deliveries, while being opportunistic to maintain a future growth pipeline. FIBRAMQ maintains a target NOI yield on cost between 9% and 11%, 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 (fibramacquarie.com).

Industrial Development Projects in Process

Guadalajara, Jalisco

• FIBRAMQ continues to make progress in pre-development works including the obtention of 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 on this parcel 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.
• This delivery is the third building in a Class A industrial park that is anticipated to comprise a total GLA of 790 thousand square feet, of which FIBRAMQ has completed construction on 590 thousand square feet of GLA.

Tijuana, Baja California

• On April 8, FIBRAMQ completed the construction of a 385 thousand square feet building which is actively being marketed for lease.

FINANCIAL AND OPERATING RESULTS

Consolidated Portfolio

FIBRAMQ’s consolidated 1Q25 results were as follows:

TOTAL PORTFOLIO	1Q25	1Q24	Variance	1Q25	1Q24	Variance
Net Operating Income (inc. SLR)	Ps. 1,150.3m	Ps. 952.9m	20.7%	US$ 56.3m	US$ 56.1m	0.5%
Net Operating Income (exc. SLR)	Ps. 1,154.2m	Ps. 958.4m	20.4%	US$ 56.5m	US$ 56.4m	0.2%
EBITDA	Ps. 1,055.2m	Ps. 864.1m	22.1%	US$ 51.7m	US$ 50.8m	1.6%
Funds From Operations (FFO)	Ps. 735.2m	Ps. 614.1m	19.7%	US$ 36.0m	US$ 36.1m	(0.4%)
FFO per certificate	Ps. 0.9221	Ps. 0.7991	15.4%	US$ 0.0452	US$ 0.0470	(4.0%)
Adjusted Funds From Operations (AFFO)	Ps. 602.5m	Ps. 489.3m	23.1%	US$ 29.5m	US$ 28.8m	2.5%
AFFO per certificate	Ps. 0.7556	Ps. 0.6368	18.7%	US$ 0.0370	US$ 0.0375	(1.2%)
NOI Margin (inc. SLR)	85.9%	85.7%	22 bps	85.9%	85.7%	22 bps
NOI Margin (exc. SLR)	85.9%	85.7%	19 bps	85.9%	85.7%	19 bps
AFFO Margin	45.0%	44.0%	100 bps	45.0%	44.0%	100 bps
GLA (’000s square feet) EOP	36,363	35,575	2.2%	36,363	35,575	2.2%
GLA (’000s sqm) EOP	3,378	3,305	2.2%	3,378	3,305	2.2%
Leased GLA (’000s sqft) EOP	34,343	34,625	(0.8%)	34,343	34,625	(0.8%)
Leased GLA (’000s sqm) EOP	3,191	3,217	(0.8%)	3,191	3,217	(0.8%)
Occupancy EOP	94.4%	97.3%	(288 bps)	94.4%	97.3%	(288 bps)
Average Occupancy	94.7%	97.2%	(248 bps)	94.7%	97.2%	(248 bps)

Weighted average CBFIs have increased year-over-year solely in connection with an extraordinary distribution of 36,022,750 CBFIs paid on March 14, 2024.

Industrial Portfolio

The following table summarizes 1Q25 results for FIBRAMQ’s industrial portfolio:

INDUSTRIAL PORTFOLIO	1Q25	1Q24	Variance	1Q25	1Q24	Variance
Net Operating Income (inc. SLR)	Ps. 997.8m	Ps. 812.2m	22.8%	US$ 48.9m	US$ 47.8m	2.2%
Net Operating Income (exc. SLR)	Ps. 1,001.8m	Ps. 816.6m	22.7%	US$ 49.1m	US$ 48.0m	2.1%
NOI Margin (inc. SLR)	89.1%	88.9%	15 bps	89.1%	88.9%	15 bps
NOI Margin (exc. SLR)	89.1%	89.0%	13 bps	89.1%	89.0%	13 bps
GLA (’000s square feet) EOP	31,730	30,947	2.5%	31,730	30,947	2.5%
GLA (’000s sqm) EOP	2,948	2,875	2.5%	2,948	2,875	2.5%
Leased GLA (’000s sqft) EOP	30,035	30,394	(1.2%)	30,035	30,394	(1.2%)
Leased GLA (’000s sqm) EOP	2,790	2,824	(1.2%)	2,790	2,824	(1.2%)
Occupancy EOP	94.7%	98.2%	(356 bps)	94.7%	98.2%	(356 bps)
Average Occupancy	94.9%	98.0%	(313 bps)	94.9%	98.0%	(313 bps)
Average monthly rent per leased (US$/sqm) EOP	US$ 6.31	US$ 5.97	5.7%	US$ 6.31	US$ 5.97	5.7%
Customer retention LTM	78.8%	88.9%	(1,005 bps)	78.8%	88.9%	(1,005 bps)
Weighted Avg Lease Term Remaining (years) EOP	3.4	3.4	2.0%	3.4	3.4	2.0%

FIBRAMQ’s industrial portfolio performance remains robust, with growing average rental rates and robust retention. For the quarter ended March 31, 2025, FIBRAMQ’s industrial portfolio delivered NOI of US$49.1 million, a 2.1% increase YoY. At quarter-end, occupancy was 94.7%, down 117 basis points QoQ as a result of scheduled move outs during the quarter and lower new leasing activity reflecting the current market uncertainty derived from the broader macro environment and tariff/trade-related uncertainty.

Total leasing activity comprised 1.6 million square feet of GLA, including 28 thousand square feet of new leases. Renewal leases comprised 15 contracts across 1.6 million square feet, driving a retention rate of 78.8% over the last 12 months.

Retail Portfolio

The following table summarizes the proportionally combined 1Q25 results for FIBRAMQ’s retail portfolio:

RETAIL PORTFOLIO	1Q25	1Q24	Variance
Net Operating Income (incl. SLR)	Ps. 152.5m	Ps. 140.6m	8.4%
Net Operating Income (excl. SLR)	Ps. 152.4m	Ps. 141.7m	7.5%
NOI Margin (%, inc. SLR)	69.6%	70.7%	(109 bps)
NOI Margin (%, exc. SLR)	69.6%	70.9%	(126 bps)
GLA (’000s square feet) EOP	4,633	4,629	0.1%
GLA (’000s sqm) EOP	430	430	0.1%
Leased GLA (’000s sqft) EOP	4,308	4,231	1.8%
Leased GLA (’000s sqm) EOP	400	393	1.8%
Occupancy EOP	93.0%	91.4%	159 bps
Average Occupancy	93.1%	91.2%	185 bps
Average monthly rent per leased sqm EOP	$189.00	$179.60	5.2%
Customer retention LTM	81.7%	87.3%	(563 bps)
Weighted Avg Lease Term Remaining (years) EOP	3.5	3.5	0.3%

FIBRAMQ signed 48 new and renewal leases during the quarter totaling 6.7 thousand square meters of GLA, across a diverse range of tenants. The retail portfolio has a retention of 81.7% over the last twelve months. During 1Q25, FIBRAMQ leased 54.6% of the 4.3 thousand square meters of GLA that were vacated during the quarter at a weighted average rental rate 7.2% higher than the prior rental rate on the same spaces.

Retail portfolio cash collections during the quarter trended up to Ps. 214.5 million, an increase of 9.0% versus the prior corresponding period.

Lease Rental Rate Summary

Based on annualized base rents, leases in FIBRAMQ’s consolidated portfolio is now 69.5% linked to either Mexican or US CPI, representing an increase of 383 bps over the last twelve months.

In the Industrial portfolio, FIBRAMQ achieved a weighted average positive releasing spread of 16.5% in respect of 1Q25.

During the prior 12-month period, FIBRA Macquarie achieved a weighted average lease spread of 14.6% in respect of commercially negotiated lease renewals generating US$42.8 million of annualized base rent.

For further details about FIBRA Macquarie’s First Quarter 2025 results, please refer to the Supplementary Information materials located at BMV Filings (fibramacquarie.com).

BALANCE SHEET

At March 31, 2025, FIBRAMQ had US$1,278 million of debt outstanding and total liquidity of US$419 million comprising US$174 million available on its undrawn committed revolving credit facilities as well as US$245 million of unrestricted cash on hand. FIBRAMQ’s indebtedness is 81.6% fixed rate, with 3.2 years of weighted average tenor remaining.

FIBRAMQ does not have any loans maturing before September 2026.

In order to increase cash liquidity and financial flexibility amidst an uncertain macro environment, FIBRAMQ drew down US$225.0 million on its revolving credit facility.

As of March 31, 2025, FIBRAMQ’s CNBV regulatory debt to total asset ratio was 35.1% and debt service coverage ratio was 6.1x.

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 March 31, 2025, FIBRA Macquarie’s green building certification coverage represented 41.8% of consolidated GLA, representing an increase of 192bps YoY.

The sustainability and green financing linked portion of drawn debt stands at 69.6%

DISTRIBUTION

FIBRAMQ declared a cash distribution of Ps. 0.6125 per certificate for the quarter ended March 31, 2025. The distribution is expected to be paid on or about June 27, 2025, to holders of record on June 26, 2025. FIBRAMQ’s certificates are expected to commence trading ex-distribution on June 26, 2025.

FY25 GUIDANCE

AFFO

FIBRA Macquarie is reaffirming its FY25 AFFO per certificate guidance of Ps. 2.95 to Ps. 3.05.

The FY25 AFFO guidance equates to a range of US$115 million to US$119 million, representing an annual increase of between 1% and 5% in underlying USD terms. 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. FIBRAMQ has a record-low level of annual scheduled lease expirations in its Industrial portfolio, with remaining scheduled expirations of approximately 7.4% of Industrial portfolio annualized base rents. Revenue and NOI growth for the consolidated portfolio is expected to be partly offset by the financing costs of the precautionary drawdown on its revolving credit facility and near-term investments in FIBRAMQ’s industrial growth capex program, which is expected to contribute to additional revenue and AFFO growth from FY26 onwards.

• This guidance assumes: an average exchange rate of Ps. 20.50 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

Should the recent appreciation of the Peso relative to the US dollar persist, FIBRAMQ will provide an update to the market regarding its FY25 AFFO per certificate guidance. It is important to note that the FY25 AFFO guidance in US dollars, ranging from US$115 million to US$119 million, is not impacted by the Peso's appreciation.

Cash Distribution

FIBRAMQ is reaffirming guidance for cash distributions in FY25 of Ps. 2.45 per certificate, paid in equal quarterly installments of Ps. 0.6125 per certificate.

The FY25 cash distribution guidance equates to approximately US$95m, representing an annual increase for scheduled distributions of 4.2% in underlying USD terms.

The guidance implies an expected FY25 AFFO payout ratio of approximately 82%, based on the AFFO guidance midpoint.

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 March 31, 2025. This considers the 36.0 million certificates issuance to existing holders that was made in March 2024 in respect of the extraordinary distribution corresponding to FY23, resulting in a 4.7% increase in outstanding CBFIs.

WEBCAST AND CONFERENCE CALL

FIBRAMQ will host an earnings conference call and webcast presentation on Wednesday, April 30, 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 www.fibramacquarie.com 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 First 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 first quarter 2025 will also be available on FIBRAMQ’s website, www.fibramacquarie.com.

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 www.fibramacquarie.com.

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.

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