FIBRA Macquarie México delivered strong first-quarter 2026 results, achieving record quarterly FFO and steady operational metrics across its industrial-focused portfolio.4017
Key Financial Results
Consolidated net operating income (NOI) climbed to US$59.9 million, reflecting a 6.0% year-over-year increase in USD terms. Quarterly funds from operations (FFO) set a new record at US$38.5 million, up 6.8% from the prior year. Adjusted funds from operations (AFFO) stood at Ps. 0.6529 per certificate.40
Net asset value (NAV) per CBFI rose to Ps. 49.71, a 1.2% sequential gain. The company declared a cash distribution of Ps. 0.6125 per CBFI for the quarter.40
Operational Performance
Portfolio occupancy remained stable at 94.4% on a consolidated basis, with the industrial segment at 94.6%. Industrial rents grew 6.1% year-over-year, supported by a 13.8% weighted average renewal spread. Leasing activity totaled 1.6 million square feet in the industrial portfolio, while average weighted leased ABA rose 63 basis points year-over-year.40
Simon Hanna, General Director, stated, “We are pleased to have started 2026 with strong momentum, achieving robust quarterly results in key financial metrics. Our industrial portfolio continues to show solid performance.”40
Development and Portfolio Updates
FIBRA Macquarie México acquired a 124-hectare land plot in Tijuana featuring a 90 MW substation, poised for 3.4 million square feet of GLA development. Ongoing projects include expansions in Guadalajara, Tijuana, and Monterrey. Planned 2026 cash investments in industrial developments range from US$50 million to US$100 million, targeting 9.0% to 11.0% NOI yields.40
The company stabilized 385,000 square feet of GLA during the quarter and maintains low scheduled lease expiries of 7.3% of GLA for the rest of 2026.40
2026 Guidance and Balance Sheet
Full-year 2026 AFFO guidance narrowed to Ps. 2.54 to Ps. 2.64 per certificate (US$117 million to US$122 million). Cash distributions are set at Ps. 2.45 per certificate, a 11.1% increase in USD terms.40
The balance sheet shows US$1,256.3 million in debt (98.8% fixed-rate), a regulatory leverage ratio of 32.3%, and a debt service coverage ratio of 4.2x. Liquidity includes over US$700 million in undrawn credit lines and US$125.6 million in unrestricted cash.40
