Fibra Macquarie Mexico · BIVA:FIBRAMQ/12
Fibra Macquarie Mexico — Q4 2024 Earnings Presentation
47 slides from Fibra Macquarie Mexico's earnings presentation, Jun 8, 2025
Slide 1: FIBRA Macquarie México Supplementary Information Fourth Quarter 2024
FIBRA Macquarie México Supplementary Information (BMV: FIBRAMQ) Fourth Quarter 2024 1
Slide 2: Important information
Important information This document has been prepared by Macquarie Asset Management No risk control mitigant is failsafe. Notwithstanding the mitigants belief and judgment. Such statements do not reflect or constitute legal México, S.A. de C.V. (“MAM Mexico”), as manager, acting in the name describe
Slide 3: Executive Summary: 4Q24 financial and operational results
Executive Summary: 4 4Q24 financial and operational results 1 Growth Capex 10 2 Industrial portfolio 13 3 Retail portfolio 17 4 Selected financial statements 22 5 Debt profile 30 6 AFFO calculation methodology 34 7 Appendix 37 3
Slide 4: FIBRA Macquarie at a Glance
FIBRA Macquarie at a Glance As at December 31, 2024 Strategic focus Financial summary Metric Amount • FIBRA Macquarie focuses on the acquisition, development, ownership and Market capitalization EOP3 US$1.2bn / Ps. 24.2bn management of industrial and retail real estate properties in Mexico Total ass
Slide 5: Executive Summary
Executive Summary 4Q24 Key Metrics FY24 Key Metrics US$6.22 Industrial rental rates NOI per CBFI1 NOI1 Ps. 1.3951 Ps. 4,115.9m (Ps: +9.5% YoY) sqm/m (+1.3% QoQ; +5.8% YoY) (Ps:+3.6% QoQ; +16.9% YoY) Industrial occupancy EOP NOI per CBFI1 AFFO per CBFI 95.8% (-134 bps QoQ; -229 bps Ps. 0.7315 (Ps: +1
Slide 6: 4Q24 Key financial metrics
4Q24 Key financial metrics Ps. m5 Ps. m5 US$m5,6 US$m5,6 Consolidated Portfolio1 4Q24 4Q23 Variance (%) 4Q24 4Q23 Variance (%) Total revenues (inc. SLR) 1,320.1 1,111.9 18.7% 65.8 63.2 4.0% Total revenues (exc. SLR) 1,317.0 1,117.6 17.8% 65.6 63.6 3.3% 2 Net Operating Income (inc. SLR) 1,115.5 946.0
Slide 7: FY24 Key financial metrics
FY24 Key financial metrics Ps. m5 Ps. m5 US$m5,6 US$m5,6 Consolidated Portfolio1 FY24 FY23 Variance (%) FY24 FY23 Variance (%) Total revenues (inc. SLR) 4,818.6 4,336.4 11.1% 263.3 244.1 7.8% Total revenues (exc. SLR) 4,803.1 4,356.2 10.3% 262.4 245.3 7.0% 2 Net Operating Income (inc. SLR) 4,131.3 3
Slide 8: 4Q24 Key Portfolio Metrics
4Q24 Key Portfolio Metrics Retention rate1 Occupancy (End of quarter) (LTM by GLA) 100.0% 98.1% 98.2% 97.6% 97.2% 100.0% 98.0% 89.4% 95.8% 89.6% 88.9% 87.3% 97.3% 90.0% 86.3% 84.5% 82.7% 85.5% 96.0% 82.5% 97.3% 96.9% 95.5% 83.4% 85.3% 96.6% 79.4% 94.0% 80.0% 92.0% 93.3% 93.0% 70.0% 90.0% 92.0% 92.1%
Slide 9: Lease Rental Rate Summary
Lease Rental Rate Summary Industrial portfolio lease summary Portfolio ABR composition by Considers leases that have been in place for at least 12 months through to 4Q24 currency Rental Rate Rental Rate Weighted Average Weighted Average Weighted Average GLA (sqm '000s) ABR (US$m) (US$/sqm/m) (US$/sq
Slide 10: Growth Capex
MACQUARIE México O1 Growth Capex FIBRA Macquarie
Slide 11: Growth capex projects
Growth capex projects ► ~0.6m sqft of growth GLA under development or stabilization Monterrey ► LTD US$257m of expansions and development completed or committed at ~11.0% yield, totaling 3.7m sqft of GLA ► Acquisition of 9.6Ha in Guadalajara for a development project of two Class A industrial buildi
Slide 12: Industrial development and expansions
Industrial development and expansions # of Incremental GLA Investment Completion / Expected NOI Contribution Initial Lease Project City NOI Yield1 Projects ('000 sqft) (eUS$m) Completion Date term (years) Expansions (inception to date) Total 27 1,054 51.2 11.7% Actual 8.5 Developments delivered to o
Slide 13: Industrial Portfolio
FIBRA Macquarie MACQUARIE México 02 Industrial Portfolio
Slide 14: Industrial portfolio: Operating highlights
Industrial portfolio: Operating highlights Financial and operational metrics 1 4Q24 3Q24 Var (%) 4Q24 vs 3Q24 4Q23 Var (%) 4Q24 vs 4Q23 FY24 FY23 Var (%) FY24 vs FY23 Selected financial metrics (Ps. m) Revenues $1,106.3 $1,036.8 6.7% $916.6 20.7% $3,995.5 $3,585.7 11.4% Expenses ($137.2) ($98.5) 39.
Slide 15: FIBRA Macquarie's industrial presence
FIBRA Macquarie’s industrial presence Use of space Lease expiration profile (% of annualized base rent) (% of annualized base rent) Other 1% 40.7% Distribution 27% 19.2% 19.3% 8.4% 9.4% Manufacturing 72% 3.0% In regularization 2025 2026 2027 2028 2029+ Presence in key industries Presence in key mark
Slide 16: Industrial leasing summary and regional overview
Industrial leasing summary and regional overview 4Q24 Industrial leasing highlights Industrial leasing activity3 Country of (Sqft in thousands) New Leases Renewals Leased Expansions/Development Transaction Market GLA (sqft) Industry Term domicile 3,000 New Lease Monterrey 87,802 Electronics United S
Slide 17: Retail Portfolio
FIBRA Macquarie MACQUARIE México O03 Retail Portfolio
Slide 18: Retail portfolio: Operating highlights
Retail portfolio: Operating highlights Financial and operational metrics Var (%) 4Q24 Var (%) 4Q24 Var (%) FY24 vs Ps. millions; except operating stats11 4Q24 3Q24 vs 3Q24 4Q23 vs 4Q23 FY24 FY23 FY23 Selected financial metrics Revenues $213.9 $209.7 2.0% $195.3 9.5% $823.0 $750.7 9.6% Lease Rental I
Slide 19: FIBRA Macquarie's retail presence
FIBRA Macquarie’s retail presence Retail portfolio highlights Lease expiration profile • Defensive portfolio primarily located in the top retail market of Mexico City (% of annualized base rent2) Metropolitan Area (MCMA) 40.0% Anchor Total 33.9% 35.0% • All leases are inflation protected and provide
Slide 20: Retail leasing and regional overview
Retail leasing and regional overview 4Q24 Retail leasing highlights Retail leasing activity3 Transaction Shopping Center GLA (sqm) Sector Customer (sqm in thousands) New Lease Coacalco Power Center 684 Apparel Optima New Leases Renewals Leased Expansions/Development New Lease Multiplaza Tuxtepec 526
Slide 21: Retail segment overview
Retail segment overview Wholly-owned portfolio Joint venture portfolio ● Portfolio consists of 8 properties: ● Portfolio consists of 9 properties: – 2 power centers – 6 community shopping centers – 3 urban infills – 2 urban infills – 1 community shopping center – 1 mixed-use property Monterrey – 1 m
Slide 22: Selected Financial Statements
5 04 Selected Financial Statements 22
Slide 23: Detailed IFRS Consolidated Income Statement by Segment
Detailed IFRS Consolidated Income Statement by Segment Dec 31, 2024 Dec 31, 2023 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial2 Combined Combined Lease related income - 989.2 109.3 1,098.5 53.8 27.2 1,179.6 1
Slide 24: Detailed IFRS Consolidated Income Statement by Segment (cont'd)
Statement by Segment (cont’d) Detailed IFRS Consolidated Income Dec 31, 2024 Dec 31, 2023 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial1 Combined Combined Management fees (63.3) - - (63.3) - - (63.3) (60.9) T
Slide 25: IFRS net profit to NOI Adjustments by Segment
IFRS net profit to NOI1 Adjustments by Segment Dec 31, 2024 Dec 31, 2023 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial3 Combined Combined (Loss)/profit for the period per Interim Financial Statements (214.3)
Slide 26: Adjustments by Segment FFO and AFFO
Adjustments by Segment FFO1 and AFFO2 Dec 31, 2024 Dec 31, 2023 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial8 Combined Combined7 Net Operating Income (0.0) 936.3 101.0 1,037.2 45.4 32.8 1,115.5 946.0 Managem
Slide 27: Reconciliations of profit to FFO and AMEFIBRA FFO
Reconciliations of (loss)/profit per interim financial statements to FFO and AMEFIBRA FFO Dec 31, 2024 Dec 31, 2023 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial2 Combined Combined (Loss)/profit for the perio
Slide 28: Net Assets by Segment
Net Assets by Segment Dec 31, 2024 Dec 31, 2023 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial Combined Combined Current assets Cash and cash equivalents 212.6 281.1 11.4 505.1 20.8 131.3 657.2 488.4 Trade rec
Slide 29: Net Assets by Segment (cont'd)
Net Assets by Segment (cont’d) Dec 31, 2024 Dec 31, 2023 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial Combined Combined Non-current liabilities Trade and other payables - - 0.3 0.3 - - 0.3 0.2 Tenant deposit
Slide 30: Debt Profile
MACQUARIE México O05 Debt Profile FIBRA Macquarie
Slide 31: Debt overview
Debt overview Overview1 Key debt ratios3 ● CNBV Regulatory LTV of 30.3% and Regulatory Debt Service Coverage Ratio of 5.8x Total and net debt Real estate gross6, net Interest coverage5 to EBITDA4 and regulatory LTV ● Real Estate net LTV of 32.6% and weighted average cost of debt of 5.6% per annum 3.
Slide 32: Debt Disclosure
Debt Disclosure Debt associated with wholly-owned properties ESG Balance Balance Interest type Interest Security Commencement Maturity Lenders Ccy Amortization2 component US$ m1 Ps. mm1 (Fixed/’Variable) rate p.a. type date date Insurance Companies through a Note Purchase and USD 75.0 1,520.1 Fixed
Slide 33: CNBV Regulatory Ratios
CNBV Regulatory Ratios 4Q24 Leverage ratio Ps.’000 1 Bank debt 20,650,964 Bonds - Total assets 68,225,150 20,650,964 Leverage ratio = = 30.3% 68,225,150 Ps.’000 Debt service coverage ratio ( ICD t ) 4 t=0 ∑ t=1 AL 0 Liquid assets 636,400 - IVA t Value added tax receivable - - UO t Net operating inco
Slide 34: AFFO Calculation Methodology
7 06 AFFO Calculation Methodology 34
Slide 35: AFFO calculation methodology
AFFO calculation methodology Definitions NOI Item Definition Repairs and maintenance Scheduled or unscheduled work to repair minor damage or normal wear and tear, as well as make-ready expenses. Typically, low value relative to maintenance capex. expense (R&M) FFO Items Transaction related expenses
Slide 36: AFFO calculation methodology (cont'd)
AFFO calculation methodology (cont’d) Quarterly cash deployment vs normalized methodology 4Q24 4Q23 Actual cash deployment for the three months ended Var (%) Ps. m Ps. m Financing costs 0.1 (2.5) (104.4%) Maintenance capital expenditures1 (80.1) (74.3) 7.8% Tenant improvements (46.3) (64.0) (27.8%)
Slide 37: Appendix
FIBRA Macquarie MACQUARIE México O07 Appendix
Slide 38: Rental Rate Bridges Year-on-Year
Rental Rate Bridges Year-on-Year Industrial rental rate bridge from 4Q23 to 4Q24 (US$/sqm/m) +0.08 -0.04 -0.01 +0.14 6.22 +0.14 +0.04 +0.00 -0.7% +5.8% 1.3% -0.2% 5.88 0.0% 2.4% 0.6% 2.4% 4Q23 Contract Increases New Leases Contractual Extensions Negotiated Renewals Growth Capex FX Moveouts 4Q24 Reta
Slide 39: Full Year AFFO Bridge
Full Year AFFO Bridge AFFO per certificate in Ps. FY23 to FY24 0.0700 0.0023 0.0431 0.3532 0.0458 0.0661 0.0% 0.4180 0.9% -0.6% -0.6% 0.3000 0.0997 -0.9% 2.6330 2.5801 -1.3% 2.0% 4.7% 0.8% -5.6% 4.0% +10.3% FY2023 AFFO Increased Same Store Increased NOI - Growth Decreased Tenant Increased Management
Slide 40: 4Q24 Quarterly AFFO per Certificate Bridges
4Q24 Quarterly AFFO per Certificate Bridges (Ps.) AFFO per certificate in Ps. 3Q24 to 4Q24 0.0000 0.0021 0.0512 0.0380 0.7315 0.0428 0.6613 0.0378 6.5% 0.7% -0.3% +10.6% 5.7% -7.7% 5.7% 3Q24 AFFO Increased Same Store Income Decreased Transaction Decreased Normalized Decreased NOI - Growth Increased
Slide 41: Consolidated Portfolio: Same Store Metrics
Consolidated Portfolio: Same Store Metrics1 Financial Metrics (Ps. m) 4Q242 4Q233 Var (%) 12 Months ended Dec 31, 2024 12 Months ended Dec 31, 2023 (PCP) Var (%) Revenues (Ps. m; inc. SLR) Ps. 1,295.5m Ps. 1,086.1m 19.3% Ps. 4,715.7m Ps. 4,276.3m 10.3% Net Operating Income (Inc. SLR) Ps. 1,109.0m Ps
Slide 42: Industrial Portfolio: Same Store Metrics
Industrial Portfolio: Same Store Metrics1 Financial Metrics (Ps. m) 4Q242 4Q233 Var (%) 12 Months ended Dec 31, 2024 12 Months ended Dec 31, 2023 (PCP) Var (%) Revenues (Ps. m; inc. SLR) Ps. 1,081.6m Ps. 890.8m 21.4% Ps. 3,892.7m Ps. 3,525.7m 10.4% Net Operating Income (Ps. m; inc. SLR) Ps. 962.6m P
Slide 43: Retail Portfolio: Same Store Metrics
Retail Portfolio: Same Store Metrics1 Financial Metrics (Ps. m) 12 Months ended 12 Months ended 4Q24 4Q23 Var (%) Dec 31, 2024 Dec 31, 2023 (PCP) Var (%) Revenues (Ps. m; inc. SLR) Ps. 213.9m Ps. 195.3m 9.5% Ps. 823.0m Ps. 750.7m 9.6% Net Operating Income (Ps. m; inc. SLR) Ps. 146.4m Ps. 137.1m 6.8%
Slide 44: GLA distribution by market
GLA distribution by market Diversified portfolio Key market presence GLA (sqm 000's) Industrial assets in strategic manufacturing markets and retail assets in high density City Region Industrial2 % Retail3 % Total % urban areas. Monterrey North 564 19.1% 35 8.1% 599 17.7% Ciudad Juárez North 453 15.
Slide 45: Portfolio Distribution by Market
Portfolio Distribution by Market Industrial GLA GLA Average Monthly Rent per City Total Number of Properties Total Number of Tenants Occupancy (000’s sqft) (000’s sqm) % Industrial GLA Leased m2 (US$)1 Monterrey 40 48 100.0% 6,076.2 564.5 19.1% 6.28 Ciudad Juárez 36 37 93.5% 4,880.2 453.4 15.4% 6.01
Slide 46: Definitions
Definitions • Adjusted funds from operations (AFFO)1 is equal to FFO less straight-line rent, normalized maintenance capex, normalized above-standard tenant improvements, normalized extraordinary capex, normalized tenant improvement, normalized third-party leasing commissions and normalized leasing
Slide 47: Other important information
Other important information • Redevelopments (generally projects which require capital expenditures exceeding 25% of the gross cost basis) are placed in the operating portfolio upon the earlier of reaching 90% occupancy or twelve months from the completion of renovation construction. • Regulatory LT
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