Latest news with #FIBRAMacquarie
Yahoo
26-07-2025
- Business
- Yahoo
FIBRA Macquarie (DBMBF) Q2 2025 Earnings Call Highlights: Record Performance Amid Macroeconomic ...
Consolidated Revenues: Record per certificate results in underlying US dollar terms. NOI (Net Operating Income): Record results driven by robust lease GLA performance. AFFO (Adjusted Funds From Operations): $30 million, an 8.6% increase year over year. Distribution Yield: Attractive dollarized cash yield of 8% with a mid 80% payout ratio. Leasing Activity: 1.3 million square feet executed, rental rates grew by 6.8% to $6.45 per square meter. Renewal Spreads: Achieved 28% on commercially negotiated leases. Industrial Occupancy: 94.8%, up 10 basis points sequentially. Retail Portfolio NOI Growth: 4.5% for the quarter. Retail Occupancy: 93.4%, up more than 130 basis points year over year. Real Estate Net LTV: Below 33% as of June 30. Liquidity: $420 million US. Debt Repayment: $50 million US during 2Q '25. FY25 AFFO Guidance: $115 to $119 million US. Cash Distributions Guidance: MXN2.45 per certificate for FY25. FX Assumption Update: Revised to MXN18.5 per US dollar from 20.5%. Warning! GuruFocus has detected 8 Warning Signs with DBMBF. Release Date: July 25, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points FIBRA Macquarie (DBMBF) reported record per certificate results in key metrics such as consolidated revenues, NOI, AFFO, and NAV for the second quarter of 2025. The industrial portfolio maintained a high occupancy rate of 94.8% and achieved a 6.8% increase in rental rates, reaching $6.45 per square meter. The company successfully executed 1.3 million square feet of leasing activity with notable renewal spreads of 28% on commercially negotiated leases. FIBRA Macquarie's retail portfolio showed steady improvements with a 4.5% NOI growth and occupancy reaching a post-pandemic high of 93.4%. The company maintains a strong balance sheet with a real estate net LTV below 33% and robust liquidity of $420 million US, allowing for strategic growth and development opportunities. Negative Points Macroeconomic uncertainties, including tariff negotiations and geopolitical factors, are contributing to slower decision-making and impacting new leasing activities. The company faces challenges in larger Class A buildings due to tenants' hesitance in making significant CapEx decisions amid the current macro backdrop. There is a general softness in near-shoring markets such as Monterrey, Juarez, and Reynosa, which remain relatively weak. FIBRA Macquarie's development program faces potential risks related to increased land prices and infrastructure costs, which could impact yield on cost levels. The company is trading at a significant discount to its asset value, raising questions about potential buybacks and capital allocation priorities. Q & A Highlights Q: What is the current gap between your interest rents and the market trends for your industrial portfolio? A: Simon Hanna, CEO, stated that they achieved record spreads of 28% in the second quarter. They are on track to meet their goal of double-digit spreads for the year, with only 5% of scheduled expirations remaining. They expect to maintain solid double-digit spreads with the remaining leases. Q: Can you provide insights into the retail activity and its resilience to tariff noise affecting the industrial portfolio? A: Simon Hanna, CEO, mentioned that retail, which contributes about 15% of their overall NOI, had a strong quarter. They see more tailwinds than headwinds for the second half of the year, with expectations of resilient performance in key metrics like occupancy and rental rates. The recent peso appreciation has also been beneficial. Q: Could you comment on the commercialization for the FRISA JV in Tijuana? A: Simon Hanna, CEO, expressed excitement about the project, which is still in preparatory stages. The location is favorable for both manufacturing and logistics due to its proximity to labor and transport connections. Tijuana shows relative activity compared to other near-shoring markets, and they feel confident about going vertical there earlier. Q: Are there any risks to the yield on cost levels between 9% and 11% for your CapEx program? A: Andrew McDonald-Hughes, CFO, stated they remain confident in maintaining those levels despite increases in land prices and infrastructure costs. They expect the lower end of the range in active markets like Tijuana and Mexico City, with other markets trending towards the midpoint. Q: Are there any refinancing activities planned to extend maturities or optimize your debt structure? A: Andrew McDonald-Hughes, CFO, confirmed they are actively planning to extend maturities and optimize their debt structure, maintaining leverage guidance between 30% and 35% LTV. They see positive indications from debt markets and are confident in delivering solid results. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
26-07-2025
- Business
- Yahoo
FIBRA Macquarie (DBMBF) Q2 2025 Earnings Call Highlights: Record Performance Amid Macroeconomic ...
Consolidated Revenues: Record per certificate results in underlying US dollar terms. NOI (Net Operating Income): Record results driven by robust lease GLA performance. AFFO (Adjusted Funds From Operations): $30 million, an 8.6% increase year over year. Distribution Yield: Attractive dollarized cash yield of 8% with a mid 80% payout ratio. Leasing Activity: 1.3 million square feet executed, rental rates grew by 6.8% to $6.45 per square meter. Renewal Spreads: Achieved 28% on commercially negotiated leases. Industrial Occupancy: 94.8%, up 10 basis points sequentially. Retail Portfolio NOI Growth: 4.5% for the quarter. Retail Occupancy: 93.4%, up more than 130 basis points year over year. Real Estate Net LTV: Below 33% as of June 30. Liquidity: $420 million US. Debt Repayment: $50 million US during 2Q '25. FY25 AFFO Guidance: $115 to $119 million US. Cash Distributions Guidance: MXN2.45 per certificate for FY25. FX Assumption Update: Revised to MXN18.5 per US dollar from 20.5%. Warning! GuruFocus has detected 8 Warning Signs with DBMBF. Release Date: July 25, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points FIBRA Macquarie (DBMBF) reported record per certificate results in key metrics such as consolidated revenues, NOI, AFFO, and NAV for the second quarter of 2025. The industrial portfolio maintained a high occupancy rate of 94.8% and achieved a 6.8% increase in rental rates, reaching $6.45 per square meter. The company successfully executed 1.3 million square feet of leasing activity with notable renewal spreads of 28% on commercially negotiated leases. FIBRA Macquarie's retail portfolio showed steady improvements with a 4.5% NOI growth and occupancy reaching a post-pandemic high of 93.4%. The company maintains a strong balance sheet with a real estate net LTV below 33% and robust liquidity of $420 million US, allowing for strategic growth and development opportunities. Negative Points Macroeconomic uncertainties, including tariff negotiations and geopolitical factors, are contributing to slower decision-making and impacting new leasing activities. The company faces challenges in larger Class A buildings due to tenants' hesitance in making significant CapEx decisions amid the current macro backdrop. There is a general softness in near-shoring markets such as Monterrey, Juarez, and Reynosa, which remain relatively weak. FIBRA Macquarie's development program faces potential risks related to increased land prices and infrastructure costs, which could impact yield on cost levels. The company is trading at a significant discount to its asset value, raising questions about potential buybacks and capital allocation priorities. Q & A Highlights Q: What is the current gap between your interest rents and the market trends for your industrial portfolio? A: Simon Hanna, CEO, stated that they achieved record spreads of 28% in the second quarter. They are on track to meet their goal of double-digit spreads for the year, with only 5% of scheduled expirations remaining. They expect to maintain solid double-digit spreads with the remaining leases. Q: Can you provide insights into the retail activity and its resilience to tariff noise affecting the industrial portfolio? A: Simon Hanna, CEO, mentioned that retail, which contributes about 15% of their overall NOI, had a strong quarter. They see more tailwinds than headwinds for the second half of the year, with expectations of resilient performance in key metrics like occupancy and rental rates. The recent peso appreciation has also been beneficial. Q: Could you comment on the commercialization for the FRISA JV in Tijuana? A: Simon Hanna, CEO, expressed excitement about the project, which is still in preparatory stages. The location is favorable for both manufacturing and logistics due to its proximity to labor and transport connections. Tijuana shows relative activity compared to other near-shoring markets, and they feel confident about going vertical there earlier. Q: Are there any risks to the yield on cost levels between 9% and 11% for your CapEx program? A: Andrew McDonald-Hughes, CFO, stated they remain confident in maintaining those levels despite increases in land prices and infrastructure costs. They expect the lower end of the range in active markets like Tijuana and Mexico City, with other markets trending towards the midpoint. Q: Are there any refinancing activities planned to extend maturities or optimize your debt structure? A: Andrew McDonald-Hughes, CFO, confirmed they are actively planning to extend maturities and optimize their debt structure, maintaining leverage guidance between 30% and 35% LTV. They see positive indications from debt markets and are confident in delivering solid results. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25-07-2025
- Business
- Yahoo
FIBRA Macquarie (MEX:FIBRAMQ12) Q2 2025 Earnings Report Preview: What To Look For
FIBRA Macquarie (MEX:FIBRAMQ12) is set to release its Q2 2025 earnings on Jul 24, 2025. The consensus estimate for Q2 2025 revenue is $1.26 billion, and the earnings are expected to come in at $0.67 per share. The full year 2025's revenue is expected to be $5.22 billion and the earnings are expected to be $3.31 per share. More detailed estimate data can be found on the Forecast page. FIBRA Macquarie (MEX:FIBRAMQ12) Estimates Trends Warning! GuruFocus has detected 8 Warning Signs with MEX:FIBRAMQ12. Revenue estimates for FIBRA Macquarie have declined from $5.31 billion to $5.22 billion for the full year 2025 and increased from $5.54 billion to $5.58 billion for 2026 over the past 90 days. Earnings estimates have declined from $3.71 per share to $3.31 per share for the full year 2025 and from $3.65 per share to $3.32 per share for 2026 over the past 90 days. FIBRA Macquarie (MEX:FIBRAMQ12) Reported History In the previous quarter of 2025-03-31, FIBRA Macquarie's actual revenue was $1.13 billion, which missed analysts' revenue expectations of $1.27 billion by -11.37%. FIBRA Macquarie's actual earnings were $0.90 per share, which beat analysts' earnings expectations of $0.71 per share by 26.58%. After releasing the results, FIBRA Macquarie was down by -3.68% in one day. FIBRA Macquarie (MEX:FIBRAMQ12) 12 Month Price Targets Based on the one-year price targets offered by 11 analysts, the average target price for FIBRA Macquarie is $38.10 with a high estimate of $45.00 and a low estimate of $33.00. The average target implies an upside of 26.13% from the current price of $30.21. Based on GuruFocus estimates, the estimated GF Value for FIBRA Macquarie in one year is $38.05, suggesting an upside of 25.95% from the current price of $30.21. Based on the consensus recommendation from 10 brokerage firms, FIBRA Macquarie's average brokerage recommendation is currently 2.3, indicating an "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies strong buy, and 5 denotes sell. This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
02-07-2025
- Business
- Business Wire
FIBRA Macquarie México Announces Ordinary and Extraordinary Holders' Meeting
MEXICO CITY--(BUSINESS WIRE)--FIBRA Macquarie México ('FIBRA Macquarie') (BMV: FIBRAMQ) announced today by means of the publication of a call notice (the 'Call Notice') that it will hold an ordinary and extraordinary meeting (the 'Meeting') of holders of the real estate trust certificates identified with ticker 'FIBRAMQ 12' (Certificados Bursátiles Fiduciarios Inmobiliarios or 'CBFIs'), on Friday July 18, 2025, at 11:00 am (Mexico City time) at the offices of the Common Representative located at Av. Paseo de la Reforma No. 284, Piso 9, Col. Juárez, Alcaldía Cuauhtémoc, C.P. 06600, Mexico City, to attend the matters set forth in the agenda (the 'Agenda'). As previously disclosed, Macquarie Asset Management México, S.A. de C.V., as manager of FIBRA Macquarie, has been assessing options to address any potential risk to its stakeholders as a result of the issuance by the Financial Crimes Enforcement Network, an agency of the U.S. Department of the Treasury, of a series of orders concerning various Mexican financial entities, including CIBanco, S.A., Institución de Banca Múltiple, FIBRA Macquarie's trustee. This meeting is being called to prudently and efficiently replace, if deemed necessary, FIBRA Macquarie's trustee in order to maintain business continuity and protect the interest of its CBFI holders. The Agenda of the Ordinary Holders Meeting is: I. Proposal, discussion and, if applicable, approval to substitute CIBanco, S.A., Institución de Banca Múltiple ('CIBanco'), if so decided by the Manager, as Trustee of the Trust Agreement with a 'Qualified Trustee', which means (i) any of the following financial institutions which provide trustee services: Banco Actinver, S.A., Institución de Banca Múltiple, Grupo Financiero Actinver; Banco Invex, S.A., Institución de Banca Múltiple, Invex Grupo Financiero; HSBC México, S.A., Institución de Banca Múltiple, Grupo Financiero HSBC; BBVA México, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA México; Banco Nacional de México, S.A. Integrante del Grupo Financiero Banamex; or (ii) any such other trustee or financial institution that might be designated or nominated to replace CIBanco by a governmental authority in Mexico derived from, or in connection with, the order issued by the Financial Crimes Enforcement Network, an agency of the U.S. Department of Treasury, on June 25, 2025, or the temporary intervention of CIBanco ordered by the Mexican financial authorities; provided, that such replacement may be implemented by way of removal and appointment of the new trustee or any other legal alternative including the trustee substitution, as well as to instruct the Common Representative and the Trustee, as applicable, to carry out the acts necessary and/or convenient to comply with the foregoing. Actions and resolutions in this regard. II. Proposal, discussion and, if applicable, approval to, if applicable, delegate authority to the manager of FIBRA Macquarie to (i) determine whether CIBanco will be replaced as trustee of FIBRA Macquarie, (ii) If applicable, appoint the new trustee within the Qualified Trustee options; (iii) negotiate and execute the agreements, contracts and/or any other actions necessary and/or convenient to implement the substitution of CIBanco as trustee of FIBRA Macquarie, including, without limitation, the substitution agreement and/or any other action, as applicable; and (iv) the authority to carry out potential future substitutions with Qualified Trustees if necessary to comply with any future orders, sanctions or restrictions issued by any governmental agency of the United States of America or of Mexico, as applicable and in such case to negotiate the execution of the agreements, contracts and/or any other acts necessary and/or convenient to implement the replacement of such trustee as trustee of FIBRA Macquarie, including, without limitation, the substitution agreement and/or the corresponding agreement for the transfer of rights and obligations, as applicable, as well as to instruct the Common Representative and the Trustee, as applicable, to carry out the acts necessary and/or convenient to comply with the foregoing. Actions and resolutions in this regard. The Agenda of the Extraordinary Holders Meeting is: III. Proposal, discussion and, if applicable, approval to amend the Trust Agreement, the Global Certificate, and as applicable, other Transaction Documents, in order to allow, among other things, the substitution of CIBanco as Trustee of the Trust Agreement and/or, where applicable, any other act or agreement that may be applicable, as well as to carry out any modifications that may be requested by the substitute Qualified Trustee, pursuant to the provisions set forth in Clause 4.4, paragraph (b), and other related provisions of the Trust Agreement, as well as to instruct the Common Representative and the Trustee, as applicable, to execute the necessary and/or convenient acts in order to comply with the resolutions adopted herein, including, without limitation, to carry out an update of the registration of the CBFIs in the RNV, redeem the Global Certificate before and to execute all documents, procedures, publications and press releases necessary therefore, as requested or instructed by the Manager, if necessary. Actions and resolutions in this regard. Agenda Items for both the Ordinary and Extraordinary Holders Meeting: IV. Designation of delegates that, as needed, formalize and give effect to the resolutions adopted at the Meeting. Actions and resolutions in this regard. The Call Notice and materials to be presented at the Meeting will be available in FIBRA Macquarie's website at Attendance and Voting Instructions Holders that intend to attend the Holders Meeting shall submit no later than the business day prior to the date of such Holders Meeting: (i) the deposit certificate issued by S.D. Indeval Institución para el Depósito de Valores, S.A. de C.V., (ii) the evidence of ownership that for such purposes is issued by the corresponding custodian, if applicable, and (iii) if applicable, the proxy letter duly signed before two witnesses, or the power of attorney for representation at the Holders Meeting granted under applicable law, in the offices of the Common Representative at Av. Paseo de la Reforma No. 284 piso 9, Col. Juárez, C.P. 06600, Mexico City, Mexico, to the attention of Esteban Manuel Serrano Hernández, Ricardo Ramírez Gutiérrez and/or Giovana Cruz Garcia, from 10:00 to 15:00 and from 16:30 to 17:30, from Monday to Friday. The Holders are free to contact the Common Representative, either via email (emserranoh@ or by telephone (55 5230 0255) with any questions related to the scope of this Agenda. Holders are welcome to contact the Common Representative, whether via email (emserranoh@ or telephone (55 5230 0255) in case they have any queries related to the scope of the matters that comprise the Agenda of the Meeting. CBFI holders must contact their custodian to make the necessary arrangements. Please refer to FIBRA Macquarie's website at for further information. 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 and retail real estate opportunities in Mexico. 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 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.
Business Wire
09-06-2025
- Business
- Business Wire
FIBRA Macquarie México Expands Development Program With New Tijuana Project
BUSINESS WIRE)--FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ) announced it will develop up to four new Class A industrial buildings with a total potential GLA of approximately 750 thousand square feet on a 16-hectare land parcel in the Pacifico/Libramiento submarket of Tijuana. This development is in a prime industrial corridor, offering strategic connectivity to two major US border crossings. The park is well-located within the surrounding area, providing access to skilled labor to support both manufacturing and logistics activities. "This investment reinforces our commitment to expanding our development portfolio while maintaining our disciplined approach to capital deployment," said Simon Hanna, FIBRA Macquarie's chief executive officer. "The addition strengthens our presence in a strategic submarket of Tijuana, a well-located area with direct highway access. Our development strategy continues to focus on best-in-class sustainable construction with secured energy rights. Furthermore, we are pleased to be partnering again with Grupo FRISA, with whom we have enjoyed a strong and successful partnership for more than a decade. By maintaining our selective investment criteria and focus on strategic capital allocation, we're positioned to generate compelling returns that should enhance both our operational capabilities and financial results over the long term." This is a 50-50 joint venture between FIBRA Macquarie and Grupo FRISA, who is currently FIBRA Macquarie's JV partner in nine of its retail properties. Grupo FRISA is contributing the land parcel to the project, which minimizes FIBRA Macquarie's immediate capital deployment requirements. The total investment is anticipated to be approximately US$88.0 million, with 50% of that to be progressively contributed by FIBRA Macquarie. The project is expected to deliver an NOI yield on cost of between 9% and 11%, in line with FIBRA Macquarie's target returns. FIBRA Macquarie's scalable internal management platform, MPA, which has a strong existing local presence in Tijuana comprising specialist property management, leasing and engineering professionals, will provide on-going services for the project, enabling NOI margin optimization. The land site is shovel-ready with initial earthworks in progress. The first planned building comprises approximately 200 thousand square feet, targeting a minimum LEED ® Gold certification. 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 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.
