Q4 2024 Macquarie Mexico Real Estate Management SA de CV Earnings Call Transcript
Key Points
- FIBRA Macquarie (DBMBF) achieved record AFFO generation of $114 million for the full year 2024, demonstrating strong earnings growth.
- The company reported a 13.4% industrial re-leasing spread, contributing to a 5.8% increase in average rents and a 6.5% rise in same-store NOI.
- Occupancy in the retail portfolio increased to 93.3%, resulting in above-inflation NOI growth and a 7% year-over-year revenue increase.
- The company successfully secured tenants for new development properties and expanded its land parcels in Guadalajara and Monterrey, enhancing future growth potential.
- FIBRA Macquarie (DBMBF) maintains a strong balance sheet with a real estate net LTV of 32.6% and no debt maturities until September 2026, providing financial stability and flexibility.
- Higher interest expenses partly offset the growth in NOI, impacting overall financial performance.
- There is a cautious outlook on operational performance due to geopolitical uncertainties and potential tariff threats.
- Leasing activity from the development portfolio, particularly in Chihuahua, was lower than expected, indicating potential challenges in that market.
- The NOI margin contracted slightly due to higher property-related expenses, including historical utility costs.
- The company faces near-term challenges in construction starts due to market uncertainties, which may impact future development timelines.
Good morning, and welcome to FIBRA Macquarie's fourth-quarter 2024 earnings call and webcast. My name is Paul, and I will be your operator for the call. (Operator Instructions)
I would now like to turn the call over to Nikki Sacks. Please go ahead.
Thank you, and hello, everyone. Thank you for joining FIBRA Macquarie's fourth-quarter 2024 earnings conference call and webcast. Today's call will be led by Simon Hanna, our Chief Executive Officer; and Andrew McDonald-Hughes, our CFO.
Before I turn the call over to Simon, I'd like to remind everyone that this presentation is proprietary, and all rights are reserved. The presentation has been prepared solely for informational purposes and is not a solicitation or an offer to buy or sell any securities.
Forward-looking statements in this presentation are subject to a number of risks and uncertainties. Actual results, performance, prospects or opportunities could differ materially from those expressed in or
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