Q1 2025 Macquarie Mexico Real Estate Management SA de CV Earnings Call Transcript
Key Points
- FIBRA Macquarie (DBMBF) reported record NOI and AFFO in U.S. dollar terms for the first quarter of 2025.
- The company achieved industrial releasing spreads of 17% and completed 1.6 million square feet of industrial leasing activity.
- The retail portfolio showed year-over-year occupancy gains, closing the quarter at 93% with average monthly rental rates increasing by 5.2%.
- FIBRA Macquarie (DBMBF) maintains a strong liquidity position with available liquidity of $420 million and no scheduled debt maturities until September 2026.
- The company reaffirmed its guidance for cash distributions in FY25 of MXN2.45 per certificate, indicating a well-covered distribution in the sector.
- Occupancy rates have been declining, with some markets like Juarez and Villahermosa experiencing softer demand.
- The macroeconomic landscape presents challenges, including recent changes in tariff policies affecting trade and investment environments.
- New leasing activity is being impacted by broader market uncertainty, particularly regarding tariff policy.
- The company faces a challenging leasing environment in certain markets, with limited short-term lease prospects.
- Retention rates have decreased from 89% to 79%, reflecting some tenant move-outs due to expansions or operational adjustments.
Good morning and welcome to FIBRA Macquarie's first-quarter 2025 earnings call and webcast. My name is Sherry, and I will be your operator for this call. (Operator Instructions) I would now like to turn the conference over to Nikki Sacks. Please go ahead.
Thank you and hello everyone. Thank you for joining FIBRA Macquarie's first quarter of 2025 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 implied by the forward-looking statements. These
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