Q2 2025 Macquarie Mexico Real Estate Management SA de CV Earnings Call Transcript
Key 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.
- 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.
Good morning and welcome to FIBRA Macquarie's second quarter 2025 earnings call and webcast. My name is Diego 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 second quarter 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
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