Description


Overall Outlook


Since the creation of the Mexican REIT several years ago, these investment vehicles have shown a highly dynamic growth. This is how Fibra Plus has been established as a Mexican REIT to deliver greater returns to investors derived from their participation in real estate investments from the development process in the short and medium term to the capture of added value in the long term. Additionally, the growth potential of the Mexican real estate market is not fully exploited and, hence, there are ample opportunities to continue expanding in various segments, especially in the commercial and institutionalized rental housing markets. Fibra Plus expects that this environment, coupled with the positive long-term macroeconomic trends and its presence in prime locations in the country, brings opportunities to develop new properties and to raise current occupancy levels.

In light of the above, our developments tend to be mostly mixed-use properties, which seek to increase traffic flow and tap into the synergies generated by the different types of property use merged in the same location.


Current Portfolio


The following table summarizes the portfolio information for 3Q22:

Portfolio under development Use Opening1 Location GLA (m2) % of total GLA
Heredit Acueducto Office In Process of being delivered Guadalajara, Jalisco 7,934 1.25%
Heredit Acueducto Retail In Process of being delivered Guadalajara, Jalisco 2,200 0.35%
Espacio Condesa Retail 2H22 Cuauhtemoc, Mexito City 23,527 3.70%
Bora Residential 2H23 Cuajimalpa, Mexito City 18,555 2.92%
Espacio Condesa Residential 2H23 Cuauhtemoc, Mexito City 7,977 1.25%
Espacio Condesa Office 2H23 Cuauhtemoc, Mexito City 38,447 6.05%
Portfolio in planning Use Opening2 Location GLA (m2) % of total GLA
Manzanillo Retail TBA Manzanillo, Colima 20,829 3.28%
Torre Premier (Phase 2) Office TBA Villahermosa, Tabasco 3,828 0.60%
Vidarte Satelite Retail TBA Tlalnepantla, Edo. de Mex. 13,077 2.06%
Vidarte Satelite Office TBA Tlalnepantla, Edo. de Mex. 12,600 1.98%
Ciudad del Carmen Office TBA Ciudad del Carmen, Campeche 10,592 1.67%
Total portfolio under development 159,566 25.09%

1Variations in the start of operations between (+/-) 6 months may occur.
2Estimated date, given that the search of funding sources for the project is ongoing.

Portfolio in Operation and in Stabilization


Portfolio in operation Use Year of acquisition or completion Location GLA (m2) % of Total GLA
Fibra HD’s Portfolio Retail 2021 Campeche, State of Mexico, Jalisco, Baja California, Coahuila, Q. Roo, Sinaloa, Veracruz, Mexito City, Sonora, Nayarit y Baja California Sur 156,893 24.67%
Fibra HD’s Portfolio Industrial 2021 Sonora, Aguascalientes, Colima, Durango, Tabasco y State of Mexico 94,501 14.86%
Fibra HD’s Portfolio Education 2021 Sonora, Sinaloa, Queretaro, Jalisco y Puebla 42,132 6.63%
Fibra HD’s Portfolio Office 2021 Aguascalientes, Q. Roo, State of Mexico y Mexito City 15,525 2.44%
T-MEC III Industrial 2021 Nuevo Laredo, Tamaulipas 46,521 7.32%
Sonora Industrial 2018 Nogales, Sonora 54,936 8.64%
Baja California Industrial 2017 Ensenada, Baja California 40,279 6.33%%
Autlan Retail 2017 Autlan de Navarro, Jalisco 5,017 0.79%
Torre Premier (Phase 1) Office 1H19 Villahermosa, Tabasco 5,631* 0.89%
Portfolio in stabilization Use Year of acquisition or completion Location GLA (m2) % of Total GLA
Salina Cruz Retail 1H20 Salina Cruz, Oaxaca 10,079 1.58%
Torre Arcos Office 2017 Guadalajara, Jalisco 4,831* 1.48%
Total portfolio in operation and stabilization 476,344 74.91%

*Calculated under the BOMA methodology, which measures the leasable area of office spaces considering common areas.

In 3Q22, the GLA of the portfolio of assets in operation and stabilization was 473,328 m2 vs. 167,294 m2 registered in 3Q21, given the consolidation of Fibra HD. Excluding those properties under stabilization, the occupancy rate stood at 93.1% at the end of the period.

Geographic diversification

At the end of 3Q22, Fibra Plus' portfolio was distributed in 20 Mexican states, with the CDMX being the area with the highest concentration, with 18% of total ABR. Meanwhile, the only states with more than 10% of total ABR, in addition to the CDMX, are the State of Mexico, with 15%, and Sonora, with 12%.


Portfolio diversification



Breaking down by sectors, as of September 30, 2022, 37% of the property portfolio belonged to the industrial segment, 37% to the commercial segment, 16% to the office segment, 6% to the educational segment and 4% to the housing segment.