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 as of 1Q24:

Portfolio under development Use Opening1 Location GLA (m2) % of total GLA
Espacio Condesa Retail 2H24 Cuauhtemoc, Mexito City 23,527 3.64%
Espacio Condesa Residential 1H26 Cuauhtemoc, Mexito City 7,977 1.24%
Espacio Condesa Office 1H25 Cuauhtemoc, Mexito City 38,447 5.95%
Portfolio in planning Use Opening2 Location GLA (m2) % of total GLA
Bora Residential TBA Cuajimalpa, Mexito City 18,555 2.87%
Manzanillo Retail TBA Manzanillo, Colima 20,829 3.23%
Torre Premier (Phase 2) Office TBA Villahermosa, Tabasco 3,828 0.59%
Vidarte Satelite Retail TBA Tlalnepantla, State of Mexico 12,191 1.88%
Vidarte Satelite Office TBA Tlalnepantla, State of Mexico 13,077 2.03%
Ciudad del Carmen Office TBA Ciudad del Carmen, Campeche 10,592 1.64%
Total portfolio under development 149,432 23.14%

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 24.30%
Fibra HD’s Portfolio Industrial 2021 Sonora, Aguascalientes, Colima, Durango, Tabasco y State of Mexico 94,501 14.64%
Fibra HD’s Portfolio Education 2021 Sonora, Queretaro, Jalisco y Puebla 39,116 6.06%
Fibra HD’s Portfolio Office 2021 Aguascalientes, Q. Roo, State of Mexico y Mexito City 15,791 2.45%
T-MEC III Industrial 2021 Nuevo Laredo, Tamaulipas 46,521 7.20%
Sonora Industrial 2018 and 2023 Nogales, Sonora 62,923 9.74%
Baja California Industrial 2017 Ensenada, Baja California 40,279 6.24%
Torre Premier Office 1H19 Villahermosa, Tabasco 5,631* 1.46%
Autlan Retail 2017 Autlan de Navarro, Jalisco 5,017 0.78%
Saltillo’s Portfolio Industrial 2022 Saltillo, Coahuila 4,564 0.71%
Downtown Santa Fe Office 2023 Mexico City 260 0.04%
Portfolio in stabilization Use Year of acquisition or completion Location GLA (m2) % of Total GLA
Heredit Acueducto Office In Process of being delivered Guadalajara, Jalisco 7,934 1.22%
Heredit Acueducto Retail In Process of being delivered Guadalajara, Jalisco 2,200 0.34%
Salina Cruz Retail 1H20 Salina Cruz, Oaxaca 10,079 1.56%
Torre Arcos Office 2017 Guadalajara, Jalisco 4,831* 0.74%
Total portfolio in operation and stabilization 496,279 77.00%

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

During 1Q23, Fibra Plus finalized the purchase of two additional industrial buildings within the Sonora industrial park (acquired in 2018), increasing the ABR from 54,936 m2 to 62,923 m2. The above is in addition to the acquisition of the Saltillo Portfolio, in Coahuila, which took place last quarter. Together, these industrial buildings are capable of generating Ps.13.1 million ION per year.

Geographic diversification

At the end of 1Q23, 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 13%.

Portfolio diversification

Breaking down by sectors, as of March 31, 2024, 39% of the property portfolio belonged to the industrial segment, 36% to the commercial segment, 15% to the office segment, 6% to the educational segment and 4% to the housing segment.