<p>FIBRA Macquarie Mexico（(MX:FIBRAMQ12)）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>FIBRA Macquarie Mexico 最近的财报电话会议整体语气乐观，管理层强调了创纪录的盈利能力、稳健的租赁结果和坚如磐石的资产负债表。尽管他们承认市场条件有所放缓、入住率略有下降以及因一项大型土地交易带来的短期稀释，但高管们将这些视为可控的逆风，背景是强劲的基本面和长期增长潜力。</p>
<h2>创纪录的 EBITDA 和 FFO 动能</h2>
<p>FIBRA Macquarie 报告称季度 EBITDA 创下 5510 万美元的纪录，同比增长 6.7%，突显出其以工业为主的投资组合持续的经营杠杆。运营资金也达到新高，达到 3850 万美元，同比增长 6.8%，进一步巩固了 REIT 支持分配增长的能力。</p>
<h2>AFFO 增长和更高的 NAV</h2>
<p>每份证书的调整后运营资金在本季度达到 0.65 墨元，较上年同期和美元计价均有所增长。每份证书的净资产值上升至 49.7 墨元，环比增长 1.2%，反映了投资组合的表现和开发潜力的内在价值。</p>
<h2>强劲的工业租赁和定价能力</h2>
<p>该信托在约 160 万平方英尺的可租赁面积上执行了新租约和续租，创下过去 12 个月的最高交易量，显示出持续的租户需求。租赁差价平均为 13.8%，推动整体租金同比增长 6.1%，尽管宏观环境更加谨慎，但仍突显出强大的定价能力。</p>
<h2>工业 NOI 增长和高入住率</h2>
<p>工业净运营收入上升至 5120 万美元，同比增长 4.4%，租金增长抵消了轻微的入住率波动。投资组合的工业入住率在季度末保持在 94.6% 的稳健水平，剩余年度仅有 7.3% 的租约到期，管理层对短期现金流有良好的可见性。</p>
<h2>稳定的零售投资组合与上行空间</h2>
<p>零售活动保持稳定，本季度购物中心投资组合租出约 22000 平方米。零售 NOI 环比增长 3.6%，管理层预计全年零售收入将逐步上升，因为一系列低影响的搬出将逐步被填补。</p>
<h2>战略性蒂华纳土地收购</h2>
<p>公司完成了迄今为止最大的土地收购，花费 1.14 亿美元购买了位于蒂华纳的 124 公顷土地，能够支持大约 340 万平方英尺的 A 级工业空间。该资产包括一个专用的 90 兆瓦变电站的规划，并以有利的三年付款条款进行结构安排，成交时仅支付约 35% 的价格。</p>
<h2>强化流动性和更低的融资成本</h2>
<p>管理层强调了 8.35 亿美元的强劲流动性，提供了充足的资金能力来支持开发和潜在交易。该信托还重新融资并扩大了其可持续发展挂钩的循环信贷额度至 2 亿美元，利差创下历史最低的 105 个基点，99% 的债务为固定利率，平均期限为 3.5 年。</p>
<h2>ESG 里程碑和认证开发项目</h2>
<p>在可持续发展方面，FIBRA Macquarie 发布了其首份 S1 和 S2 披露，标志着 ESG 更深入地融入报告中。它还为一个达到强劲双位数收益率的工业项目获得了另一个 LEED 白金认证，将绿色投资与吸引人的财务回报联系起来。</p>
<h2>小幅入住率下降和租户流动</h2>
<p>整体入住率在季度间略微下降，管理层指出，单个影院租户在租约到期时的离开是一个明显的驱动因素。高管们提到在此期间有一些额外的搬出，但将其描述为混合情况，而不是任何令人担忧的结构性趋势的证据。</p>
<h2>市场疲软和更高的空置率</h2>
<p>管理层承认市场背景更加低迷，指出季度内市场整体工业空置率约上升了 100 个基点。他们将这种疲软归因于一些租户在美墨加协定更新前的观望态度，而不是基本需求的恶化。</p>
<h2>短期租赁速度不确定</h2>
<p>租赁速度受到更广泛的宏观和政策不确定性的抑制，USMCA 审查的时机影响了一些租户的决策。尽管如此，管理层报告称核心市场的持续健康兴趣，并预计一旦政策悬而未决的问题得到解决，强劲的需求将重新显现。</p>
<h2>土地储备作为长期增长引擎</h2>
<p>扩大后的土地储备现在代表约 840 万平方英尺的可建 GLA，但以成本持有，并未对当前 NOI 产生贡献。管理层目标是未来开发的 NOI 收益率约为 9% 至 11%，将土地定位为长期价值驱动因素，而非立即的收益贡献者。</p>
<h2>AFFO 指导和融资逆风</h2>
<p>更新后的 AFFO 指导为每份证书 2.54–2.64 墨元，主要反映与蒂华纳土地购买相关的更高融资费用，暗示短期现金流的适度稀释。管理层强调这种拖累是暂时的，与融资结构有关，而基本运营和分配前景保持不变。</p>
<h2>交易悬而未决和潜在成本</h2>
<p>涉及 FIBRA Prologis 和其他潜在竞标者的持续非自愿报价过程为管理层引入了一些披露和运营限制。公司还指出潜在的收购相关成本，包括基于成功的顾问和法律费用，如果交易最终进行，可能会对结果产生影响。</p>
<h2>以强大的运营和资产负债表为基础的指导</h2>
<p>展望未来，管理层重申了 2026 年全年 AFFO 指导为每份证书 MXN 2.54–2.64，并维持分配指导为 MXN 2.45，这意味着在当前汇率下以美元计约增长 11%。他们指出，创纪录的 EBITDA 和 FFO、5% 的同店净营业收入增长、94.6% 的工业出租率、强劲的租赁差价以及保守的杠杆指标是支持前景的关键因素，同时还拥有充足的流动性和低成本、主要为固定利率的债务结构。</p>
<p>FIBRA Macquarie 的电话会议描绘了一个在短期谨慎与长期信心之间取得平衡的平台，基于创纪录的收益和严格的资本管理。尽管宏观不确定性、略微下降的出租率和交易噪音可能增加波动性，但投资者听到了一个关于韧性现金流、上升的分配和不断增长的土地储备的故事，这些土地储备旨在推动墨西哥关键物流走廊的未来工业发展。</p>

<p>FIBRA Macquarie Mexico 报告了创纪录的第一季度收益，尽管市场条件较为疲软，但仍突显出强劲的资产负债表和盈利能力。关键数据包括创纪录的 EBITDA 为 5510 万美元，运营资金为 3850 万美元。公司进行了显著的租赁活动，租金上涨了 6.1%。在蒂华纳完成了一项价值 1.14 亿美元的重大土地收购，增强了增长潜力。管理层指出，尽管出现了轻微的入住率下降和市场疲软，但对长期需求和增长仍持乐观态度，更新后的 AFFO 指引反映了更高的融资成本</p>

<p>FIBRA Macquarie Mexico ((MX:FIBRAMQ12)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>FIBRA Macquarie Mexico（(MX:FIBRAMQ12)）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>FIBRA Macquarie Mexico’s latest earnings call struck an overall upbeat tone, with management emphasizing record profitability, solid leasing results and a fortress-like balance sheet. While they acknowledged softer market conditions, a slight occupancy dip and near-term dilution from a large land deal, executives framed these as manageable headwinds against a backdrop of strong fundamentals and long-term growth potential.</p>
<div class="lb-trans"><p>FIBRA Macquarie Mexico 最近的财报电话会议整体语气乐观，管理层强调了创纪录的盈利能力、稳健的租赁结果和坚如磐石的资产负债表。尽管他们承认市场条件有所放缓、入住率略有下降以及因一项大型土地交易带来的短期稀释，但高管们将这些视为可控的逆风，背景是强劲的基本面和长期增长潜力。</p>
</div><h2>Record EBITDA and FFO Momentum</h2>
<div class="lb-trans"><h2>创纪录的 EBITDA 和 FFO 动能</h2>
</div><p>FIBRA Macquarie reported record quarterly EBITDA of $55.1 million, up 6.7% year over year, underscoring continued operating leverage in its industrial-heavy portfolio. Funds from operations also hit a new high at $38.5 million, growing 6.8% year over year and reinforcing the REIT’s ability to support rising distributions.</p>
<div class="lb-trans"><p>FIBRA Macquarie 报告称季度 EBITDA 创下 5510 万美元的纪录，同比增长 6.7%，突显出其以工业为主的投资组合持续的经营杠杆。运营资金也达到新高，达到 3850 万美元，同比增长 6.8%，进一步巩固了 REIT 支持分配增长的能力。</p>
</div><h2>AFFO Growth and Higher NAV</h2>
<div class="lb-trans"><h2>AFFO 增长和更高的 NAV</h2>
</div><p>Adjusted funds from operations per certificate reached MXN 0.65 in the quarter, increasing both sequentially and in U.S. dollar terms versus last year. Net asset value per certificate climbed to MXN 49.7, a 1.2% quarter-on-quarter gain that reflects both portfolio performance and the embedded value of development potential.</p>
<div class="lb-trans"><p>每份证书的调整后运营资金在本季度达到 0.65 墨元，较上年同期和美元计价均有所增长。每份证书的净资产值上升至 49.7 墨元，环比增长 1.2%，反映了投资组合的表现和开发潜力的内在价值。</p>
</div><h2>Robust Industrial Leasing and Pricing Power</h2>
<div class="lb-trans"><h2>强劲的工业租赁和定价能力</h2>
</div><p>The trust executed new and renewal leases on about 1.6 million square feet of gross leasable area, its highest 12‑month volume, signaling continued tenant demand. Leasing spreads averaged 13.8%, driving a 6.1% year-on-year increase in overall rental rates and highlighting strong pricing power despite a more cautious macro backdrop.</p>
<div class="lb-trans"><p>该信托在约 160 万平方英尺的可租赁面积上执行了新租约和续租，创下过去 12 个月的最高交易量，显示出持续的租户需求。租赁差价平均为 13.8%，推动整体租金同比增长 6.1%，尽管宏观环境更加谨慎，但仍突显出强大的定价能力。</p>
</div><h2>Industrial NOI Growth and High Occupancy</h2>
<div class="lb-trans"><h2>工业 NOI 增长和高入住率</h2>
</div><p>Industrial net operating income rose to $51.2 million, a 4.4% increase from a year earlier as rental growth offset minor occupancy noise. Portfolio industrial occupancy ended the quarter at a solid 94.6%, with only 7.3% of leases expiring over the rest of the year, giving management good visibility on near-term cash flows.</p>
<div class="lb-trans"><p>工业净运营收入上升至 5120 万美元，同比增长 4.4%，租金增长抵消了轻微的入住率波动。投资组合的工业入住率在季度末保持在 94.6% 的稳健水平，剩余年度仅有 7.3% 的租约到期，管理层对短期现金流有良好的可见性。</p>
</div><h2>Stable Retail Portfolio with Upside</h2>
<div class="lb-trans"><h2>稳定的零售投资组合与上行空间</h2>
</div><p>Retail activity remained steady, with approximately 22,000 square meters leased during the quarter across the shopping center portfolio. Retail NOI increased 3.6% sequentially, and management expects full-year retail income to grind higher as a series of low-impact move-outs are gradually backfilled.</p>
<div class="lb-trans"><p>零售活动保持稳定，本季度购物中心投资组合租出约 22000 平方米。零售 NOI 环比增长 3.6%，管理层预计全年零售收入将逐步上升，因为一系列低影响的搬出将逐步被填补。</p>
</div><h2>Strategic Tijuana Land Acquisition</h2>
<div class="lb-trans"><h2>战略性蒂华纳土地收购</h2>
</div><p>The company completed its largest land acquisition to date, purchasing a 124-hectare site in Tijuana for $114 million, capable of supporting roughly 3.4 million square feet of Class A industrial space. The asset includes plans for a dedicated 90‑megawatt substation and was structured with favorable three-year payment terms, with only about 35% of the price paid at closing.</p>
<div class="lb-trans"><p>公司完成了迄今为止最大的土地收购，花费 1.14 亿美元购买了位于蒂华纳的 124 公顷土地，能够支持大约 340 万平方英尺的 A 级工业空间。该资产包括一个专用的 90 兆瓦变电站的规划，并以有利的三年付款条款进行结构安排，成交时仅支付约 35% 的价格。</p>
</div><h2>Reinforced Liquidity and Cheaper Financing</h2>
<div class="lb-trans"><h2>强化流动性和更低的融资成本</h2>
</div><p>Management highlighted a strong liquidity position of $835 million, giving ample capacity to fund developments and potential transactions. The trust also refinanced and upsized its sustainability-linked revolving credit facility to $200 million at a record-low 105 basis-point spread, with 99% of debt fixed and an average tenor of 3.5 years.</p>
<div class="lb-trans"><p>管理层强调了 8.35 亿美元的强劲流动性，提供了充足的资金能力来支持开发和潜在交易。该信托还重新融资并扩大了其可持续发展挂钩的循环信贷额度至 2 亿美元，利差创下历史最低的 105 个基点，99% 的债务为固定利率，平均期限为 3.5 年。</p>
</div><h2>ESG Milestones and Certified Developments</h2>
<div class="lb-trans"><h2>ESG 里程碑和认证开发项目</h2>
</div><p>On the sustainability front, FIBRA Macquarie published its first S1 and S2 disclosures, signaling deeper ESG integration into reporting. It also achieved another LEED Platinum certification for an industrial project that reached stabilization at a strong double-digit yield, linking green investments with attractive financial returns.</p>
<div class="lb-trans"><p>在可持续发展方面，FIBRA Macquarie 发布了其首份 S1 和 S2 披露，标志着 ESG 更深入地融入报告中。它还为一个达到强劲双位数收益率的工业项目获得了另一个 LEED 白金认证，将绿色投资与吸引人的财务回报联系起来。</p>
</div><h2>Minor Occupancy Dip and Tenant Turnover</h2>
<div class="lb-trans"><h2>小幅入住率下降和租户流动</h2>
</div><p>Overall occupancy ticked down modestly quarter on quarter, with management pointing to the departure of a single cinema tenant at lease expiry as a visible driver. Executives noted some additional move-outs during the period but described them as a mixed bag rather than evidence of any concerning structural trend.</p>
<div class="lb-trans"><p>整体入住率在季度间略微下降，管理层指出，单个影院租户在租约到期时的离开是一个明显的驱动因素。高管们提到在此期间有一些额外的搬出，但将其描述为混合情况，而不是任何令人担忧的结构性趋势的证据。</p>
</div><h2>Market Softness and Higher Vacancies</h2>
<div class="lb-trans"><h2>市场疲软和更高的空置率</h2>
</div><p>Management acknowledged a more subdued market backdrop, citing an approximate 100 basis-point increase in market-wide industrial vacancy during the quarter. They attributed the softness to a wait-and-see stance from some occupiers ahead of the U.S.-Mexico-Canada Agreement renewal, rather than a deterioration in underlying demand fundamentals.</p>
<div class="lb-trans"><p>管理层承认市场背景更加低迷，指出季度内市场整体工业空置率约上升了 100 个基点。他们将这种疲软归因于一些租户在美墨加协定更新前的观望态度，而不是基本需求的恶化。</p>
</div><h2>Uncertain Near-Term Leasing Velocity</h2>
<div class="lb-trans"><h2>短期租赁速度不确定</h2>
</div><p>Leasing velocity is being tempered by broader macro and policy uncertainty, with the timing of the USMCA review weighing on some tenant decisions. Even so, management reported continued healthy interest in core markets and expects solid demand to reassert itself once the policy overhang clears.</p>
<div class="lb-trans"><p>租赁速度受到更广泛的宏观和政策不确定性的抑制，USMCA 审查的时机影响了一些租户的决策。尽管如此，管理层报告称核心市场的持续健康兴趣，并预计一旦政策悬而未决的问题得到解决，强劲的需求将重新显现。</p>
</div><h2>Land Bank as Longer-Term Growth Engine</h2>
<div class="lb-trans"><h2>土地储备作为长期增长引擎</h2>
</div><p>The enlarged land bank now represents around 8.4 million square feet of buildable GLA but is held at cost and does not contribute to current NOI. Management is targeting NOI yields of roughly 9% to 11% on future developments, positioning the land as a long-dated value driver rather than an immediate earnings contributor.</p>
<div class="lb-trans"><p>扩大后的土地储备现在代表约 840 万平方英尺的可建 GLA，但以成本持有，并未对当前 NOI 产生贡献。管理层目标是未来开发的 NOI 收益率约为 9% 至 11%，将土地定位为长期价值驱动因素，而非立即的收益贡献者。</p>
</div><h2>AFFO Guidance and Financing Headwinds</h2>
<div class="lb-trans"><h2>AFFO 指导和融资逆风</h2>
</div><p>Updated AFFO guidance of MXN 2.54–2.64 per certificate primarily reflects higher funding expenses related to the Tijuana land purchase, implying modest near-term dilution to cash flow. Management emphasized that this drag is temporary and tied to financing structure, while the underlying operations and distribution outlook remain intact.</p>
<div class="lb-trans"><p>更新后的 AFFO 指导为每份证书 2.54–2.64 墨元，主要反映与蒂华纳土地购买相关的更高融资费用，暗示短期现金流的适度稀释。管理层强调这种拖累是暂时的，与融资结构有关，而基本运营和分配前景保持不变。</p>
</div><h2>Transaction Overhang and Potential Costs</h2>
<div class="lb-trans"><h2>交易悬而未决和潜在成本</h2>
</div><p>An ongoing unsolicited offer process involving FIBRA Prologis and possible other bidders has introduced some disclosure and operational constraints for management. The company also flagged potential acquisition-related costs, including success-based advisory and legal fees, which could weigh on results if a transaction ultimately proceeds.</p>
<div class="lb-trans"><p>涉及 FIBRA Prologis 和其他潜在竞标者的持续非自愿报价过程为管理层引入了一些披露和运营限制。公司还指出潜在的收购相关成本，包括基于成功的顾问和法律费用，如果交易最终进行，可能会对结果产生影响。</p>
</div><h2>Guidance Anchored by Strong Operations and Balance Sheet</h2>
<div class="lb-trans"><h2>以强大的运营和资产负债表为基础的指导</h2>
</div><p>Looking ahead, management reaffirmed full-year 2026 AFFO guidance at MXN 2.54–2.64 per certificate and maintained distribution guidance at MXN 2.45, which implies about an 11% increase in U.S. dollar terms at current FX. They pointed to record EBITDA and FFO, 5% same-store NOI growth, 94.6% industrial occupancy, robust leasing spreads and conservative leverage metrics as key supports for the outlook, along with ample liquidity and a low-cost, largely fixed-rate debt profile.</p>
<div class="lb-trans"><p>展望未来，管理层重申了 2026 年全年 AFFO 指导为每份证书 MXN 2.54–2.64，并维持分配指导为 MXN 2.45，这意味着在当前汇率下以美元计约增长 11%。他们指出，创纪录的 EBITDA 和 FFO、5% 的同店净营业收入增长、94.6% 的工业出租率、强劲的租赁差价以及保守的杠杆指标是支持前景的关键因素，同时还拥有充足的流动性和低成本、主要为固定利率的债务结构。</p>
</div><p>FIBRA Macquarie’s call painted the picture of a platform balancing near-term caution with long-term conviction, underpinned by record earnings and disciplined capital management. While macro uncertainty, slightly softer occupancy and transaction noise may add volatility, investors heard a story of resilient cash flows, rising distributions and a growing land bank designed to fuel future industrial development in Mexico’s key logistics corridors.</p>
<div class="lb-trans"><p>FIBRA Macquarie 的电话会议描绘了一个在短期谨慎与长期信心之间取得平衡的平台，基于创纪录的收益和严格的资本管理。尽管宏观不确定性、略微下降的出租率和交易噪音可能增加波动性，但投资者听到了一个关于韧性现金流、上升的分配和不断增长的土地储备的故事，这些土地储备旨在推动墨西哥关键物流走廊的未来工业发展。</p>
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FIBRA Macquarie Mexico 强调其创纪录的收益和业务扩张