Q2 2024 Macquarie Mexico Real Estate Management SA de CV Earnings Call Transcript
Key Points
- FIBRA Macquarie (DBMBF) reported record revenue, NOI, and NAV for the second quarter of 2024.
- NOI growth was up 6% year-over-year in US dollar terms, driven by favorable supply-demand environments.
- The company successfully delivered a third building in the Apodaca industrial park and is progressing well on a 400,000 square foot project in Tijuana.
- Strong performance in the industrial portfolio with a 5.9% increase in NOI and a 13% positive renewal lease spread.
- Occupancy in the retail portfolio increased to 92.1%, the highest level since the first half of 2020.
- Higher interest expenses offset the higher same-store income and NOI from new developments.
- The issuance of CBFIs associated with the required extraordinary distribution last quarter impacted AFFO per certificate.
- The company faces increased construction costs and land prices, which have slightly decreased the expected yield on cost for new projects.
- The balance sheet shows a net debt to EBITDA multiple of 5.2 times, indicating a significant level of leverage.
- The company has no scheduled debt maturities until 2026, which could limit financial flexibility in the near term.
Greetings, and welcome to the FIBRA Macquarie second quarter 2024 earnings call and webcast. My name is Melissa, and I will be your operator for this call. (Operator Instructions) I will now turn the conference over to Nikki Sacks. Please go ahead.
Thank you, and hello, everyone. Thank you for joining FIBRA Macquarie's second quarter 2024 earnings conference call and webcast. Today's call will be led by Simon Hanna, our Chief Executive Officer; and Andrew McDonald, who's 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. That 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. Our actual results, performance prospects or opportunities could differ materially from those expressed in or implied
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