Fibra Mty · BIVA:FMTY/14
Fibra Mty — Q3 2024 Earnings Presentation
24 slides from Fibra Mty's earnings presentation, October 2024
Slide 1: 3Q24 Quarterly Results Update
Sistema de 3Q24 Quarterly Results Entrenamiento en Update Ciberseguridad Trust F/2157 – FMTY14 October 2024
Slide 2: 3Q24 Highlights
3Q24 Highlights • AFFO Exceeds Expectations: The company expects Adjusted Funds from Operations (AFFO) for 2024 to surpass the guidance set by the Technical Committee, driven by both organic and inorganic growth strategies. • Strong Same-Property NOI Growth: A nearly 15% increase in same-property ne
Slide 3: Progress as of 3Q24 since last Follow On (US$ Million)
Progress as of 3Q24 since last Follow On (US$ Million) Commitments 1 $700.0 From the roadshow target amount of US$ 700 M, as of 3Q24 Fibra MTY has closed, signed binding agreements or US$ 700 M Deployment $21.8 1 $- $83.3 $100.0 $68.0 $63.3 $200.0 $300.0 $194.3$400.0 US$ 430.7 $500.0 M $600.0 $700.0
Slide 4: Acquisitions Pipeline as of 3Q24
Acquisitions Pipeline as of 3Q24 Under binding agreements 2.0 MM ft2 23.6% US$ 194.3 M Under negotiation Active Pipeline 1.7 MM ft2 US$ 165.3 M 56.3% US$ 823.6 M Identified, under 20.1% valuation 4.5 MM ft2 US$ 464.0 M 43 8.7 years* 8.2 MM ft2 92% # Properties WALT GLA % USD GLA: Gross Leasable Area
Slide 5: Progress as of 3Q24 since last Follow On (US$ Million)
Progress as of 3Q24 since last Follow On (US$ Million) Commitments 1 $700.0 From the roadshow target amount of US$ 700 M, as of 3Q24 Fibra MTY has closed, signed binding agreements or US$ 700 M Deployment $21.8 1 $- $83.3 $100.0 $68.0 $63.3 $200.0 $300.0 $194.3$400.0 US$ 430.7 $500.0 M $600.0 $700.0
Slide 6: Key Performance Indicators (as % of revenue)
Key Performance Indicators (as % of revenue) As of September 30, 2024 Asset Class Location Occupancy Currency 1.3% 11.4% 5.9% 13.9% 24.1% 4.8% 5.1% 38.4% 5.5% 5.6% 74.6% 7.0% 9.3% 12.9% 94.1% 86.1% Nuevo Leon Jalisco Queretaro Guanajuato Coahuila Aguascalientes Leased Vacant Industrial Office Retail
Slide 7: Manufacturing Exports during 2Q24 (USD thousands)
Manufacturing Exports during 2Q24 (USD thousands) Chihuahua 18,311,253 Coahuila 17,662,603 Baja California 14,351,843 Nuevo León 13,781,035 Southeast 6.5% Tamaulipas 9,224,576 Guanajuato 8,927,930 Sonora 7,840,372 Jalisco 7,292,912 Central México 6,125,542 10.3% San Luis Potosí 5,956,126 Puebla 4,96
Slide 8: Source: census.gov, trade.gov, Latinometrics, U.S. Mexico Foundation, General Motors
Source: census.gov, trade.gov,, Latinometrics, U.S. Mexico Foundation, General Motors 8 fibramty.com
Slide 9: Property performance 3Q24 vs 3Q23
Property performance 3Q24 vs 3Q23 (Ps. million) 54.6 656.2 52.9 601.6 -12.5 42.9 7.0 523.4 -12.1 90.4% 89.9% 90.4% Net Vacancies Inflation Adjustments Expansions Expansions FX Others Acquistions NOI 3Q23 Same Net Vacancies Inflation + Others NOI 3Q23 Same Properties Properties Adjustmets New Leases+
Slide 10: Signed, delivered and undergoing Industrial expansions
Signed, delivered and undergoing Industrial expansions US$ millions GLA Estimated Signing Estimated Investment Estimated Delivery Property Location sqft revenue Status Date Investment as of 3Q24 Ann. NOI Date thousands start Fagor San Luis Potosi Feb-23 72.5 3.3 3.3 0.3 2Q24 2Q23 (1) Delivered Under
Slide 11: Expansions– Fagor, SLP (delivered)
Expansions– Fagor, SLP (delivered) Fagor – San Luis Potosí 6,700 m2 11 fibramty.com
Slide 12: Expansions – Magna, Querétaro
Expansions – Magna, Querétaro Santiago – Querétaro 10,700 m2 12 fibramty.com
Slide 13: Expansions – Tenneco, Aguascalientes
Expansions – Tenneco, Aguascalientes Tenneco – Aguascalientes 11,700 m2 13 fibramty.com
Slide 14: Expansions – Danfoss, Monterrey
Expansions – Danfoss, Monterrey Danfoss – Monterrey 19,200 m2 14 fibramty.com
Slide 15: Expansions – Adient, Aguascalientes
Expansions – Adient, Aguascalientes Adient – Aguascalientes 6,400 m2 15 fibramty.com
Slide 16: Expansions – Daimler, Saltillo
Expansions – Daimler, Saltillo Daimler – Saltillo 18,200 m2 16 fibramty.com
Slide 17: Expansions – Allgaier, Aguascalientes
Expansions – Allgaier, Aguascalientes Allgaier – Aguascalientes 6,000 m2 17 fibramty.com
Slide 18: Investment Properties 3Q24 vs 2Q24
Investment Properties 3Q24 vs 2Q24 (Ps. billion) 1.9 34.1 1.3 0.2 -0.4 31.1 Investment Properties Gains Gains in investment properties… in investment Expansions Acquisitions Re-classified to assets FX Investment Properties Investment 3Q24 Properties Investment2Q24 Properties 2Q24 properties valuatio
Slide 19: Strong balance sheet & financial flexibility
Strong balance sheet & financial flexibility As of September 30, 2024 Type of debt Type of rate Type of currency 8.7% 25.8% 8.6% Loan To Value Net Loan To Value 18.9% Cash / Assets 100.0% 91.3% 100.0% 15.6% Secured Unsecured Floating rate Fixed rate MXN USD Available Credit Lines /Assets Debt maturi
Slide 20: 2024 Guidance
2024 Guidance AFFO per FX range $0.984 2024 Accum. Ann. Challenges: $0.96 @17.77 $0.9553 • Operational Front: $0.95 Δ165 bps 1. Lease maturity of the 12.6% of revenues $0.9471 $0.9471 in 2024 (4.7% Office & 7.9% Industrial) $0.9398 Pesos / CBFI $0.9390 2023 $0.94 • Real Estate Market: $0.9390 @17.63
Slide 21: Book Value and Implied Cap valuations lack bottom line efficiencies
Book Value and Implied Cap valuations lack bottom line efficiencies 2Q24 USD Implied Cap Rate @ Book Value 2Q24 USD AFFO Multiple @ Book Value Despite having similar implied cap 8.3% FMTY Industrial Cap Rate rates, AFFO multiple variation demonstrate efficiencies beyond NOI 8.1% 23.9x 7.1% 6.6% 21.8
Slide 22: Lean cost structure reduces cash flow inefficiencies and offers additional returns
Lean cost structure reduces cash flow inefficiencies and offers additional returns beyond property valuation FIBRA’s AFFO accretion after applying Fibra MTY’s 83.5% EBITDA margin. 18.4% 13.6% 37.6% 29.3% 100% 100.0% 90% 90.4% 83.5% 85.0% 85.6% 80% 80.0% 77.7% 77.3% 75.2% 72.1% 71.4% 70% 64.0% 60% 60
Slide 23: Book Value at different FX and AFFO Multiples
Book Value at different FX and AFFO Multiples 3Q24 Book Value Per Share @ FX Rates 3Q24 Value Per Share @ FX Rates & AFFO Multiples Book Value US$ 0.68 3Q24 Ann USD = (Ps. 1.09 / Average Fx) = US$ 0.06 9.2x 11.7x 13.0x 14.0x 15.0x 16.0x $19.9 $19.1 $18.6 $21.2 $17.8 $20.3 $17.0 $17.3 $19.9 $19.4 $16
Slide 24: Contact: Investor Relations
Sistema de Entrenamiento en Ciberseguridad Contact: Cesar Rubalcava, CFA, CAIA Investor Relations [email protected]