Introduction to Fibra NEXT and its Significance
Fibra NEXT, a real estate investment trust (REIT) focused on industrial properties in Mexico, recently presented its inaugural quarterly report to the Bolsa Mexicana de Valores (BMV). This article provides an in-depth look at Fibra NEXT’s performance during its first two months of operation following its initial public offering on July 25, 2025.
Key Financial Metrics
Total Revenue
Fibra NEXT reported total revenues of 132.4 million pesos for the third quarter, primarily driven by currency appreciation effects on dollar-based rents, inflation adjustments in existing contracts, and the inclusion of only two months of operations during this period.
EBITDA and EBITDA Margin
The operating earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to 112.6 million pesos, with an EBITDA margin of 85%.
Net Operating Income (NOI) and NOI Margin
The Net Operating Income (NOI) for the quarter closed at 121.2 million pesos, with a NOI margin of 91.6%.
Adjusted Funds From Operations (AFFO) and AFFO Margin
Fibra NEXT’s Adjusted Funds From Operations (AFFO) at the end of the third quarter of 2025 was 192.2 million pesos, with an AFFO margin of 145.2%.
Occupancy and Rental Income
The total occupancy of NEXT’s operational portfolio at the end of the quarter was 99.3%, with the Central Markets Secondary regions achieving 100% occupancy and the Bajío region securing 98.3% occupancy.
Net rents to be collected for the third quarter of this year amounted to 41 million pesos, representing a 17-day equivalent portfolio due to administrative efforts in acquiring properties.
Property Valuation
As of the end of the third quarter, the investment property value stood at 14,398 million pesos.
Key Questions and Answers
- What is Fibra NEXT? Fibra NEXT is a Mexican real estate investment trust (REIT) specializing in industrial properties.
- Why is Fibra NEXT’s first quarterly report significant? This report marks the beginning of publicly available financial data for Fibra NEXT, allowing investors and stakeholders to assess its performance since its initial public offering.
- What factors contributed to Fibra NEXT’s revenue growth? Currency appreciation, inflation adjustments in existing contracts, and the inclusion of only two months of operations during the third quarter played crucial roles in Fibra NEXT’s revenue growth.
- What is the significance of EBITDA, NOI, and AFFO margins? These financial metrics demonstrate Fibra NEXT’s operational efficiency and profitability. Higher percentages indicate stronger performance in generating cash flow from its properties.
- How does Fibra NEXT’s occupancy rate impact its performance? High occupancy rates, such as those seen in the Central Markets Secondary and Bajío regions, contribute to stable and predictable rental income for Fibra NEXT.
- What does the net rents to be collected figure tell us? This figure represents the total rental income Fibra NEXT expects to collect during the third quarter of 2025, indicating a robust rental collection process.
- Why is the property valuation important? The property valuation provides insight into Fibra NEXT’s overall asset worth, which is crucial for assessing its financial health and investment potential.
