Fibra NEXT 2Q26 Revenues Up 3.2% Quarterly, Hit MX$2.88 Billion

Fibra NEXT recorded a 3.2% quarterly revenue increase in 2Q26 to MX$2.88 billion (US$165.1 million), coinciding with the Mexican real estate investment trust (FIBRA) sector surpassing MX$1 trillion (US$57.48 billion) in total assets. Sustained industrial expansion, strong ESG compliance, and consolidation transactions highlight the sector's central role in absorbing nearshoring investment across Mexico. This development directly impacts institutional asset managers, pension funds (AFOREs), construction contractors, and public capital markets navigating evolving USMCA trade dynamics.

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Fibra NEXT reported total revenues of MX$2.88 billion (US$165.1 million) during 2Q26, representing a 3.2% increase compared to the previous quarter. According to its financial report submitted to the Mexican Stock Exchange (BMV), growth was spread across its core financial and operational indicators between April and June, driven by the integration of new industrial assets into its portfolio, expanded rental revenues, and favorable exchange rate movements affecting dollar-denominated contracts.

Company management explained that top-line revenue expansion was primarily driven by the full-quarter contribution of the Calopark asset, an increase in lease renewals, and inflation-indexed rent adjustments across active contracts. Performance was further supported by the impact of Mexican peso depreciation on dollar-denominated lease contracts and the recognition of retroactive maintenance revenues tied to property transitions.

Operational performance demonstrated steady quarter-over-quarter improvement. Net Operating Income (NOI) reached MX$2.57 billion (US$147.5 million), marking a 2.8% quarterly increase, while Earnings Before Interest, Taxes, Depreciation, and Amortization (UAFIDA) expanded 3.8% to MX$2.48 billion (US$141.9 million). Funds From Operations (FFO) grew 3.8% relative to the first quarter, totaling MX$1.68 billion (US$96.1 million), while Adjusted Funds From Operations (AFFO) rose 5.4% to MX$1.59 billion (US$91.3 million).

On the back of these operational results, Fibra NEXT announced a quarterly distribution of MX$606.4 million (US$34.8 million), equivalent to MX$1.546 per Real Estate Fiduciary Amount Certificate (CBFI). This distribution represented 100% of the AFFO generated during the second-quarter period.

The trust's investment property portfolio value increased 3.6% compared to 1Q26, reaching MX$159.35 billion (US$9.14 billion). This asset valuation expansion responded to the completed acquisition of the Triple Home Run portfolio as well as financial advances dedicated to constructing new industrial properties. Concurrently, total debt decreased to MX$54.74 billion (US$3.14 billion) from MX$56.44 billion at the close of the first quarter, resulting from mortgage credit amortizations and exchange rate appreciation effects. Rental accounts receivable decreased 41.9% quarter-over-quarter due to collection stabilization.

Consolidated portfolio occupancy closed at 97.8%, remaining flat relative to the prior period. Regionally, occupancy in Bajio and Occidente rose to 97.9% and the North region reached 96.9%, while the Center region recorded a slight 20-basis-point drop to 98.0%. Secondary Markets maintained an occupancy rate of 99.4%. Fibra NEXT also highlighted lease renewals above inflation rates, with Bajio and Occidente recording the highest peso-denominated increases and the North region registering dollar-denominated renewal increases above US inflation rates.

Mexican FIBRA Sector Reaches MX$1 Trillion Asset Milestone

The close of 2Q26 also ushered in a historic mark for Mexico's real estate investment trust sector as a whole, which marked 15 years of public history with total assets exceeding MX$1 trillion (US$57.48 billion) and a market capitalization near MX$600 billion (US$34.41 billion). Speaking at the Conecta FIBRA event at the BMV, Juan Olivo, Director of Promotion and Issuers at the BMV, noted that the sector accounts for 4% of Mexico's gross domestic product, operates over 32 million m² of leasable space, and supports 1.3 million direct jobs. Since 2011, listed trusts have raised MX$370.00 billion (US$21.22 billion) through public markets, including MX$90 billion in IPOs, MX$150 billion in follow-ons, and MX$128 billion in debt.

The sector is also leading early compliance with the National Banking and Securities Commission's (CNBV) new ESG standards. While market issuers recorded a 28% reporting rate for S1 and S2 standards, FIBRAs achieved 53% compliance. Jorge Ávalos, President of the Mexican Association of FIBRAs (AMEFIBRA), noted that over 13 million m² hold environmental certifications, supported by cumulative green bond issuances surpassing MX$100 billion (US$5.74 billion).

"We maintain some of the highest governance and transparency standards among the 150 companies listed on the BMV, which has allowed FIBRAs to become recurring issuers of both green and traditional bonds," Ávalos told MBN, noting AMEFIBRA created a standardized ESG manual with Deloitte.

Retail participation has grown via digital tools like Bolsaap, which counts 25,000 active users. Two of the three most-followed companies on the platform are FIBRAs, reflecting yields outpacing the IPC benchmark over the past 18 months.

To unlock institutional capital looking towards 2027, AMEFIBRA outlined three priorities. Ávalos noted Mexican pension funds (AFOREs) manage US$350 billion but allocate under 4% to FIBRAs, far below their authorized 12.5% ceiling. AMEFIBRA is working with regulators to adjust investment frameworks, while also streamlining criterion confirmation for smaller issuers and standardizing financial reporting.

According to MONEX's FIBROMETRO report, the FIBRAs Index gained 9.1% in early 2026, outpacing the S&P/BMV IPC's 6.7%. Sector activity in 2Q26 featured major consolidation, as FIBRA Monterrey finalized a US$1.7 billion offer for FIBRA Macquarie to build a US$6.50 billion asset base, prevailing over bids from FIBRA Prologis and FIBRA Next. MONEX projects average dividend yields of 7% for 2026, noting that "any announcements related to the USMCA could strengthen the outlook for the industrial sector."