FIBRA Upsite Reports 75% Increase in Rental Income in 4Q23

The Mexican Real Estate Investment Trust (FIBRA) FIBRA Upsite, announced financial results for 4Q23, showing significant growth compared to the same period in 2022. Growth is attributed to the nearshoring trend, which is demanding more industrial space. 

During 4Q23, Upsite generated a rental income of MX$65.1 million (US$3.8 million), a 75.6% increase over 4Q22. This growth trend was even more pronounced for the full year 2023, with total rental income reaching MX$200.4 million, reflecting a 69.7% increase

Net operating income (NOI) for 4Q23 reached MX$55.5 million, marking an 86.6% increase. The annual performance for this indicator was also strong, reaching MX$167.2 million, representing a 74.5% increase compared to 4Q22.

These growth figures are promising for Mexico, particularly in its most dynamic industrial markets, including Monterrey, Saltillo, Tijuana, Ciudad Juarez, the metropolitan area of Mexico City, Queretaro, and Guanajuato. According to Rodolfo Balmaceda, Director General, Fibra Upsite, this growth trend is expected to continue in the mid-term.

By the end of 4Q23, Upsite’s portfolio was fully occupied, with an average lease contract term of seven years, making it one of the most attractive players in Mexico's real estate sector.