FIBRAS Index Drops 18.09% in 2025

The S&P/BMV FIBRAS Index reported an 18.09% decline on Jan. 8, 2025, compared to the same period in 2024. This drop is largely attributed to the performance of the industrial segment, which impacts more than half of the companies listed in the index.

The index, which includes FIBRA Prologis, FIBRA Uno (FUNO), FIBRA Monterrey (FMTY), FIBRA Macquarie, FIBRA Danhos, FibraHotel, FIBRA Shop, FIBRA Plus, and FIBRA Inn, closed at 237.28 points, down from 289.81 on Jan. 8, 2024.

While the index shows year-on-year losses, it has experienced slight growth of 0.16% since the start of 2025. The S&P/BMV FIBRAS Index also reports a 1.97% increase compared to 2022 and a 1.24% rise compared to Jan. 8, 2020.

The index performed slightly worse than the S&P/BMV IPC on a year-over-year basis, showing an 11.64% contraction. Since the start of 2025, it has recovered by 0.24%, while over the past three years, it has recorded a 2.29% contraction.

Five out of the nine FIBRAs in the S&P/BMV FIBRAS Index have a significant portion of their portfolios exposed to the industrial segment, which over the past year experienced a deceleration. Industrial FIBRAs benefited from nearshoring, which gained momentum in 2020 and peaked in 2023 when industrial available space was below 1%. 

However, 2024 was a more challenging year for this segment, as changes in the presidencies of Mexico and the United States have led investors to take a more cautious approach. This uncertainty was heightened by the eventual election of Donald Trump as the 47th President of the United States. Main threats include larger tariffs, with Trump stating that he would impose a 25% tariff on Mexican and Canadian imports starting Jan. 20, 2025. 

Key Changes in the S&P/BMV FIBRAS Index in 2024

The first change in the S&P/BMV FIBRAS Index composition was on May 20, 2024, when the company announced the removal of FIBRA NOVA after the latter delisted itself from the Mexican Stock Exchange (BMV) to enter the Institutional Stock Exchange (BIVA). The operation came five months after S&P Global decided to include FIBRA NOVA in the index. 

The latest change in the index was on Nov. 4, 2024, when S&P Global announced the removal of FIBRA Terrafina after it was acquired by FIBRA Prologis, making FIBRA Terrafina unable to meet the eligibility criteria for inclusion in the index.