FUNO raises NOI in the second quarter and forecasts further profits with NEXT

Fibra Uno, the first real estate investment trust to go public, met analysts' expectations in the second quarter of the year, while also anticipating increased profits with the IPO of Fibra NEXT, where it will eventually transfer part of its industrial portfolio.

Between April and June, the trust's Net Operating Income (NOI) rose 9% compared to the same period in 2024, while its total revenue increased 10.2%, both in line with Infosel's consensus forecasts.

Industrial segment revenue grew 14.3%, followed by the commercial segment with 8.2% and the office segment with 4.3%, Fibra Uno said in a statement.

While she acknowledged that she will not be directly involved with Fibra NEXT in its initial phase, her short-term goal is to create a joint venture to consolidate her industrial assets and create the largest industrial fiber in Mexico.

"We are confident that this joint venture will bring multiple strategic, operational, and financial benefits to our company," said André El-Mann, CEO of Fibra Uno, in the quarterly report. "From complementary capabilities, improving resource utilization, gaining access to new markets, and creating a synergy that will soon reaffirm our absolute leadership in the sector, among others, which we look forward to sharing with you soon."

Fibra NEXT officially debuted on the stock market on Friday, after raising 8 billion pesos with its Initial Public Offering, down from the 11.04 billion pesos it initially raised.

Fibra Uno intends to transfer its industrial properties to NEXT within approximately 90 days.

Looking to recalibrate portfolio

Fibra Mty, for its part, said it is on track to diversify its portfolio with more clients in the logistics sector, in line with the strategy adopted by its competitors to address the current uncertain environment.

Fibra Mty's industrial portfolio consists of 94 properties, 75% of which are light manufacturing properties and the rest are logistics properties. Its plan is to increase that ratio to 70%-30% or even 60%-40%, which demonstrates the shift.

The manufacturing real estate business boomed as many companies sought to relocate production centers from China to Mexico due to the advantages offered by its proximity to the U.S.

Fibra Uno intends to transfer its industrial properties to NEXT within approximately 90 days.