Overall Outlook

Since the creation of the Mexican REIT several years ago, these investment vehicles have shown a highly dynamic growth. This is how Fibra Plus has been established as a Mexican REIT to deliver greater returns to investors derived from their participation in real estate investments from the development process in the short and medium term to the capture of added value in the long term. Additionally, the growth potential of the Mexican real estate market is not fully exploited and, hence, there are ample opportunities to continue expanding in various segments, especially in the commercial and institutionalized rental housing markets. Fibra Plus expects that this environment, coupled with the positive long-term macroeconomic trends and its presence in prime locations in the country, brings opportunities to develop new properties and to raise current occupancy levels.

In light of the above, our developments tend to be mostly mixed-use properties, which seek to increase traffic flow and tap into the synergies generated by the different types of property use merged in the same location.

Current Portfolio

The following table summarizes the portfolio information as of 3Q24:

Portfolio under development	Use	Opening1	Location	GLA (m2)	% of total GLA
Espacio Condesa	Retail	2H24	Cuauhtemoc, Mexito City	23,527	3.64%
Espacio Condesa	Residential	1H26	Cuauhtemoc, Mexito City	7,977	1.24%
Espacio Condesa	Office	1H25	Cuauhtemoc, Mexito City	38,447	5.95%
Portfolio in planning	Use	Opening2	Location	GLA (m2)	% of total GLA
Bora	Residential	TBA	Cuajimalpa, Mexito City	18,555	2.87%
Manzanillo	Retail	TBA	Manzanillo, Colima	20,829	3.23%
Torre Premier (Phase 2)	Office	TBA	Villahermosa, Tabasco	3,828	0.59%
Vidarte Satelite	Retail	TBA	Tlalnepantla, State of Mexico	12,191	1.88%
Vidarte Satelite	Office	TBA	Tlalnepantla, State of Mexico	13,077	2.03%
Ciudad del Carmen	Office	TBA	Ciudad del Carmen, Campeche	10,592	1.64%
Total portfolio under development and planning				149,432	23.15%

¹Variations in the start of operations between (+/-) 6 months may occur.
²Estimated date, given that the search of funding sources for the project is ongoing.

Portfolio in Operation and in Stabilization

Portfolio in operation	Use	Year of acquisition or completion	Location	GLA (m2)	% of Total GLA
Fibra HD’s Portfolio	Retail	2021	Campeche, State of Mexico, Jalisco, Baja California, Coahuila, Q. Roo, Sinaloa, Veracruz, Mexito City, Sonora, Nayarit y Baja California Sur	156,893	24.30%
Fibra HD’s Portfolio	Industrial	2021	Sonora, Aguascalientes, Colima, Durango, Tabasco y State of Mexico	94,501	14.64%
Fibra HD’s Portfolio	Education	2021	Sonora, Queretaro, Jalisco y Puebla	39,116	6.06%
Fibra HD’s Portfolio	Office	2021	Aguascalientes, Q. Roo, State of Mexico y Mexito City	15,565	2.41%
T-MEC III	Industrial	2021	Nuevo Laredo, Tamaulipas	46,521	7.20%
Sonora	Industrial	2018 and 2023	Nogales, Sonora	62,923	9.74%
Baja California	Industrial	2017	Ensenada, Baja California	40,279	6.24%
Torre Premier	Office	1H19	Villahermosa, Tabasco	5,631*	1.46%
Autlan	Retail	2017	Autlan de Navarro, Jalisco	5,017	0.78%
Saltillo’s Portfolio	Industrial	2022	Saltillo, Coahuila	4,564	0.71%
Downtown Santa Fe	Office	2023	Mexico City	260	0.04%
Heredit Acueducto	Retail	In Process of being delivered	Guadalajara, Jalisco	2,200	0.34%
Salina Cruz	Retail	1H20	Salina Cruz, Oaxaca	9,972	1.56%
Portfolio in stabilization	Use	Year of acquisition or completion	Location	GLA (m2)	% of Total GLA
Heredit Acueducto	Office	In Process of being delivered	Guadalajara, Jalisco	7,934	1.22%
Torre Arcos	Office	2017	Guadalajara, Jalisco	4,831*	0.74%
Total portfolio in operation and stabilization				496,053	76.85%

^*Calculated under the BOMA methodology, which measures the leasable area of office spaces considering common areas.

Geographic diversification

At the end of 3Q24, Fibra Plus' portfolio was distributed in 20 Mexican states, with the CDMX being the area with the highest concentration, with 18% of total ABR. Meanwhile, the only states with more than 10% of total ABR, in addition to the CDMX, are the State of Mexico, with 15%, and Sonora, with 13%.

Portfolio diversification

Breaking down by sectors, as of March 31, 2024, 39% of the property portfolio belonged to the industrial segment, 36% to the commercial segment, 15% to the office segment, 6% to the educational segment and 4% to the housing segment.