Fibra Danhos

Solid operating performance & steady cashflow growth (Good) - Total revenues: MXN 2.0bn, +8.6% YoY (driven by rent +8% YoY and parking +16% YoY). - NOI: MXN 1.6bn, +7.1% YoY with a 78% margin (suggests costs/operating efficiency holding up well). - AFFO: MXN 1.2bn → MXN 0.73 per CBFI. - Distribution per CBFI (economic rights): MXN 0.45; dividend is ~1.7x taxable income and implies ~62% payout ratio vs. AFFO. - Occupancy: 90% overall; 93% on a comparable basis (Retail ~95%, Office >82%, Industrial 88%).

Leasing spreads look strong in retail despite “consumer sentiment” debate (Good / Surprising) - Management reported retail leasing spread ~8% on operating renewals (~35k sqm), described as ~2x inflation—near the highest in ~6 years per analyst framing. - Surprising/positive nuance: even though consumer equity sentiment has been “depressed,” management attributes the quarterly timing to World Cup season: - Consumer demand was weaker in the first half (buying concentrated around sports items). - Q3 to early Q4 tenants indicate improving consumer strength, supporting the leasing spread performance. - Tenant mix impact: sports retailers (e.g., Adidas, Nike, Innovasport) performed best; other categories were slower initially but normalized.

Office recovery supported by low supply & selective leasing (Good) - Company leased ~8,000 sqm in the quarter, concentrated in Reforma and Toreo. - Office occupancy improved from ~75% to ~82%, indicating gradual market recovery. - Management’s key driver: no new office product delivered/started for ~5 years, creating scarcity; they expect continued improvement and potentially full leasing within ~6–8 months (for some segments/sectors, per their wording).