Fibra Mty S.A.P.I. de C.V.

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What it is

Fibra Mty launched in December 2014 as the first real estate investment trust in Mexico to be fully funded in the domestic capital market — a FIBRA, in local terminology, is the Mexican equivalent of what the rest of the world calls a REIT.

It owns and rents out non-residential buildings — industrial facilities, warehouses, and offices — concentrated in Monterrey, San Pedro Garza García, Apodaca, and Ciudad Juárez, divided into an Office segment and an Industrial segment.

Mexican law requires a FIBRA to pay out at least 95% of its net income each year to certificate holders and to keep at least 70% of its assets in rental properties — which is why the yield is high and why almost no profit is retained inside the trust.

Fibra Mty is internally managed by Administrator Fibra Mty, S.C., making it the first self-managed vehicle of its kind in the Mexican FIBRA sector — meaning its management team works for investors rather than for a separate, fee-charging external firm.

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Who owns it

Insiders — the founders and management — hold approximately 73.6% of all certificates outstanding, with institutional investors accounting for a further 19.6% and the remaining free float below 7%, according to EODHD data.

Jorge Ávalos is the founder of Fibra Mty, and Javier Llaca is co-founder and Chief Operating Officer — the concentrated insider ownership means the founders’ interests are tightly aligned with those of public certificate holders.

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Who runs it

Jorge Ávalos Carpinteyro serves as CEO and General Director; Jaime Martínez Trigueros is CFO and Director of Administration and Finance; Javier Llaca García is COO and Chief Investment Officer.

The Technical Committee — Fibra Mty’s equivalent of a board of directors — is chaired by a member from Grupo Delta, a leading Mexican real estate developer; the committee has operated with a fully independent, non-staggered structure since January 2015.

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The money, in plain words

Revenue has grown strongly: from MXN 4.4 bn (US$254 mn) in 2021 to MXN 7.3 bn (US$422 mn) in 2023 — a rise of about 66% in two years (our calculation). The trust kept roughly 13 cents of profit from every peso of revenue in 2023 — a net profit margin of 13.3% — which is solid for a property trust that must pay out nearly all it earns (our calculation).

The headline return on equity is currently negative at –1.3% (TTM), which in a FIBRA context reflects periodic non-cash fair-value adjustments to property rather than operating losses; the operating business itself generates positive, growing rent income. Industrial occupancy at the end of Q4 2025 stood at 98.0%, with total portfolio occupancy at 96.6% — near-full buildings are what actually drive cash to certificate holders.

At 8.9% dividend yield — paid monthly, not quarterly or annually — Fibra Mty offers an income return well above most sovereign bonds in the region. Loan-to-value leverage stood at 26.4% at the end of Q4 2025, comfortably below the trust’s own ceiling of 35%, leaving room to borrow for future deals without straining the balance sheet.

In early 2024 the trust raised nearly USD 468 million in a domestic share offering, with roughly 60% bought by foreign institutional investors — a sign of international confidence in the business.

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What it is doing now

In March 2026, Fibra Mty acquired two Class A industrial facilities in Coahuila and Guanajuato for approximately USD 99.7 million through a sale-leaseback structure, with both properties fully occupied and supporting manufacturing and logistics operations linked to international supply chains.

In parallel, the trust is rotating its portfolio away from offices: by end-2025 it had received bids of approximately MXN 3.8 bn (US$219 mn) for the sale of office buildings, with proceeds earmarked for further industrial acquisitions. More than 70% of the roughly USD 700 m investment target set after the 2024 capital raise has already been deployed in income-generating assets at an average capitalisation rate close to 8%.

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What to watch

• US trade policy: CEO Ávalos acknowledges that US tariff threats have created market uncertainty, but says demand for industrial space in Mexico remains high, driven by competitive manufacturing costs and skilled labour.
• Capital raise: Management is evaluating a potential new share offering to continue acquiring industrial assets; with available cash and borrowing capacity, the trust estimates it could invest a further USD 300–500 m before needing fresh equity.
• Office disposal speed: how quickly and at what price Fibra Mty sells its remaining office buildings will determine how fast it can redeploy capital into the higher-demand industrial segment.
• Nearshoring durability: the trust’s growth thesis rests on Mexico’s nearshoring trend and the expansion of advanced logistics and industrial infrastructure — any shift in North American supply-chain decisions would affect long-term rental demand.

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This is news, not investment advice.