FIBRA Macquarie México

Investor Presentation

First Quarter 2024

1
Important information

This document has been prepared by Macquarie Asset Management No risk control mitigant is failsafe. Notwithstanding the mitigants The growth opportunities described herein are not necessarily
México, S.A. de C.V. (“MAM Mexico”), as manager, acting in the name described herein, losses may occur as a result of identified or reflective of all potential investments, which may have significantly
and on behalf of CIBanco, S.A., Institución de Banca Múltiple unidentified risks. Past performance is no indication of future different prospects and other terms and conditions. No assurance can
(“CIBanco”), as trustee, of FIBRA Macquarie México (“FIBRA performance. be given that any such growth opportunities will be pursued by FIBRA
Macquarie”). Macquarie.
Certain information in this document identified by footnotes has been
As used herein, the name "Macquarie" or "Macquarie Group" refers to obtained from sources that we consider to be reliable and is based on This document is not for release in any member state of the European
Macquarie Group Limited and its worldwide subsidiaries, affiliates and present circumstances, market conditions and beliefs. We have not Economic Area.
the funds that they manage. Unless otherwise noted, references to independently verified this information and cannot assure you that it is
“we” “us”, “our” and similar expressions are to MAM Mexico, as accurate or complete. The information in this document is presented as Unless otherwise stated all information presented here in is as of March
manager, acting in the name and on behalf of CIBanco, as trustee, of of its date. It does not reflect any facts, events or circumstances that 31, 2024.
FIBRA Macquarie. may have arisen after that date. We do not undertake any obligation to Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie
update this document or correct any inaccuracies or omissions in it. Bank”), any Macquarie Group entity noted in this document is not an
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This document includes forward-looking statements that represent our for a direct, indirect, consequential or other loss arising from any use of repayment of capital in respect of the investment.
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regarding the future, which may not be realized. These statements may document.
be identified by the use of words like “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “may,” “plan,” “will,” “should,” “seek,” and similar Any discussion in this document of past or proposed investment
expressions. The forward-looking statements reflect our views and opportunities should not be relied upon as any indication of future deal
assumptions with respect to future events as of the date of this flow.
document and are subject to risks and uncertainties. Qualitative statements regarding political, regulatory, market and
Actual and future results and trends could differ materially from those economic environments and opportunities are based on our opinion,
described by such statements due to various factors, including those belief and judgment. Such statements do not reflect or constitute legal
beyond our ability to control or predict. Given these uncertainties, you advice or conclusions. Investment highlights reflect our subjective
should not place undue reliance on the forward-looking statements. We judgment of the primary features that may make investment in the
do not undertake any obligation to update or revise any forward- relevant sector attractive. They do not represent an exclusive list of
looking statements, whether as a result of new information, future features, and are inherently based on our opinion and belief based on
events or otherwise. our own analysis of selected market and economic data and our
experience in Mexico.
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Leveraging a well-positioned platform to create value
Strong Portfolio
High quality industrial focused portfolio
Pro
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Vertically integrated Property Administration Platform

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elopment Program
3 Propietary Development Program with attractive pipeline

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Robust financial and operating performance

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3
Overview
High quality industrial-focused portfolio in prime markets1
Tijuana Mexicali
25/6.3% 13/3.1% Nogales
2/2.8%
Cd. Juárez
35.6m sqft US$3.3bn 35/13.0%
Hermosillo
Gross leasable Total assets 11 / 5.4%
area2 Chihuahua
12/3.5%
Nuevo Laredo
Reynosa 9/3.2%
19/7.8%
Los Mochis Matamoros
1 / 0.7% Monterrey 4/2.1%
77.1% 39/16.5%
78.1% 1/1.1% Saltillo
Of rents are
Industrial GLA in 11/3.7%
US$-linked3 Irapuato
the North 1 / 0.5% San Luis Potosí Cancún
Guadalajara 7/2.2% 2/1.0%
Industrial 8 / 2.5%
1 / 0.4% Querétaro Puebla
Retail2
11 / 5.6% 23/5.3%
Combined MCMA6 Tuxtepec
US$1.5bn US$215.8m5 9 / 3.5% 2/1.0%
Market cap4 NOI (LTM) 10 / 9.0%

239 Industrial properties 177 Retail properties

1. Data as of March 31, 2024.
2. Includes 100% of GLA of properties owned through JVs.
3. Based on annualized base rent and proportionately combined figures for properties owned through JVs.
4. FX: March 31, 2024 Ps. 16.6780, certificate price Ps. 33.26, Outstanding CBFIs: 797,311,397.
5. LTM Average USDMXN FX Rate: 17.3397. 4
6. MCMA; Mexico City Metropolitan Area.
7. Includes 100% of the property information with respect to each of the nine retail properties held through a 50/50 joint venture.
MPA - FIBRAMQ’s vertically-integrated property
administration platform
▪ MPA is an integral service platform with a high-quality team shaped by ~90 professionals

– MPA is an employer of choice recognized as Great Place to Work®

▪ Scalable platform with capacity to integrate additional properties

▪ Customer-centric platform with direct relationship with 280+ customers throughout the country

Capabilities
Regional Coverage
Property Leasing Construction and Sustainability
Management Development
On-the-ground presence in 10 markets across Mexico
allows MPA to address customer needs 24/7
Accounting Legal IT Health and
and Finance Safety

Value creation stays within the FIBRA

1 Scalability 2 Cost advantages 3 Investor alignment

▪ Low marginal cost with ▪ Services paid at cost ▪ Internal capabilities

incremental GLA at cost to investors
▪ No leasing commissions
▪ No development fees
▪ Direct relationship with
▪ Effective cost
tenants allows for new
management
business opportunities
▪ Growth opportunities
▪ Economies of scale

5
01
Favorable market
dynamics

6
Dynamic market fundamentals driving growth

Nearshoring, EV transition and Ecommerce growth are driving Mexico’s favorable position
in the global supply chain and providing strong tailwinds to the industrial real estate sector

Real estate Supply chain

Nearshoring market dynamics Demographics evolution Key industries
● Increased ● Constrained ● Demographic bonus: ● Resiliency: Migration ● Ecommerce:
competitiveness supply driven by Mexico continues to from Just-in-Time to Increasing demand
of Mexican low vacancy and benefit from a Just-in-Case from logistics users
exports as a high rental rate relatively young inventory driven by increasing
result of growth, high net population, with management models Ecommerce
geographical absorption and 57.5% of the ● Regionalization: penetration
location, trade limited land population under the Proximity to ● Auto: Mexico’s Auto
alliances, and availability paired age of 35 customers and industry has pivoted
tensions in global with disciplined ● Labor: Access to a markets means towards higher
trade supply under skilled, competitive favorable shipping value-add products
construction and young labor times, costs and and is transitioning
market convenience into EV
7
Mexico plays an important and growing role in the
global supply chain
FIBRA Macquarie benefits directly from nearshoring due to its strong presence in northern
markets
Avg. manufacturing wages (US$/hr)1 U.S. imports – US$bn2 Strategic position in global trade
Mexico China Mexico China
● China labor costs have outpaced Mexico’s
7.1
in the past decade
● Mexico has consolidated as the top
5.0 476
commercial partner from the U.S.
427
● Mexico’s proximity to the U.S. allows
1.9 365
companies to shorten their supply chains
1.8 230 ● USMCA new rules are set to benefit the
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 region from former NAFTA rules

Avg. transit time - Mexico to U.S. (days)3 FDI in Mexico (US$bn)4 Increased investments in Mexico
China: 60.4 days
● +US$19bn in announced investments LTM
48.4
3.1 3.1
35.9 34.0 34.1 34.6 36.3 36.1
2.4 2.4 2.4 2.4 30.4 31.2 31.8
2.2 28.2
27.2 25.6
1.5 1.5 21.8
1.1 1.1

0.3

Chicago Houston Los Angeles New York

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Mexico City Monterrey Guadalajara
1. INEGI (Dec 2023), National Bureau of Statistics of China – Trading Economics (Dec 2023) and PwC analysis of data from International Labor Comparison and IHS Markit (2021) 8
2. United States Census Bureau (Dec 2023)
3. AlixPartners (2022) with information from Freightos (Dec 2022)
4. Mexican Ministry of Finance (Dec 2023)
 Industries supporting Mexico’s real estate sector

Ecommerce sales growth (US$bn)1 Auto parts sector at record levels (US$bn)2

Domestic Market Exports % Change YoY

CAGR 76% 20.1% 13.2% 13.4%

1.5% 6.8% 0.7% 2.7%
Ecommerce sales growth (2019 – 2023): 115
-19.4%
MXN: 35% | USD: 38% 122 125
107
97 98 95
91
65 79

37 89 106
73 79 81 79
26 65
21
15
8 10
2 3 4 4 4 6
1 1
18 18 17 14 16 18 16
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024F 2025F 2017 2018 2019 2020 2021 2022 2023E 2024E

High growth industries to increase their presence in Mexico

Ecommerce logistics Medical device manufacturing

Increasing penetration of ecommerce drive demand for logistics Accelerating due to reduced reliance on China, nearshoring and
real estate aging population

Electronics manufacturing EV & Auto

Competitive tensions between US and China is structurally changing USMCA driving increase in regional content
electronics supply chain EV supply chain proving resilient

1. Source: AMVO (2024) and Euromonitor “E-commerce in Mexico” (March 2021). 9

2. Source: INEGI and Industria Nacional de Autopartes (Dec 2023).
02
Growth pipeline

10
Proven Development platform

Prudently expanding portfolio through high quality industrial developments in core

industrial markets
Expanding portfolio Completed/In progress developments

45 US$254.3m
● Target markets: Tijuana, Ciudad Juarez, Monterrey, Reynosa, MCMA,
and Guadalajara
● Over next five years targeting to add ~5 million sqft Total Developments / Expansions1 Total Investment

Tijuana
Ciudad Juarez

3.8m sqft ~11.0%

Reynosa Total GLA from completed and Development yield3
Monterrey committed projects2

Guadalajara

MCMA
8.8 years 100%
Average lease term4 Occupancy of completed projects

Note: data as of March 31, 2024.

1. Includes 100% of the property information with respect to properties held through joint ventures.
2. Considers proportionally combined figures from joint ventures.
3. The NOI yield is presented on the basis of the agreed upon terms for the expansion or development and does not reflect actual NOI yield received, which amounts may differ from the agreed upon terms. 11
4. Metric considers the initial lease term of the completed projects.
Growth capex projects
► 1.5m sqft of growth GLA under development or stabilization Monterrey

► LTD US$254m of expansions and development completed or

committed at ~11.0% yield, totaling 3.8m sqft of GLA

► Acquired a 25ha land parcel in Nuevo León adjacent to

FIBRA MQ’s Apodaca industrial park to develop four industrial
buildings totaling 906k sqft of GLA1
Targeting stabilized NOI yield of 9% to 11%

Buildings under development/stabilization: 6

GLA: 1,451k sqft of GLA Total Investment: US$125.8m

Locations: Tijuana (406k sqft of GLA)

Reynosa (143k sqft of GLA) Ciudad Juárez (267k sqft of GLA)
MCMA (734k sqft of GLA) Monterrey (410k sqft of GLA)

Land bank for future industrial development: Tijuana

Additional potential GLA of 3.9m sqft

Ciudad Juarez
Monterrey
Land bank by location (‘000s sqft)
Reynosa
GLA under Completed + Additional Total
Land size Completed const. & stab.3 under const. potential GLA potential GLA
MCMA2 1,581 510 225 734 - 734
Monterrey 4,697 183 410 593 1,116 1,710
MCMA
Reynosa 524 - 144 144 95 239
Ciudad Juárez 5,868 - 267 267 2,192 2,459
Tijuana 2,682 406 406 467 873
Total 15,351 693 1,451 2,144 3,871 6,015
1. Transaction closing occurred on April 19, 2024. 2. MCMA; Mexico City Metropolitan Area, FIBRA Macquarie JV equity stake is 80.5% . 3. Under
construction or stabilization.
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03
Quality portfolio

13
Ideally positioned to support Mexico’s
manufacturing and logistics industries

Industrial highlights

● Strongest presence in
76.1% 3.4 24.3%
Northern states of Mexico, a ABR1 from the Northern Weighted average lease ABR1 contribution of
high industrial demand region,
and Border states term remaining in years Top 10 customers
benefiting from compelling
tailwinds
ABR% by region ABR% by customers ABR% by segment
● 91.6% of rents in US$ with
annual contractual increases Central 12% Other 1%
Other
9%
Medical
● Customer focused internal Bajio 12% 4% Automotive
Distribution 36%
property administration 28%
Packaging
6%
platform with local team of
Logistics
real estate professionals 11%

● Opportunity to further Electronics

13%
diversify in industries such as Consumer
logistics and medical device North 76% Manufacturing 71% Goods
21%
manufacturing

Note: data as of March 31, 2024. 14

1. ABR: Annualized Base Rent.
Defensive, high quality retail portfolio

Retail highlights

● Defensive portfolio primarily

82.3% 3.5 43.3%
in Mexico City Metropolitan located in top three retail Weighted average lease ABR2 contribution of
Area (MCMA), Mexico’s top
markets of Mexico1 term remaining in years Top 10 customers
retail market
● Majority of leases are ABR% by geography3 ABR% by space type3 ABR% by tenant type3
inflation protected and
provide for recovery of
Irapuato Guadalajara Other
repairs & maintenance and Cancun 3% 3% Office 6%
7% 7%
insurance Supermarket
Other 23%
Tuxtepec
● 100% of leases denominated 8% Anchor
28%
Sub-anchors
in Mexican Pesos 14%
37%

Monterrey
● Utilization of green building 10%
Restaurant
certifications 11%
Services
7%
Small shops
Offices Department
MCMA 36%
69% 6% Gym Store & app.
Cinemas
8% 10%
7%

Note: data as of March 31, 2024. 15

1. Refers to Mexico City Metropolitan Area (MCMA), Monterrey and Guadalajara.
2. ABR: Annualized Base Rent.
3. Includes 100% of rents from properties held in 50/50 joint venture.
04
Prudent capital
management

16
Well-positioned balance sheet1

5.7% 96.6% US$308m

of debt denominated in Undrawn committed
Average cost of debt
US$ revolver

88.7% 32.6%2 3.9 years

Average debt tenor
Fixed rate debt Real Estate Net LTV
remaining

5.1x 61.1% 71.9%

Green financing and
Net debt/EBITDA ratio3 Assets unencumbered4
sustainability-linked debt

1. As of March 31, 2024.

2. Real estate net LTV calculated as proportionally combined (debt + tenant security deposits - cash - deferred sales proceeds) / (fair market valued property values + land reserves + work in progress). 17
3. Net debt/EBITDA ratio is in USDe using 1Q24 average FX Rate: 17.3397 for 4Q23 LTM EBITDA and EoP FX Rate: 16.6780 for debt balances.
4. Calculated using percentage of investment properties value.
05
Reliable financial
performance

18
Solid performance and prudent distribution
payout ratio
Net operating income (NOI)1
(US$m) 0.22 0.23 0.23 0.23 0.24 0.28 0.28 0.35

(US$ per CBFI) 211 216 0.30

177 175 186

200 172 172 0.25

0.20

0.15

100
0.10

0.05

- 0.00

2018 2019 2020 2021 2022 2023 1Q24 LTM

NOI Margin (%) 87.5% 87.8% 87.4% 87.7% 87.4% 86.2% 85.9%

Adjusted funds from Operations (AFFO)1 and Distribution2

(US$m)
(US$ per CBFI) 0.13 0.13 0.12 0.12 0.13 0.15 0.15
150 0.16

111 112
103 103
0.14

99 92 93
89 90 0.12

100 76
65 71 67 71 0.1

0.08

50
0.06

▪
0.04

AFFO 0.02

▪ Scheduled - 0

Distribution 2018 2019 2020 2021 2022 2023 1Q24 LTM

AFFO Payout Ratio 65.4% 68.9% 73.2% 79.7% 73.7% 81.4% 83.6%

1. Margins are calculated as a % of total revenues. 19

2. Excluding Extraordinary Distributions
Solid performance and prudent distribution
payout ratio
Net operating income (NOI)1
(Ps. m) 6,000
4.22 4.43 4.84 4.65 4.93 4.91 4.90
6.00

(Ps. per CBFI) 5.00

3,693 3,542 3,753 3,739 3,742

4,000 3,307 3,403 4.00

3.00

2,000 2.00

1.00

- 0.00

2018 2019 2020 2021 2022 2023 1Q24 LTM

NOI Margin (%) 87.5% 87.8% 87.4% 87.7% 87.4% 86.2% 85.9%

Adjusted funds from Operations (AFFO)1 and Distribution2

(Ps. m)
3,000 2.43 2.58 2.59 2.38 2.71 2.58 2.54 3

(Ps. per CBFI)

2,065
2.5

1,907 1,980 1,976 1,964 1,936

2,000 1,814
1,523 1,599 1,618 2

1,365 1,447 1,447

1,248 1.5

1,000 1

▪ AFFO
0.5

▪ Scheduled - 0

Distribution 2018 2019 2020 2021 2022 2023 1Q24 LTM

AFFO Payout Ratio 65.4% 68.9% 73.2% 79.7% 73.7% 81.4% 83.6%

1. Margins are calculated as a % of total revenues. 20

2. Excluding Extraordinary Distributions
06
Sustainability focus

21
Sustainability at the core of our business
2040 Net Zero Plan KPIs, Goals and Certifications
Green Building Certification program
● FIBRA Macquarie commits to support a goal of net zero greenhouse
gas emissions by 2040, in line with global efforts to limit warming to Green building certification
1.5°C by 2050 coverage on FIBRAMQ’s
48% Total GLA consolidated portfolio now
by 2027 represents 39.9% of GLA1
FIBRA Macquarie will prioritize the reduction of real
economy emissions, committing to achieve net zero by
2040 for Scope 1 and 2 absolute emissions
Accomplishments by

Recognized as Green Lease Achieved the first LEED C&S

Leader Gold after being the v4 Gold certification for
Have adopted actions framed within our scope of business to 1st in Mexico to be recognized industrial buildings in LatAm
achieve a material reduction in the intensity of Scope 3 with the Gold level in 2022
emissions by 2040 from tenant-related energy consumption,
purchasing and embodied carbon in construction
Awarded EDGE Champion Rated #1 for 2022 Public
status by the IFC for green Disclosure in its GRESB
by building performance Latam Peer Group

Stakeholder Management 61.1%

of Green financing linked Sustainability-linked
● Strong Industrial portfolio tenant satisfaction, with 2021 survey portion of drawn debt2 framework certified by third
results showing FIBRAMQ outperforming the Kingsley US and ➢ Supported by second party party
opinions
Mexico indices2

● Commitment with our communities, through IMPAC(+) in Reporting Standards and Frameworks
collaboration with Inroads, a talent support program that enables
social mobility opportunities for emerging youth Alignment to globally recognized reporting standards and frameworks

● Achieved the Great Place to Work recognition for MMREIT

Property Administration (“MPA”), during the 2022-2023 period

Source: Company information. 22

1. Considers all the properties in the portfolio that have any green building certification in place. 2. 2021 Survey According to Kinglsey Tenant Experience Assessment. Kingsley is considered the a leader in customer satisfaction assessments. 2. As at March 31, 2024.
Disclaimer: The awards/rankings referred to herein were given to Macquarie by sources referenced, based on methodologies and criteria not known to Macquarie. Notice of awards/rankings is solely for informational purposes and should not be construed or relied upon as any indication of future performance of Macquarie or any of its funds or investments. Unless
otherwise noted, information herein is presented as of its date and does not reflect any facts that may have arisen after. Macquarie has no obligation to update this document or correct any inaccuracies or omissions in it.
Alignment with investors and value creation
Corporate governance and fee construct are aligned with investors interest and value
creation
1 Fees 2 Governing bodies
● Base management fee of 1% per annum of market capitalization
Technical Committee
paid every six months
● FIBRAMQ has 7 out of 8 Independent Members in its Technical
● Compensation of Manager staff (CEO, CFO, etc.) paid by the Committee (“TC”) and has a Lead Independent Member
Manager, not by the FIBRA − Appointed via annual consent from certificate holders1
● Performance fee hurdle rate adjusts for high inflation periods as − Required to reinvest at least 40% of their compensation
it is based on Mexican CPI + 5%, versus other peer fee structures − Since 2022, FIBRAMQ has separated Chairman and CEO
that have fixed hurdles (e.g. 9%) functions
− Performance fees must be reinvested in certificates ● The TC has the following subcommittees:
● No other fees (e.g. acquisition, development, leasing, or property − Audit Committee
administration) paid to Manager − Indebtedness Committee
− Ethics and Corporate Governance Committee
3 Structure
● Follows Macquarie Asset Management’s (“MAM”) highly FIBRA Committee
disciplined and institutional approach to fund management ● Formed by 4 senior directors of MAM with global and industry
● Access to MAM’s broader real assets and fund management expertise
expertise ● The FIBRA Committee has the following subcommittees:
● MPA as an internal service’s platform, where value creation stays − Sustainability Subcommittee
within FIBRAMQ and no fees paid to third parties − WHSE Subcommittee

1. Excludes TC members appointed by CBFI holders. 23

3

Appendix

24
1Q24 highlights

Financial / balance sheet Operational Strategic initiatives

AFFO Rental Rates Growth capex

1Q24 Ps. 0.6368/CBFI1 (-3.1% QoQ / +3.1% YoY) Industrial 5.97 US$/sqm/m (+1.6% QoQ / +6.1% YoY) • ~1.5 million sqft of industrial GLA in development
AFFO Range Ps. 2.55-2.60/CBFI – Negotiated releasing spreads of 11.8% or stabilization
– Overall releasing spreads at 11.8%
• ~3.9 million sqft of potential GLA in land bank
Retail 179.60 Ps./sqm/m (+1.3% QoQ / +5.8% YoY) across core markets

Distribution Occupancy Sustainability

1Q24 Ps. 0.5250/CBFI (Flat QoQ & YoY) 98.2% industrial (+10 bps QoQ / +1 bps YoY)
• 39.9% of total GLA certified5
FY24 scheduled Ps. 2.10/CBFI (Flat QoQ & YoY) 91.4% retail (-60 bps QoQ / +41 bps YoY)
97.3% consolidated (+1 bps QoQ / +7 bps YoY) – Commitment to certify 48% of industrial GLA
by 2027
• 61.1% of sustainability and green financing linked
portion of drawn debt
• GRESB signatory, rated #1 for 2022 Public
Balance Sheet Margins4
Disclosure in its GRESB Latam Peer Group6
NAV of Ps. 42.51/CBFI (-4.6% QoQ / 6.6% YoY) 1Q24 (inc. SLR) NOI 85.7% (+59 bps QoQ / -140 bps
Regulatory LTV of 30.5%2 YoY) • Recognized as Green Lease Leader (Gold Level)
Net debt / EBITDA 5.1x3 1Q24 NOI (exc. SLR) 86.2% (+57 bps QoQ / -149 bps • Recognized as EDGE Champion by the IFC
YoY)
1Q24 AFFO 44.0% (+43 bps QoQ / -343 bps YoY)

1. Calculated using weighted average outstanding CBFIs for the respective period. 2. Regulatory LTV calculated as (total debt + interest payable) / total assets, Net real estate LTV calculated as proportionally combined (debt + tenant security deposits - cash - deferred sales proceeds) / (fair market valued property 25
values + land reserves + work in progress). 3. Net Debt/EBITDA calculated using LTM EBITDA (1Q24) using an average FX rate of 17.7620 along with EoP debt balances converted to USD at an FX rate of 16.6780 4. Margins are calculated as a % of total revenues and exclude SLR. 5. Considers all the properties in the
portfolio that have any green building certification in place. 6. GRESB: Global Real Estate Sustainability Benchmark. Internationally-recognized benchmarks to track environmental, social and governance (ESG) performance of commercial real estate and infrastructure (FIBRA Macquarie held a 2/5 star rating as of
4Q22);.
Executive Summary

1Q24 Key Metrics

Industrial average rental rates

US$5.97 sqm/m (+1.6% QoQ; +6.1% YoY) 211k sqft Constructed GLA – lease ups in stabilization

Industrial occupancy EOP

98.2% (+10 bps QoQ; +1 bps YoY) 635m sqft Constructed GLA – deliveries (not leased)

Industrial release spread – commercially

11.8% negotiated 606m sqft GLA under construction – to be delivered
(1Q24)

Industrial Same Store NOI (exc. SLR)

US$46.8m (US$: +3.9% QoQ; +6.7% YoY) Ps. 1.2472 NOI per CBFI (exc. SLR)
(US$: +2.7% QoQ; +9.2% YoY)

Retail average rental rates

Ps. 179.60 sqm/m (+1.3% QoQ; +5.8% YoY) Ps. 0.6368 AFFO per CBFI
(US$: -3.1% QoQ; +3.1% YoY)

Retail occupancy EOP

91.4% (-60 bps QoQ; +41 bps YoY) Ps. 42.51 NAV per CBFI
(-4.6% QoQ; +6.6% YoY)

Retail release spread – commercially negotiated

4.5% (1Q24) 32.6% Real Estate Net LTV
(+123 bps QoQ; -234 bps YoY)

Retail Same Store NOI (exc. SLR)

Ps. 141.7m (Ps.: 1.2% QoQ; +5.8% YoY) 5.1x Net Debt / EBITDA
(4Q23: 4.9x ; 1Q23: 5.1x)

26
Industrial development and expansions
NOI
Project # of Incremental GLA Investment Completion / Expected Initial Lease
Project City NOI Yield1 Contribution
Type Projects ('000 sqft) (USDe$ '000s) Completion term (years)
Date
Delivered (inception to 2016)
Total 13 499 25.2 11.9% Actual 8.8
Delivered (2017 to date)
Expansions 14 555 26.0 11.6% Actual 8.3
REY030 Reynosa Development 1 145 8.0 11.1% Actual 2Q17 5.0
JUA043 (LEED Certified) Ciudad Juárez Development 1 201 9.0 11.4% Actual 4Q19 3.0
JUA044 (LEED Gold) Ciudad Juárez Development 1 217 10.7 11.3% Actual 2Q20 10.0
MTY042 (LEED Platinum) Monterrey Development 1 183 12.7 10.4% Actual 3Q22 10.0
MEX0082 MCMA Development 1 510 36.1 12.0% Actual 3Q23 10.0
Total 19 1,812 102.5 11.5% Actual 8.5
Total delivered projects 32 2,310 127.6 11.6% Actual 8.6

Developments and
expansions in progress
MEX0092 (In stabilization) MCMA Development 1 225 15.3 9%-11% Target 4Q23 FY24 n.a.
MTY043 (in stabilization) Monterrey Development 1 211 22.1 11.9% Estimate 4Q23 Mid-FY24 10.0
MTY044 Monterrey Development 1 200 18.5 9%-11% Target 1H24 FY24/FY25 n.a.
REY031 (in stabilization) Reynosa Development 1 144 9.9 9%-11% Target 4Q23 FY24/FY25 n.a.
TIJ031 Tijuana Development 1 406 40.6 9%-11% Target 2H24 FY25 n.a.
JUA045 (in stabilization) Ciudad Juárez Development 1 267 19.4 9%-11% Target 4Q23 FY24/FY25 n.a.
Total 6 1,451 125.8 10.0
Total delivered projects +
38 3,762 254.3 11.2% 8.8
developments in progress

1. The NOI yield is presented on the basis of the agreed upon terms for the expansion or development and other leasing assumptions and does not reflect actual NOI yield, which may differ from the agreed upon terms. Note: There is no guarantee FIBRA Macquarie will pursue 27
any of the potential expansions or developments described herein or, if such an expansion or development is pursued, that FIBRA Macquarie will be successful in executing it. In addition, there can be no assurance the expansions or developments will be available or achieved on
the terms described herein or otherwise or that any expansion or development performs as expected. 2. Project held through a JV in which FIBRA Macquarie has a 80.5% stake.
Development case studies

Mexico City - Cuautitlan Monterrey - Apodaca Ciudad Juarez – Sur/Sureste

● 15ha site in Mexico City ● 21ha development and a 25ha recently acquired site in ● 55ha site in Ciudad Juarez
Monterrey’s most prominent industrial submarket, ● Completed first Class A building with capacity for up
● Developed two Class A industrial buildings1
Apodaca to 10 buildings
● 700k+ sqft of GLA: ● Developing four Class A industrial buildings and four ● Up to 2.5m sqft of GLA:
– Attracting logistics users, but designed to provide buildings in land bank
– Ideally located between Sur and Sureste
space solutions to a variety of industrial end-users ● +800k sqft of GLA and 906k sqft in additional land bank: submarkets of Ciudad Juarez, which comprise ~59%
– Focus on Sustainability - targeting highest LEED – Located in sought-after Apodaca submarket of of Class A industrial inventory in the city and ~73%
certification Monterrey, which comprises ~43% of Class A of the 0.7m sqft of GLA absorbed by the market in
– Building 1 leased @ 11.8% NOI yield to a leading e- industrial inventory in Monterrey and 20242
commerce retailer ~72% of the 3.0m sqft of GLA absorbed by the – Focus on Sustainability - targeting highest LEED
market in 20242 certification
– Building 1 leased @ 10.4% NOI yield (LEED platinum)
– Building 2 leased @ 11.9% NOI yield

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1. FIBRA Macquarie JV equity stake is 80.5% as of March 31, 2024. 2 Source: Datoz as of March 31, 2024.
Development case studies (cont’d)

Tijuana – Libramiento Reynosa - Poniente

● 25ha site in Tijuana ● 8ha site in Reynosa
● Developing 3 Class A industrial buildings ● Completed 1 class A industrial building
● 144k sqft of GLA under construction:
● +870k sqft of GLA:
– Advantaging of favorable market conditions in Reynosa market, which has
– Focus on Sustainability - targeting highest LEED certification
experienced a spill-over of the demand from other core markets where
– Increased demand from export-oriented manufacturers availability of space is limited
– Focus on Sustainability - targeting highest LEED certification

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