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This presentation is strictly confidential and is being furnished to you solely for your information. It may not be reproduced or redistributed to any other person, and it may not be published, in whole or in part, for any purpose. By receiving this presentation, you become bound by the above referred confidentiality obligation. Failure to comply with such confidentiality obligation may result in civil, administrative or criminal liabilities. The distribution of this presentation in other jurisdictions may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. The material that follows presents general background information about Terrafina (“Terrafina” or the “Company”) as of the date of the presentation. This information consists of publicly available information concerning the Company and the industries in which it participates. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors and does not form the basis for an informed investment decision. If the Company should at any time commence an offering

  • f securities, any decision to invest in such offer to subscribe for or acquire securities of the Company must be based wholly on the information contained in the offering circular to be

issued by the Company in connection with any such offer and not on the contents hereof. None of the Company or any authorized underwriter or any of their respective affiliates expects to update or otherwise review the information contained herein except by means of a prospectus, offering memorandum or other customary disclosure document with respect to the offer of any securities of the Company. This presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy any securities in the United States or elsewhere nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment to purchase certificates. Securities may not be offered or sold in the United States absent registration

  • r an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Act”). This presentation is being made only to investors that, by means of their attendance at

this presentation, represent that they are “Qualified Institutional Buyers” as that term is defined in the Act. Terrafina has not and does not intend to register any securities under the Act or offer any securities to the public in the United States. Any decision to purchase certificates in any offering should be made solely on the basis of the information to be contained in the Mexican prospectus to be registered with the Comisión Nacional Bancaria y de Valores (“CNBV”) or any offering memorandum delivered to you in due course in relation to any such offering, and not on the basis of this presentation. No reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness. All information in this presentation is subject to verification, correction, completion and change without notice. No representation or warranty, express or implied, is given or will be given as to the accuracy, completeness or fairness of the information or opinions contained in this document and any reliance you place on them will be at your sole risk. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company, any global coordinator, bookrunner, manager or any other person in relation to such information or opinions or any other matter in connection with this document or its contents or otherwise arising in connection therewith. This presentation includes forward-looking statements. All statements other than statements of historical fact included in this presentation, including, without limitation, those regarding

  • ur prospective resources, contingent resources, financial position, business strategy, management plans and objectives, future operations and synergies are forward-looking
  • statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual resources, reserves, results, performance
  • r achievements to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous

assumptions regarding our present and future business operations and strategies and the environment in which we expect to operate in the future. Forward-looking statements speak

  • nly as of the date of this presentation and we expressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in this

presentation, any change in our expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Neither the CNBV nor any other authority have approved or disapproved the information contained in this presentation, or the accuracy or the veracity of the information contained herein. By By atten ending this this pres esen entation or

  • r by

by accep epting to to view ew an any of

  • f the

the mater erials pres esen ented ed, yo you agree ee to to be be bo bound by by the the foreg egoing lim limitatio itations.

Disclaimer

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  • Bes

est Cl Class-A in industrial ial po portfolio leased by multinational tenants

  • Highest percentage of US

US$-den enominated ed leases and the majority structured as triple-net, providing Terrafina with stable US$-denominated cash flows

  • Younges

est po portfolio with th the highes est oper erating ma margins ns among Mexican industrial REITs

  • Most diver

ersified ed industrial portfolio in Mexico by tenant base located in the industrial real estate hub of the country

  • Inves

estmen ent Gr Grade balance sheet with proven access to public and private debt markets

  • Strong spo

sponso sorsh ship by PGIM Real Estate: one of the longest-standing industrial real estate managers in Mexico

Terrafina at a glance: a leading industrial REIT in Mexico…

Solid Fundamen entals with PGI GIM Rea eal Estate e portfolio managem emen ent exper ertise Key Met etrics as of 3Q2019

IndustrialProperties 289 289 Rent per ft2 US US$5.18 5.18 Rental Revenues ~9 ~97% % US$ S$ Youngest Portfolio

  • Avg. Ag

Age e 12 yea ears Occupancy Rate 96.3% 96.3% GLA 41.8m 41.8mm ft2

North 62.3% Central 15.2% Bajio 22.5%

Source e Terrafina filings

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2017 2015 2016 2014 2018 2013

  • IPO

US$716mm

  • Revolving Credit Facility

US$500mm

  • Acquisition of

11MM ft2

  • FO offering

~US$460mm

  • Asset recycling strategy

~US$101mm

  • Bond Issuance US$425mm
  • Unsecured revolving facility

US$375mm

  • Acquisition 1.1MM ft2
  • Refinancing

US$150mm

  • Refinancing

US$500mm

  • FO offering

US$317mm

  • Acquisition of

10.1 MM ft2

  • Refinancing

US$300mm

  • Acquisition of

0.3 MM ft2

2003

  • PGIM raises two industrial

funds

  • PGIM reaches 19.9mm ft2
  • f Industrial assets

… that has been delivering results since inception

Key milestones that propelled and support our growth story

2011

  • 1. Defined as: (Net Income/Loss + Interest on Debt + Unrealized Gain/Loss of fair value changes) / (all interest and principal payments on debt)

2019

  • Liability

Management: Tender Offer ~US$336 MM and Bond Issuance US$500mm

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Mexican Elections USMCA US Elections

Strong occupancy and solid rental rates in all stages of the cycle

Successfully executing its business plan…

4.76 4.82 4.88 4.88 5.04 5.15 5.18 89.7% 91.2% 93.2% 94.8% 95.5% 95.3% 96.3% 85.0% 87.0% 89.0% 91.0% 93.0% 95.0% 97.0% 4.50 4.60 4.70 4.80 4.90 5.00 5.10 5.20 5.30

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

  • Avg. annualized rental rate (US$ per ft2)

Occupancy rate

Attractive margins for NOI…

89.0% 89.9% 92.1% 92.0% 92.3% 94.1% 94.3% 2014 2015 2016 2017 2018 2Q19 2Q19 NOI Margin

78.4% 79.8% 82.5% 83.0% 83.1% 84.2% 84.4%

2014 2015 2016 2017 2018 2Q19 3Q19

EBITDA Margin

…and AFFO

48.5% 53.1% 52.2% 52.4% 53.5% 50.2% 53.9%

2014 2015 2016 2017 2018 2Q19 3Q19

AFFO Margin

EBITDA…

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… with a resilient portfolio across different economic cycles…

77.6% 81.3% 79.4% 78.3% 80.3% 87.2% 85.7% 91.1% 93.1% 93.2% 94.9% 96.3%

60% 65% 70% 75% 80% 85% 90% 95%

3Q06 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19

5 10 15 20 25 30 35 40 45 GLA (mm ft2) Occupancy

GLA (mm ft2) Occupancy

1 PGIM RE Fund Development

Phase Pre-Crisis 2 Global Financial Crisis / Automotive Crisis

3 Recovery 4 IPO and AI / Kimco

Acquisition 5 Asset Sale / 1st Follow On 6 2nd Follow On / Acquisitions & Consolidation

Source e Terrafina Filings

  • 1. Defined as: (Net Income/Loss + Interest on Debt + Unrealized Gain/Loss of fair value changes) / (all interest and principal payments on debt)
  • Prior to economic

downturn: ~86%

  • ccupancy (vacancy

driven by PGIM funds’ development strategy mandate)

1

  • PGIM focused on BTS

development to mitigate leasing risk

  • All debt metrics

remained in line amid global financial crisis and debt was successfully refinanced

2

  • Portfolio
  • ccupancy

improved steadily due to sound fundamentals

3

  • Improved occupancy

supported successful Terrafina IPO (3/13)

  • First acquisition (9/13)

4

  • Sale of non-strategic

assets (for ~US$101mm) decreased LTV from 37% to 35%

5

  • Acquisitions with 2017 FO

resources improved DSCR(1)

  • Consolidation process

reaching record-high during the last 2 years with

  • ccupancy and renewal rate

above 90%

6

…successfully managed by Terrafina and PGIM Real Estate

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Key Investment Highlights

Best-in-class industrial portfolio with a high-quality tenant base and strategically diversified in top industrial markets Institutional corporate governance and Premier Global Real Estate Management Platform with PGIM RE Sound capital structure & conservative financial policy Proven track record delivering consistent and stable

  • perating and financial results

Robust portfolio in a resilient industry

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Ten enant Base e Brea eakdown by Sec ector (% GL GLA) A)

Diversified High-Quality Industrial Portfolio

35. 35.0% 0% 19. 19.2% 2%

Industrial Goods

14. 14.5% 5% 10. 10.3% 3%

Consumer Goods Distribution & 3PL/E-commerce Aerospace

9. 9.4% 4%

Electronics

8. 8.1% 1%

Non-Durable Goods Auto parts

3. 3.6% 6%

19% 15% 28% 23% 53% 62%

Central Baijo North

by GLA

Mexico Industrial Brea eakdown: Distribution by Region(1

(1)

Nor North th

  • Manufacturing focus
  • Targeted location for exports to US

Ba Bajio

  • Mix of manufacturing and logistics

facilities

  • High concentration of automotive

exports

Cen entral

  • Predominantly logistics and 3PL

facilities

  • High barriers to entry / land scarcity

Ten enants advancing to new tren ends

  • Aer

Aerospace: Mexico is a prime location for aerospace enhanced by highly qualified workforce. Our tenants participate in the supply chains of the world’s top aerospace companies

  • E-Commer

erce: Our 3PL tenants provide service to the E- Commerce activity

  • Au

Automotive: Our tenants support the evolution of the electric/hybrid trend by manufacturing for electric and hybrid cars

Source e Public filings, Jones Lang LaSalle Industrial real estate report

  • 1. % of total Mexico industrial stock as reported by Jones Lang LaSalle of 800mm square feet,. Terrafina number as of
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3.1% 2.3% 1.8% 1.7% 1.7% 1.7% 1.6% 1.5% 1.5% 1.5% 86.6% 91.0% 86.5% 85.7% 90.8% 88.8% 2014 2015 2016 2017 2018 LTM-3Q19

  • 72.6% of our tenants are focused in manufacturing, while 27.4% are in distribution and logistics
  • Tenant base comprised primarily of large, creditworthy multinational companies
  • Manufacturing tenants have up to 10-year lease terms and high switching costs
  • Distribution & 3PL/E-commerce tenants have up to 5-year lease terms

Lea ease e Expiration Sched edule e

3.7% 22.4% 17.8% 11.1% 13.0% 31.9% 2019 2020 2021 2022 2023 >2024

Expiration Year

Ren enewal Rates es (An Annual Aver erage) e)

14

Top 10 Ten enants – Low Concen entration

% of GLA Yea ears in Po Portfolio 13 21 Logistics In Industry 11 Non-Durable Goods Electronics 14 Non-Durable Goods 5 Aerospace 12 Consumer Goods 6 Auto Parts Auto Parts Aerospace 10 19 Av Avg 88.1%

Source e Terrafina Filings, figures as of 3Q19

  • 1. Year of first bond issuance

% of ABR

Long-term tenant relationships supported by high retention rates

Industrial Goods

Kunne+Nagel Flextronics Safran Cummins Lazyboy Cessna Chedraui Yanfeng Omnilife ATR

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Stable and growing industry

88% 90% 92% 94% 96% 98% 100% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total Bajio Central North $4.00 $4.50 $5.00 $5.50 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total Bajio Central North 485 506 524 541 544 566 674 736 770 797 200 400 600 800 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Industrial Stock

Source e Jones Lang LaSalle Mexico Industrial Report 2018

Industrial Stock (mm ft2)

Consisten ent and Stable e Gr Growth Tren end

Industrial Net Absorption (mm ft2)

Sound Ab Absorption Ac Across Market ets

CAGR AGR (2009 – 2018): 2018): 5.68% 5.68%

Industrial Rent (Annualized Avg. US$ Rent per ft2)

$4.79 $4.63 $4.67 $5 $5.08

Industrial Occupancy Rate %

Stable e and Hea ealthy Occupancy Rates es

94.8% 95.0% 96.9% 93.9%

Res esilien ent Aver erage e Ren ents

19 19 31 31 27 27 30 30 23 23 26 26 91 91 59 59 33 33 34 34

15 30 45 60 75 90 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 North Bajio Central

Over 10 years of steady performance of the Mexican industrial real estate industry

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Source Public filings, 1Q19 figures Past performance is not a guarantee or reliable indicator of future results

The most efficiently managed industrial REIT in Mexico

42.8 69.3 73.5 74.5 95.0 110.1 26.9 28.8 29.1 25.4 24.2 25.1 28.3 43.6% 48.5% 53.1% 52.7% 52.4% 53.5% 50.7% 56.7% 56.6% 49.3% 46.1% 50.2% 53.9%

2013 2014 2015 2016 2017 2018 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 AFFO AFFO Margin

73.8 111.2 109.7 118.2 150.3 170.9 41.3 43.6 43.3 42.8 40.9 42.2 44.2 77.1% 78.4% 79.8% 82.5% 83.0% 83.1% 78.4% 86.4% 84.6% 83.1% 78.0% 84.2% 84.8%

2013 2014 2015 2016 2017 2018 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 EBITDA EBITDA Margin

53.8 79.8 84 83 105 122.5 29.7 31.3 31.2 30.3 28.4 29.5 31.6 53.0% 56.2% 61.1% 58.0% 58.4% 60.0% 56.4% 62.0% 61.0% 59.3% 54.6% 59.4% 60.7%

2013 2014 2015 2016 2017 2018 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 FFO FFO Margin

86.1 126.3 123.6 131.8 166.8 190.0 46.0 47.9 48.1 48.0 45.8 47.2 49.2 87.6% 89.0% 89.9% 92.1% 92.0% 92.3% 87.3% 94.9% 94.0% 93.3% 87.3% 94.1% 94.3%

2013 2014 2015 2016 2017 2018 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 NOI NOI Margin

AF AFFO and AF AFFO Margin — (US (US$ M $ MM) EBITD TDA A and EBITD TDA A Margin – (US (US$ M $ MM) FFO a FFO and nd FFO Ma FFO Margin n – (US (US$ M $ MM) NOI a NOI and nd NOI Ma NOI Margin n – (US (US$ M $ MM)

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SLIDE 12

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Cred edit Ratings (Inter ernational) Inves estmen ent Gr Grade Cred edit Ratings (Inter ernational) Inves estmen ent Gr Grade Cred edit Ratings (Inter ernational) Inves estmen ent Gr Grade Cred edit Ratings (Inter ernational) Inves estmen ent Gr Grade Cred edit Ratings (Inter ernational) Inves estmen ent Gr Grade Cred edit Ratings (Inter ernational) Inves estmen ent Gr Grade

  • Large

e net etwork of len ending rel elationships, from both Terrafina and PGIM, with a solid roster of banks

  • Inves

estmen ent Gr Grade e balance e sheet eet with proven en acces ess to diver erse e sources es of liquidity

  • ECM, DCM, Commercial Banking, Private

Placement and Asset divestitures

  • ~U

~US$ S$225mm mm available in undrawn revolving credit facilities

DSCR(2) as of 3Q19

3.3x 3.3x

LTV(1) as of 3Q19

40.8% 40.8%

Credit Ratings (International) Investment Grade

Ba Baa3 3 (St

Stable)

BBB BBB- (St

Stable)

Disciplined financial strategy with prudently structured debt facilities…

Source e Terrafina filings

  • 1. (total debt / total assets). As defined by CNBV:
  • 2. Defined as: (Net Income/Loss + Interest on Debt + Unrealized Gain/Loss of fair value changes) / (all interest and principal payments on debt)

Outstanding De Outstanding Debt bt

99% 1%

De Debt bt Br Breakdo eakdown wn

(including derivatives)

Fixed Rate Variable Rate

Cred edit Ratings (Inter ernational) Inves estmen ent Gr Grade Cred edit Ratings (Inter ernational) Inves estmen ent Gr Grade

Average Cost of Debt

4.94% 4.94%

As of September 30, 2019

Currency Millions of dollars Interest Rate Terms Maturity Citibank Revolver

Dollars

78.4

Libor + 2.45% Interest Only Jan 2023

Metlife

Dollars

150.0

4.75% Interest Only Jan 2027

Banamex Term-Loan

Dollars

187.0

Libor + 2.45% Interest Only Oct 2022

Senior Notes (2022)

Dollars

95.3

5.25% Interest Only Nov 2022

Senior Notes (2029)

Dollars

516.9

4.962% Interest Only Jul 2029

New York Life

Dollars

15.0

5.19% Interest + Principal Feb 2020

To Total Deb ebt 1, 1,042. 042.6 Ne Net Cash 64. 64.9 Ne Net Debt 977. 977.7 We Weighted Average Maturity 7. 7.0 0 year ars

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Victor D. Almeida Eduardo Solis Arturo D’Acosta Ruiz Jose Luis Barraza Carmina Abad Julio Cardenas Investment Committee

  • Comprised of PGIM executives

and Terrafina’s CEO

  • Terrafina’s CEO must approve any

acquisition or disposition of real estate assets

Au Audit Committee ee

(100% Independent)

  • Oversees the performance of the

Finance, Accounting and Tax functions

  • Reviews documents prepared by

external auditor

Indebted ednes ess Committee ee

(100% Independent)

  • Ensures compliance with

indebtedness regulation and financial covenants

Practices es Committee ee

(100% Independent)

  • Assists the Board in making

decisions regarding conflict of interests, governance and best practices

Nomi Nomina nati ting ng Committee ee

(100% Independent)

  • Responsible for membership and

compensation of Board members and Management team

Committees ees

Source e Terrafina filings

Tec echnical Committee ee Mem ember ers (75% indepen enden ent)

Enrique Lavin Alberto Chretin

Independent Members

Premier Institutional Corporate Governance…

Robust corporate governance standards

Non- Independent Members

  • Al

Alber erto Chret etin, , Chief Executive Officer

  • Carlos Go

Gomez, Chief Financial Officer

  • Fr

Francisco Martinez, Investor Relations Officer

  • Ter

errafina --

  • - (Internal Management Subsidiary)
  • Drive growth and establish objectives
  • Ensure appropriate capital structure
  • Oversee financial performance
  • Communications with investors
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1. 1.Green een Bu Building Cer ertifications:

  • SMART Blue green building certification 2019 version includes a new credit called

community engagement based on United Nations Principles for Responsible Investment

  • 2. GRE

GRESB(1) (+ (+): Overall score-61; Green Star; 2nd place out of 6 North America Listed Funds

  • 3. NOI

NOI an and ca carb rbon fo footrpint:

  • Mea

easurabl pl platform: we have an asset profile in our properties to collect data and reduce operational expenses and carbon footprint (energy, water and waste)

  • Proper

erty Manager ers Sus Susta taina nability ty Challen enge: launched for the first time in January 2019, to improve global data quality and collection process

  • 4. Stakeh

eholder er Engagem emen ent:

  • XI

XI La LatAm An Annual al Sus Susta taina nability ty Wo Workshop: “Building Resilience and Engaging Stakeholders in Real Estate”, with the attendance of JV Partners, Developers, Asset Managers and Owners Representatives.

  • Ten

enant Engagem emen ent: under review our green leases to strength ESG actions. Through a Tenant Satisfaction Survey and the Annual Tenant Engagement Program

ESG milestones

  • 1. Global Real Estate Sustainability Benchmark
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SLIDE 15

APPENDIX

SECTION 2:

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16

4.3x 15.0x 8.2x 8.5x 8.1x 7.5x 6.7x 6.0x 6.0x 6.1x 6.5x 6.2x 6.1x 6.0x 6.0x 4.6x 5.0x 5.2x 6.2x 6.1x 5.7x 5.8x 5.8x 6.2x 6.0x 5.9x 2 Q 1 3 3 Q 1 3 4 Q 1 3 1 Q 1 4 2 Q 1 4 3 Q 1 4 4 Q 1 4 1 Q 1 5 2 Q 1 5 3 Q 1 5 4 Q 1 5 1 Q 1 6 2 Q 1 6 3 Q 1 6 4 Q 1 6 1 Q 1 7 2 Q 1 7 3 Q 1 7 4 Q 1 7 1 Q 1 8 2 Q 1 8 3 Q 1 8 4 Q 1 8 1 Q 1 9 2 Q 1 9 3 Q 1 9 22.2% 51.7% 51.7% 52.1% 50.6% 40.0% 37.0% 34.9% 34.8% 34.6% 36.1% 35.9% 36.9%37.3% 36.5% 45.6% 45.1% 41.2 % 41.… 40.6% 40.1% 40.9% 40.1% 41.1%41.1% 40.8%

2 Q 1 3 3 Q 1 3 4 Q 1 3 1 Q 1 4 2 Q 1 4 3 Q 1 4 4 Q 1 4 1 Q 1 5 2 Q 1 5 3 Q 1 5 4 Q 1 5 1 Q 1 6 2 Q 1 6 3 Q 1 6 4 Q 1 6 1 Q 1 7 2 Q 1 7 3 Q 1 7 4 Q 1 7 1 Q 1 8 2 Q 1 8 3 Q 1 8 4 Q 1 8 1 Q 1 9 2 Q 1 9 3 Q 1 9

Título del gráfico

8.9x 6.5x 2.9x 2.9x 3.5x 3.4x 3.5x 4.1x 4.9x 4.7x 4.0x 3.2x 3.1x 3.4x 3.3x 3.3x 3.4x 3.2x 3.4x 3.1x 3.4x 3.3x 3.3x 3.6x 3.6x 3.5x

2 Q 1 3 3 Q 1 3 4 Q 1 3 1 Q 1 4 2 Q 1 4 3 Q 1 4 4 Q 1 4 1 Q 1 5 2 Q 1 5 3 Q 1 5 4 Q 1 5 1 Q 1 6 2 Q 1 6 3 Q 1 6 4 Q 1 6 1 Q 1 7 2 Q 1 7 3 Q 1 7 4 Q 1 7 1 Q 1 8 2 Q 1 8 3 Q 1 8 4 Q 1 8 1 Q 1 9 2 Q 1 9 3 Q 1 9

4.0x 13.4x 7.7x 8.1x 7.8x 3.4x 3.7x 2.7x 3.2x 3.3x 4.1x 3.9x 4.0x 3.9x 4.0x 2.9x 3.3x 3.4x 5.2x 5.5x 5.1x 5.3x 5.3x 5.7x 5.6x 5.5x 2 Q 1 3 3 Q 1 3 4 Q 1 3 1 Q 1 4 2 Q 1 4 3 Q 1 4 4 Q 1 4 1 Q 1 5 2 Q 1 5 3 Q 1 5 4 Q 1 5 1 Q 1 6 2 Q 1 6 3 Q 1 6 4 Q 1 6 1 Q 1 7 2 Q 1 7 3 Q 1 7 4 Q 1 7 1 Q 1 8 2 Q 1 8 3 Q 1 8 4 Q 1 8 1 Q 1 9 2 Q 1 9 3 Q 1 9 Source Company filings. Notes

  • 1. Reflects annualized EBITDA figures.
  • 2. The AI / Kimco acquisition closed on September 27, 2013. This indicator reflects the full impact of leverage on Balance Sheet but only three days of EBITDA contribution.
  • 3. Defined as Total Debt / Total Assets. Total Debt at Fair Value. (4) Leverage increases as a result of acquisitions completed in January 2017.

Past performance is not a guarantee or reliable indicator of future results.

EBITD TDA A / Inter eres est Expen ense Debt / EBITD TDA(1) LTV TV(3) Net et Debt / EBITD TDA(1)

(2) (2)

2

Credit metrics

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SLIDE 17

17

Notes es Past performance is not a guarantee or reliable indicator of future results. Source: Terrafina Earnings Reports

3Q 3Q18 18 4Q 4Q18 18 1Q 1Q19 19 2Q 2Q19 19 3Q 3Q19 19 3Q 3Q18 18 4Q 4Q18 18 1Q 1Q19 19 2Q 2Q19 19 3Q 3Q19 19

fx

18.9859 19.7877 19.2163 19.1333 19.4256

MXN MM

USD MM

Rental Revenues

912.0 951.3 900.1 905.7 945.8 48.0 48.0 46.8 47.3 48.7

Other Operating Income

55.8 76.1 109.9 53.9 71.0 2.9 3.9 5.7 2.8 3.7

Net Revenues

973.5 1,034.1 1,036.0 982.0 1,022.0 51.3 52.2 53.9 51.3 52.6

Net Operating Income (NOI)*

913.3 950.7 879.8 903.4 955.6 48.1 48.0 45.8 47.2 49.2

NOI Margin

94.0% 93.3% 87.3% 94.1% 94.3% 94.0% 93.3% 87.3% 94.1% 94.3%

EBITDA*

822.1 846.4 786.3 807.5 858.8 43.3 42.8 40.9 42.2 44.2

EBITDA Margin

84.6% 83.1% 78.0% 84.2% 84.8% 84.6% 83.1% 78.0% 84.2% 84.8%

Funds from Operations (FFO)*

592.4 598.9 546.9 564.9 614.6 31.2 30.3 28.4 29.5 31.6

FFO Margin

61.0% 59.3% 54.6% 59.4% 60.7% 61.0% 59.3% 54.6% 59.4% 60.7%

Adjusted Funds from Operations (AFFO)*

553.1 502.5 465.3 480.9 551.0 29.1 25.4 24.2 25.1 28.3

AFFO Margin

56.6% 49.3% 46.1% 50.2% 53.9% 56.6% 49.3% 46.1% 50.2% 53.9%

Distributions

553.1 502.5 465.3 480.9 551.0 29.1 25.4 24.2 25.1 28.3

Distributions per CBFI

0.6993 0.6356 0.5885 0.6083 0.6969 0.0368 0.0321 0.0306 0.0318 0.0359 Sep ep18 Dec ec18 Ma Mar19 Ju Jun19 Sep ep19 Sep ep18 Dec ec18 Ma Mar19 Ju Jun19 Sep ep19

fx

18.8120 19.6829 19.3793 19.1685 19.6363

MXN MM

USD MM

Cash & Cash Equivalents

2,042.4 1,557.7 1,342.2 1,126.8 1,274.2 101.6 79.1 69.3 58.8 64.9

Investment Properties

46,176.3 45,880.2 45,060.9 44,728.3 47,598.2 2,310.6 2,331.0 2,325.2 2,333.4 2,424.0

Land Reserves

1,032.2 1,100.2 962.4 958.8 986.0 52.0 56.0 49.7 50.0 50.2

Total Debt

19,826.6 19,544.5 19,650.4 19,428.1 20,472.3 1,016.2 993.0 1,014.0 1,013.5 1,042.6

Net Debt

17,784.2 17,986.9 18,308.2 18,301.3 19,198.1 914.6 913.8 944.7 954.8 977.7

(as of September 30, 2019)

No North th Ba Bajio Cen entral To Total # Buildings 203 56 30 289 # Tenants 199 54 41 294 GLA (msf) 26.0 9.5 6.2 41.8 Land Reserves (msf) 2.7 0.2 2.7 5.7 Occupancy Rate 98.5% 88.9% 98.0% 96.3% Average Leasing Rent / Square Foot (dollars) 5.11 5.27 5.36 5.18 Annualized Rental Base % 62.9% 21.4% 15.7% 100.0%

Portfolio’s Operating and Financial Highlights

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So Sour urce As reported by JLL Real Estate Industry Reports.

Market et in informatio ation (As of 2Q19)

Oc Occupancy Ra Rate te Av

  • Avg. Lea

easing Ren ent/ Square e Foot (dollars)

No North 93.9% 93.9% 4.67 4.67 Baja California 94.7% 4.87 Sonora 96.9% 5.56 Chihuahua 94.3% 4.58 Coahuila 94.2% 4.74 Nuevo Leon 92.5% 4.67 Tamaulipas 93.9% 4.45 Durango

  • Ba

Bajio 95.0% 95.0% 4.63 4.63 San Luis Potosi 94.5% 4.64 Jalisco 96.8% 4.85 Aguascalientes 96.9% 4.40 Guanajuato 93.4% 4.63 Queretaro 94.7% 4.60 Cen entral 96.9% 96.9% 5.08 5.08 State of Mexico 98.9% 5.20 Mexico City 96.4% 5.60 Puebla 96.2% 4.46 Tabasco

  • To

Total 94.8% 94.8% 4.79 4.79

Ter Terrafina (As of 3Q19)

Oc Occupancy Ra Rate te Av

  • Avg. Lea

easing Ren ent/ Square e Foot (dollars)

No North 98.5% 98.5% 5.11 5.11 Baja California 90.3% 4.59 Sonora 88.5% 4.86 Chihuahua 99.2% 5.10 Coahuila 98.0% 5.26 Nuevo Leon 99.9% 5.05 Tamaulipas 100.0% 4.94 Durango 100.0% 4.87 Ba Bajio 88.9% 88.9% 5.27 5.27 San Luis Potosi 83.9% 4.95 Jalisco 89.1% 6.97 Aguascalientes 100.0% 4.57 Guanajuato 96.0% 4.94 Queretaro 85.8% 5.03 Cen entral 98.0% 98.0% 5.36 5.36 State of Mexico 97.7% 5.54 Mexico City 100.0% 9.38 Puebla 100.0% 3.28 Tabasco 100.0% 4.29 To Total 96.3% 96.3% 5.18 5.18

Portfolio’s Occupancy and Rental Rates

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Implied ed cap rate US$ MM, unles ess other erwise e noted ed Certificate Price (1) (Ps$31.01 / US$1.59) 1.59 (x) Certificates (MM) 790.6 (=) Market et Capitalization 1,259.6 1,259.6 (+) Total Debt 1,042.6 (-) Cash 64.9 (=) Enter erprise e Value 2,237.3 2,237.3 (-) Landbank 50.2 (=) Implied ed Oper erating Rea eal Estate e Value 2,187.1 2,187.1 2019E NOI (2) 192.0 Ca Cap R Rate te 8.8% 8.8% NA NAV US$ MM, unles ess other erwise e noted ed (+) Investment Properties (Excl. Landbank) 2,373.8 (+) Landbank 50.2 (+) Cash 64.9 (-) Total Debt 1,042.6 (=) N (=) NAV 1,496.5 1,496.5 (/) Certificates (MM) 790.6 (=) (=) NA NAV per er Cer ertificate 1.9 1.9 Certificate Price (NAV Calculation) 1.9 (x) Certificates (MM) 790.6 (=) Market et Capitalization 1,496.5 1,496.5 (+) Total Debt 1,042.6 (-) Cash 64.9 (=) Enter erprise e Value 2,474.2 2,474.2 (-) Landbank 50.2 (=) Implied ed Oper erating Rea eal Estate e Value 2,424.0 2,424.0 2019E NOI (2) 192.0 Ca Cap R Rate te 7.9% 7.9%

Source Terrafina filings, Wall Street research Notes 1. Certificate price Ps. 31.01. Converted using an FX of Ps$19.4634 2. As reported by management guidance

Implied cap rate calculation

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