Is capital reimbursement (reembolso) a FIBRA hollowing itself out?

It works like Korea's depreciation distributions, by a different mechanism: Mexico's reimbursement is a return of contribution from the CUCA account — untaxed on receipt, but it reduces your cost basis (the eventual sale gain grows correspondingly). It is not, by itself, a hollowing signal: FIBRA assets are rent-producing properties, and the reimbursement share fluctuates with depreciation and tax results. The offence is only in the quoting: selling a gross distribution that is 30–45% reimbursement as 'rental yield' dresses principal reflux as income. This site's in-hand figures deduct withholding on the taxable part and list the reimbursement separately — the reader can see which part is income and which part is their own money coming back.

Prologis has the best assets — why is its cash distribution the thinnest?

Because its pricing is quality pricing: Class-A logistics plus the Prologis sponsor plus post-Terrafina scale trades near 52-week highs, so the market pays full price for its assets — the yield's denominator is expensive, and the numerator (cash distributions) was diluted by a scrip quarter. It sits in the basket not as the income engine but as the control: in one sector, 'the best assets' and 'the best cash return' are two different names.

Where did Terrafina go?

It was acquired by FIBRA Prologis and delisted: Prologis won the 2024 bidding war, took its holding to about 99.82% in a November 2025 tender, and the CNBV approved cancellation of its registration in February 2026. The combined portfolio is 515 properties and 87.3M sq ft. Any material still marketing Terrafina's standalone distributions is out of date — this site leaves the same market-housekeeping note on the Mexico country page.

Opportunity rank #80 (cash-flow board) · Mexico

Mexico's FIBRA basket: 6–7.4% gross — 5.0–5.7% after splitting every notice and deducting the 30% withholding

Our take: Do, with conditions

6–7.4% Mexico FIBRA basket gross distribution yields and composition (company notices) · Verified range · Data as of: 2026-10-28

Composite-board score: 6.3 · Where it is strong: Net cash flow, Evidence strength · methodology

Data updated: 2026-11-08

Mexico's listed property sector (FIBRAs) is the rent-collecting form of nearshoring: FDI hit a record in 2025, sector administered assets passed MXN 1 trillion, and distributions are legally mandated (at least 95% of the taxable result). This site prints the three-name basket split notice by notice — the only honest way to quote Mexico. The anchor, Fibra Uno (Latin America's largest, 12.95M sqm GLA, 95.6% occupancy), grosses about 7.1–7.4%; but its latest distribution notice (3Q26: Ps.0.6800, 97.6% of AFFO) splits 70% taxable result / 30% capital reimbursement — the taxable part is withheld at 30%, a blended drag of about 21%, for about 5.6–5.7% in hand (this site's derivation; the split changes quarterly). Fibra Danhos (Mexico City premium malls/offices) pays a policy-fixed Ps.0.45 per quarter, about 6.0% gross — but roughly 40–45% of recent distributions is capital reimbursement, and the fixed amount has not grown in years (in inflation it quietly shrinks): about 5.0% in hand. FIBRA Prologis (Prologis-sponsored Class-A logistics, the basket's best assets, Terrafina absorbed) yields only about 3.73% in annualised cash — 100% taxable, so about 2.6% in hand — and its December 2025 quarter's 'distribution' was paid mostly in new CBFIs (scrip), with only Ps.0.6462 in cash: any TTM yield annualising that quarter overstates cash income. Verdict: a conditional basket anchored on FUNO, priced at 5.6–5.7% in hand; Danhos's frozen payout and reimbursement share, and Prologis's thin cash, are stated on the first screen. The peso and the 2026 USMCA review are the basket-wide variables.

In short: four lines first

What it costs to get in

Listed CBFIs, FUNO from about MXN 36 per certificate (BMV access)

Roughly what it earns

6–7.4%（Mexico FIBRA basket gross distribution yields and composition (company notices)）

How much work for you

Very hands-off (listed route)

The biggest catch

The numbers that matter

Mexico FIBRA basket gross distribution yields and composition (company notices)

6–7.4%

Verified range As of: 2026-10-28 Source: Fibra Uno 3Q26 results filing (BIVA material event, 28 Oct 2026): distribution of Ps.0.6800 = 97.6% of AFFO, split 70% taxable result / 30% capital reimbursement, occupancy 95.6%

Why we think it makes money

Composition disclosure is the FIBRA system's real asset: every distribution notice splits taxable versus reimbursement in black and white — in this system, those who sleep (brokers printing gross yields only) and those who read (this site, notice by notice) are looking at two different markets.

Nearshoring rents have official anchors: record FDI plus FUNO's FFO per CBFI up 15.6% year on year (3Q26) — the anchor name's distribution growth has operating data behind it, not pure financial engineering.

The three names form a complete spectrum: high yield with high reimbursement (FUNO), a frozen payout slowly eroding (Danhos), and quality at thin cash (Prologis) — three causes of "yield" in one sector, readable in one page, after which the reader owns the拆解 method for any FIBRA quote.

How to actually get in

Listed route: buy the basket's CBFIs through a broker with BMV access (FUNO11 as anchor; DANHOS13 — note DANHOS16 is its bond, not the equity; FIBRAPL14) — foreigners buy freely. Withholding is executed at source by the custodian on each distribution's taxable component (30%); the reimbursement portion is untaxed but reduces your cost basis, so broker cost records and tax filings must keep up.

What it costs, what it earns

Entry amount: Listed CBFIs, FUNO from about MXN 36 per certificate (BMV access)
How much work for you: Very hands-off (listed route)

Costs & taxes, item by item:

Peso exposure: distributions and principal are peso-denominated; FX is this basket's first cost line, and position size is set by a currency stress test.
The withholding's certain cost: 30% on the taxable portion at source (Singapore–Mexico treaty relief was not verified by this site) — the in-hand figures are computed at the full rate, with no refund pre-booked.

Basis: this site uses full-cost net returns only — income minus vacancy, management, maintenance, taxes and insurance, then financing interest, with entry costs in the denominator. See the methodology。

Identity & tax

Status (residency / citizenship)

投资/置业临时居留（签证 Lineamientos，2025-07-25 公布）

This asset does not count toward the channel This asset leads to no status

Threshold: 企业投资 >45,850 UMA（约 MXN 538 万）；或墨西哥房产 >91,710 UMA（约 MXN 1,076 万）

买 CBFI 不给身份。墨西哥没有黄金签证，但居留规则（金额以 UMA 计、每年 2 月重置）给两条与资产相关的临时居留（最长 4 年，其后可转永居）：①投资墨西哥公司——实缴出资 >45,850 UMA（约 MXN 538 万 ≈ US$29.4 万），且另须固定资产达同额或证明真实经营（如 ≥3 名 IMSS 登记雇员）；②持有墨西哥房地产 >91,710 UMA（约 MXN 1,076 万）。领事执行口径不一，逐案确认。

Source: 墨西哥外交部签证准则；圣地亚哥总领馆投资者签证要求单

Tax (investor level)

FIBRA 分派逐笔拆分：应税成果（resultado fiscal）部分预扣 30% ISR；资本返还（reembolso de capital）部分到账不税、但削减持股成本基础。经 BMV 出售 CBFI 的资本利得对非低税辖区居民的外国投资者一般免税。

FIBRA 制度（LISR 187–188 条）：信托资产 ≥70% 为不动产，须于每年 3 月 15 日前分派应税成果的 ≥95%。
限制区（海岸 50 km/陆境 100 km）住宅只能经 fideicomiso 银行信托持有（SRE 许可、50 年可续）：区外可直接持有产权；买房不需要居留身份。

Double-tax treaties: 星墨协定对 FIBRA 30% 预扣的减免本站未核实——到手数按全额 30% 推导，办税时逐案确认。

Source: LISR 187–188 条；FIBRA 分派公告

This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.

Risks: what could go wrong

The 2026 USMCA review: nearshoring's policy base is on the negotiating table — an outcome that shakes supply-chain relocation expectations moves industrial and logistics rent expectations first, and FUNO's and Prologis's industrial exposure is in the front line. If these happen, our take changes: Restated on the review's formal conclusion; this page's growth premise is revised with it.

Composition drift and the frozen payout's erosion: FUNO's reimbursement share varies by quarter (30% in the latest); Danhos's Ps.0.45 has not risen in years, so its real distribution thins annually with inflation — both names' 'yields' must be recomputed on the latest notice every quarter, never carried over. If these happen, our take changes: Checked quarterly against distribution notices (this site updates annually).

Sponsor-governance discount: FUNO's related-party structure has long carried a governance discount in the local market — however high the distribution, treat part of that discount as structural, not as 'cheapness' to be fully banked. If these happen, our take changes: None (structural property).

What we have not verified yet

The following key figures have not yet been verified; the reason is noted for each item.

All three in-hand figures are this site's derivations: FUNO on the 3Q26 70/30 split (which varies by quarter); Danhos's reimbursement share (about 40–45%) via YCharts' aggregation of distribution notices (secondary basis) — for an exact percentage, check the BMV notice for the quarter in question.
Singapore–Mexico treaty relief on the 30% FIBRA withholding was not verified: in-hand figures assume no relief; actuals follow the custodian and tax advice.

FAQ

Is capital reimbursement (reembolso) a FIBRA hollowing itself out?: It works like Korea's depreciation distributions, by a different mechanism: Mexico's reimbursement is a return of contribution from the CUCA account — untaxed on receipt, but it reduces your cost basis (the eventual sale gain grows correspondingly). It is not, by itself, a hollowing signal: FIBRA assets are rent-producing properties, and the reimbursement share fluctuates with depreciation and tax results. The offence is only in the quoting: selling a gross distribution that is 30–45% reimbursement as 'rental yield' dresses principal reflux as income. This site's in-hand figures deduct withholding on the taxable part and list the reimbursement separately — the reader can see which part is income and which part is their own money coming back.
Prologis has the best assets — why is its cash distribution the thinnest?: Because its pricing is quality pricing: Class-A logistics plus the Prologis sponsor plus post-Terrafina scale trades near 52-week highs, so the market pays full price for its assets — the yield's denominator is expensive, and the numerator (cash distributions) was diluted by a scrip quarter. It sits in the basket not as the income engine but as the control: in one sector, 'the best assets' and 'the best cash return' are two different names.
Where did Terrafina go?: It was acquired by FIBRA Prologis and delisted: Prologis won the 2024 bidding war, took its holding to about 99.82% in a November 2025 tender, and the CNBV approved cancellation of its registration in February 2026. The combined portfolio is 515 properties and 87.3M sq ft. Any material still marketing Terrafina's standalone distributions is out of date — this site leaves the same market-housekeeping note on the Mexico country page.

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Data dates are marked per metric; page updated 2026-11-08. This site publishes information and is not investment advice; the corrections channel is in the Disclaimer。