FIBRA (Mexican REIT)

A FIBRA is a Mexican trust (fideicomiso) that buys or builds properties to rent them out and funds itself by issuing certificates listed on the stock exchange; if it meets the requirements of arts. 187 and 188 of the Income Tax Law (LISR), it receives its own tax treatment. It is the Mexican equivalent of the REIT and of the Spanish SOCIMI. The law does not use the word «FIBRA»: it regulates these vehicles as «trusts dedicated to the acquisition or construction of real estate» (Title VII, Chapter III of the LISR).

Requirements (art. 187 LISR).

• Trustee: a trust set up under Mexican law with a Mexican-resident credit institution or brokerage firm as trustee (section I); the 2026 Omnibus Tax Resolution also allows investment fund operators (rule 3.21.1.2).
• Purpose: acquiring or building properties for lease, acquiring the right to their rental income, or financing those purposes with a mortgage over the leased properties (section II).
• 70% in real estate: at least 70% of the trust's assets invested in those properties, rights or loans; the rest in federal government securities listed in the National Securities Registry or in debt investment funds (section III).
• Four years: properties may not be sold within four years of their construction or acquisition; if sold earlier, they lose the preferential treatment (section IV).
• Listed certificates: the trustee issues participation certificates placed in Mexico among the general investing public (section V).
• 95% payout: at least once a year, by 15 March, it distributes at least 95% of the previous year's taxable income (section VI).
• Variable rent and registration: variable rents, except those set as a fixed percentage of the tenant's sales, may not exceed 5% of annual rental income (section VII), and the trust must be entered in the tax authority's (SAT) register (section VIII).

How it is taxed (art. 188 LISR). The trustee calculates taxable income and makes no provisional payments (sections I and III). If the certificates are placed with the general public, the intermediary holding them in custody withholds tax on the income distributed (section IV). Resident individuals and non-residents without a permanent establishment pay no income tax on gains from selling those certificates on recognised markets (section X). Anyone who contributes property in exchange for certificates may defer tax on the gain until they sell the certificates or the trustee sells the property (section XI).

CBFIs: what investors buy. FIBRA securities are placed as real estate trust stock certificates (certificados bursátiles fiduciarios inmobiliarios, CBFIs). The Securities Market Law requires the word «inmobiliarios» in the name when proceeds are invested in real estate, and requires these certificates to be listed and traded on an exchange if they are entered in the National Securities Registry (art. 63 Bis 1, section II and final paragraph). According to the Mexican Stock Exchange (BMV), after Fibra NEXT went public on 24 July 2025 there were 15 real estate FIBRAs listed on it, with 1,862 properties. There is also an energy and infrastructure variant that applies the same regime with adjustments (rule 3.21.2.1 of the 2026 Omnibus Tax Resolution).

FIBRA, SOCIMI and tokenization. The Spanish SOCIMI is a listed public limited company that invests at least 80% of its assets in urban rental property and has minimum share capital of 5 million euros (arts. 3 to 5 of Law 11/2009); the FIBRA is a trust. Mexico has no authorised route today for tokenizing rights in a real estate trust offered to the public: bank trustees may not raise funds from the public through trusts unless they issue securities entered in the National Securities Registry (art. 106(XIX)(c) of the Credit Institutions Law), and similar bans apply to other trustees. The details are in asset tokenization in Mexico and in the fideicomiso entry; for projects outside the stock exchange, see real estate tokenization.

Official sources: Income Tax Law, arts. 187 and 188 (Chamber of Deputies); Securities Market Law, art. 63 Bis 1; 2026 Omnibus Tax Resolution (Official Gazette); BMV press release on Fibra NEXT (24 July 2025). Framework verified as of 2 October 2026.