In This Article:
-
Revenue Increase (YoY): 11% increase year-over-year.
-
Revenue Increase (QoQ): 5.1% increase quarter-over-quarter, exceeding MXN7 billion.
-
Overall Occupancy Rate: 95.3%, 10 basis points higher than the previous quarter.
-
Industrial Portfolio Occupancy: 98.4%, 10 basis points above the previous quarter.
-
Retail Portfolio Occupancy: 92.7%, 10 basis points above the previous quarter.
-
Office Portfolio Occupancy: 83.5%, 70 basis points above the previous quarter.
-
Net Operating Income (NOI): Increased by MXN300 million or 5.7% versus the second quarter, reaching MXN5,415 million.
-
NOI Margin: 83.6% over rental revenues, 75.6% over total revenues.
-
Interest Expense Increase: MXN206.4 million, 8.1% compared to the previous quarter.
-
FFO Increase: 43% compared to the second quarter, reaching MXN2.279 billion.
-
FFO and AFFO per CBFI: MXN0.5975 per share, 4.2% increase compared to the previous quarter.
-
Quarterly Distribution: MXN2.2 billion, 87.9% AFFO payout.
-
Accounts Receivable: MXN2.7 billion, 0.7% increase from the previous quarter.
-
Investment Properties Value Increase: MXN3.4 billion or 1% compared to the second quarter.
-
Total Debt: MXN145 billion, affected by FX depreciation.
-
Leasing Spreads (Pesos): 9% for Industrial, 8% for Retail, 4.9% for Office.
-
Leasing Spreads (Dollars): 15.6% for Industrial, 7.5% for Retail, -4.3% for Office.
-
Rental Price Increase (Constant Properties): 5.8%, 1.5% above inflation.
-
NOI Increase (Industrial Segment): Logistics 5.5%, Light Manufacturing 8.6%, Business Parks 1.5%.
-
NOI Increase (Office Segment): 0.8% due to occupancy gains.
-
NOI Increase (Retail Segment): 16.7% for (inaudible), 1.6% for stand-alone.
Release Date: October 30, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Fibra Uno Administracion SA de CV (FBASF) reported a year-over-year revenue increase of 11%, with a quarter-to-quarter increase of 5.1%, surpassing the MXN7 billion mark.
-
The company's overall occupancy rate reached 95.3%, aligning with its long-term target, with notable improvements in the office and retail segments.
-
Net Operating Income (NOI) increased by almost MXN300 million or 5.7% compared to the previous quarter, with an NOI margin of 83.6% over rental revenues.
-
The industrial segment showed strong performance with a 15.6% increase in dollar-denominated lease renewals, reflecting robust demand in the logistics hub of Mexico.
-
Fibra Uno Administracion SA de CV (FBASF) maintained a solid debt service coverage ratio and expects further improvement as interest rates decline.