Fibra Uno Announces Fourth Quarter 2021 Results

funo
FIBRA UNO DELIVERED RECORD CASH FLOW GENERATION; FFO/CBFI GREW 41.4% VS 4Q20
 
Mexico City, Mexico, February 24th, 2022 – Fibra Uno (BMV: FUNO11) (“FUNO” o “Fideicomiso Fibra Uno”), the first and largest Real Estate Investment Trust in Mexico and Latin America announces its results for the fourth quarter of 2021.
 
4Q21 Highlights
 
Fourth Quarter 2021
  • Total revenue, after COVID-19 related supports, increased 7.8% QoQ to Ps. 5,818.1 million, exceeding pre-pandemic income levels for the fourth consecutive quarter.
  • NOI increased 5.7% QoQ to Ps. 4,604.4 million, as the NOI margin over rents reached 87.3%.
  • FFO increased 14.3% QoQ to Ps. 2,538.9 million, as the FFO margin reached 48.2%
  • FFO per CBFI grew 14.3% QoQ to Ps. 0.6681; the highest FFO/CBFI in FUNO´s history.
  • Sale of Galerias Valle Oriente‘s hospital (part of the expansion) comprised of 125,076.5 sqft. The sale was for Ps. 460 million at 1.3x NAV.
  • On a quarterly AFFO payout of 97.9%, including gains from the hospital’s sale, Distribution per CBFI was Ps. 0.6829.
  • Total portfolio occupancy closed at 92.2% vs. 92.0% in the previous quarter.
  • Leasing spreads vs. CPI inflation were +80 bps in the office segment.
  • NAV/CBFI (1) =Ps. 44.88 (+1.1% vs 3Q21).
 
 
Compared to Fourth Quarter 2020
  • Total revenues after COVID-19 related supports increased 12.1% YoY.
  • NOI increased 12.0% YoY.
  • NOI margin over rents remained above 80%.
  • NOI/CBFI(2) increased 14.0% YoY.
  • FFO increased Ps. 710.4 million or 38.9% YoY.
  • FFO per CBFI increased 41.4%; equivalent to a record high FFO/CBFI of Ps. 0.6681.
  • During 2020 and 2021 we have retained non-distributed cash with which we have done the following:
  • Repurchased CBFIs for Ps. 3,108 million (152,702,023 CBFIs)
  • Pre-paid debt for Ps. 1,672 million.
  • Retained available cash from operations for a total of Ps. 2,292.2 million.
  • FUNO’s GLA grew 1.5% YoY, reaching 117.1 million sqft.
  • Completion of phases I and II of the Tepozpark/La Teja development, adding up to approximately 2.0 million sqft.
(1) Calculated with CFBIs outstanding at the end of the period.
(2) Calculated with the average CBFIs of the period.  

 

Miranda Newswire – Full Press Release: Download PDF

 

Investor Relations Contact Details

Jorge Pigeon
VP Investor Relations
Phone: +52 55-41-70-70-70
 
Marimar Torreblanca
Miranda IR
Phone: +52 55-5282-2992

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