FSHOP Innovates at the End of 1Q22



With the opening of the La Perla shopping complex, FIBRA SHOP presented on April 28 its financial and real estate results for the first quarter of 2022. Highlights of this summary include metrics such as a 92.56% occupancy rate, total revenues of more than 362 million pesos, a leverage level (LTV) of 43.6% and an implied cap rate of 8.85%.


Regarding its future plans, the FIBRA reports a new financing for 1,800 million pesos, with which it will settle the FSHOP17 bond (of 1,400 million pesos), under the purpose of incorporating sustainability indicators and goals, which will be delimited under Key Performance Indicators, better known as KPI, and will be focused on metrics of energy consumption, emissions, among others.


La Perla consolidates in the Guadalajara market as a shopping center that innovates the development concept previously used by the trust, being a property built during the pandemic, it is expected to be consolidated around the second quarter of 2023, and the profits generated in this quarter (1Q22), will be reinvested, in order to provide a higher return to investors, as well as a better use of the FIBRA's resources and a lower level of leverage.


It is thanks to this movement, that the distribution of dividends was not exercised at the end of this period, but will be resumed in the following quarters, since La Perla implies a safe investment for the trust by generating ample profits in the medium and long term.


During this quarter, the risk analysis report was published as part of its environmental, social and governance (ESG) initiatives, where, under the Task Force on Climate-Related Financial Disclosures (TCFD) methodology, new policies and practices were approved that will strengthen the company's operations in all its properties. Likewise, the installation of photovoltaic panels has been resumed in 15 of its properties, and the completion of this project will take 52 weeks, starting in May 2022, with which they expect to reduce energy consumption by 51%.


Finally, the intention to divest assets that the trust no longer considers strategic, that are in locations that are no longer of interest, or that do not have characteristics that align with its long-term goals, was briefly discussed.


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