FUNO Reports Record Net Operating Income in 1Q22



This May 2, through a presentation to investors, FIBRA UNO presented the summary of financial results for the first quarter of the year, which highlights the sum of 4,616 million pesos of net operating income (NOI), which is considered a record since its initial public offering.


This period was very fruitful for the trust, with a 92.6% occupancy rate within its more than 10 million m2 of gross rentable area (GRA), total revenues of 5,849.4 million pesos, and the delivery of 36,475 m2 distributed in industrial properties within the Tijuana Pacifico II, Tijuana Alamar VII and Tultitlan II developments, in addition to a partial delivery of phase 3 of Tepozpark/La Teja.


They also announced the successful strategic alliance with AXA Seguros to develop Portal Norte, a mixed-use development located in Satélite, which will follow the structure presented in the Helios (Mitikah) project, which, when replicated from now on, is expected to be a great economic success. Therefore, this alliance is in addition to the trust's future projects, among which Mitikah, Tapachula (commercial) and the expansion of Galerias Valle Oriente stand out.


Although the FIBRA's debt amounts to 135,095.7 million pesos, with a leverage level (LTV) of 43.5%, this quarter was characterized by the retention of cash set aside for the distribution of dividends at 0.41 pesos per CBFI, which is equivalent to 65% of the Funds Generated by Operations (FFO). This withholding was used to repurchase CBFIs during the period, which has been used to pay off the higher cost debt.


Regarding future investments or divestitures of properties, during the call issued on May 3, the trust's directors mentioned that there is no interest in acquiring properties at the moment, however, there are several offers to purchase industrial, office and mixed-use properties, which will be announced in future reports.


Finally, FUNO mentioned that its Torre Mexicana and Corporativo Punta Santa Fe properties received this quarter the LEED Gold certification in operation and maintenance; while its goals focused on sustainability strategies have shown great results by reducing energy consumption, water and emissions within its portfolio.


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