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Edited Transcript of FUNOMX earnings conference call or presentation Jul pm GMT

Q2 Fibra Uno Administracion SA de CV Earnings Call. Mexico, D.F. Sep 4, (Thomson StreetEvents) -- Edited Transcript of Fibra Uno. Market Cap, B. Beta, PE Ratio (TTM), EPS (TTM), N/A. Earnings Date, N/A. Forward Dividend & Yield, N/A (N/A). Ex-Dividend Date, N/A. View the basic FIBRAPLMX stock chart on Yahoo Finance. Change the date range, chart type and compare BANCO ACTINVER SA against other companies.

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We appreciate his valuable contributions to the growth and development of FUNO during these times. We will be happy to continue to see you around, and we are sure Gerardo will continue to add value to our company in his new role as advisor to the CEO office. In these positions, he was responsible amongst others of the IPO of Banco Compartamos as well as its debut debt issuance and subsequent debt placements in the local markets. Additionally, he was responsible for the massive growth of Compartamos savings product, reaching over 1 million accounts in under 18 months.

Welcome, Fernando, to this great team. And now please allow me to pass the mic to Jorge Pigeon. Thanks, everybody, for joining the second quarter results call. I'm going to focus on the comparison of first to second quarter number. Property revenues increased by MXN In terms of occupancy, overall occupancy was We had an increase in industrial segment of 40 basis points to We have basically flat in terms of retail. And occupancy in the office segment is We're only using a small portion of the facility of 17, square meters more or less.


And also we included in this quarter, in the operational portfolio, the remaining part of Centrum Park, which was not included in the previous quarter. So we are very pleased with the performance of the portfolio.

In terms of maintenance, expenses, property taxes and insurance, we saw maintenance, property tax and insurance increase 2. This is mainly due to income tax increases in certain municipalities of Mexico.

This is not something that is happening nationwide, but there have been certain municipalities of Mexico, in which we have seen an increase in property taxes. This is what's driven most of that increase. As a result of the above, net operating income rose by MXN Now moving on to interest expense and interest income. We had a net interest expense increase of MXN We had an increase in the TIIE benchmark rate.

As you recall, Central Bank of Mexico increased the benchmark rate 25 basis points. If you recall, we had given a deposit in advance, and then we finished closing during the quarter.

So that was about MXN 58 million give or take that we ended up spending this quarter. As a result of all of the above, FFO, in spite of our revenues increase, given the bigger increase or larger increase of interest expense as well as the additional expenses from property taxes, we recorded a decrease MXN However, we recorded a gain in the sale of property.

  • Fibra UNO (FUNO11.MX?P=FUNO11.MX)
  • Edited Transcript of FUNO11.MX earnings conference call or presentation 25-Jul-18 5:00pm GMT
  • Edited Transcript of FUNO11.MX earnings conference call or presentation 27-Apr-18 6:00pm GMT

If you recall, we sold a plot of land in Apodaca, which was part of Vermont portfolio, if I recall correctly. We had already started to invest in this property to develop a building and the tenant next door basically approached us and asked to buy the property. As we mentioned, we didn't put up a for sale sign, it was just an unsolicited offer.

And we ended up basically making MXN Now moving to the balance sheet. Accounts receivable in the second quarter of '18 amounted to MXN 1. I would also like to highlight here that over a year ago, Deutsche Bank announced the sale of its Mexico operations, and we wanted to make sure that we had a trustee that had -- that was qualified and has the strength to support an operation of the size of Fibra Uno.

So we decided to change the trustee with Actinver, and the new name of the trust will be the Fibra Uno trust. Actinver will be the trustee. And I'd like to comment that although we changed the trustee, we did not have any fiscal impact, maybe very minor delays on payables. When we change trustee, people want to change accounts, and everybody takes an opportunity to see if they can delay the rents, we really have seen no major effect on that.

So I would say and qualify the transition to the new trustee as a success and very smooth. Going to investment properties. The value of our investment properties increased by MXN 4. First and foremost, asset revaluation. As you know, we do a mark-to-market of our properties once at the end of the year, and we do a quarterly estimation.

This is a quarterly estimation that is being done by Fibra Uno. We continued to invest in projects under development, which also increases the investment properties line. And we sold the plot of land of -- in Apodaca for almost MXN million. So that's how we tally up the MXN 4. In terms of net debt, amounted to almost MXN 73 billion compared to MXN 67 billion recorded in the previous quarter, which is the net effect of a series of things.

Fibra Uno issued its quarterly report on Friday, April 27, If you did not receive a copy via e-mail, please do not hesitate to contact us in New York City at Before we begin the call today, I would like to remind you that forward-looking statements made during today's call do not account for future economic circumstances, industry conditions, company performance and financial results.

These statements are subject to a number of risks and uncertainties. All figures included herein were prepared in accordance with IFRS and are stated in nominal Mexican pesos, unless otherwise noted.

And now, I'd like to turn the call over to Mr. I am very pleased to share with you trademark of FUNO consistency. Once again, we present results for another solid quarter.

We have stated since day 1 of our company coming to public markets that our strategy is to build long-term sustainable shareholder value through what I can summarize as a total return strategy. First, capital appreciation of well-located property; and secondly, the extraction of the cash flow resulting from that quality property.

Once again, we have another solid quarter performance. During this quarter, we managed to grow our property income a remarkable Again, consistently solid results for our company. Our NOI grew 5. Story continues On a per share basis, even though we are well aware that we should have substantial amount of CBFI at prices below our NAV, we remain convinced that it was the right move. In addition, we have managed to draw a strong 3. Regarding distribution, we translated this growth on a per share basis to grow on distributions.

All thing considered, we feel this was a solid quarter for our company, where we are beginning to see the impact of the acquisitions and the prior year -- of the prior year as well as the initial effect of the operation of recently developed properties. I would like to focus on the fact that during this quarter, we activated FUNO's buyback program using proceeds from the sale of the educational sector property we disposed of last quarter.

I want to highlight and stress that we sold this property at the request of the buyer with an attractive Regarding the buyback program, so far, we have acquired around 10 million shares. We expect to continue to be active with FUNO's buyback program to the extent we continue to see a substantial discount to our NAV and we do not find alternative, more efficient use of this funds. Returning to asset recycling and dispositions, I would like to take advantage of this opportunity to announce the sale of 2 more properties at prices which we consider highly attractive.

As I mentioned before, the proceeds of these sales can be used in several ways. For example, we can reinvest in development, acquire a new property, pay down debt, repurchase our own CBFIs or even pay out an extraordinary dividend. We will decide our course of action over the next quarter. Firstly, I would like to announce the sale of our plot land that was originally part of the California portfolio, one of the 2 live manufacturing portfolio we purchased during We acquired this particular plot of land for MXN We recently decided to start investing in developing this property, having spent today an additional MXN Today, we have agreed to sell this property for a total of MXN Secondly, in addition to this, we have also agreed to sell the offices we have at Reforma In this case, the original purchase price of the property was MXN million.

We agreed to sell this property for MXN million as an operating property. We marked to market this property and currently have this registered in our books at MXN million. However, compared to our initial cost, we generated a profit of MXN million, almost 2.

This represent a small but good example of FUNO's investment philosophy where capital appreciation far overweighs current cash generation in terms of value creation potential. Although we are consistently recycling assets above our own stated NAV, this continued to be -- that continues to be a divergence between the public and private market, where the public market continue to trade at a substantial discount to NAV, where the private market remains solid with tight cap rates from an operational point of view.

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Our company's performance is reflective of what is happening in the private market. Therefore, we activated our share buyback program. You can expect FUNO to continue to be active in this market to the extent we find it the most effective way to deploy the recycled capital. I want to clarify that all of these sales have been reached from the reception of unsolicited bids. And having said in the past, we are not in sell mode. Nevertheless, we will always review carefully any proposal, and we will execute accordingly.

We honor and cherish our commitment to our investors. We will deliver the creation of value. We, the management, are very excited about these results, and we certainly hope that our shareholders share this excitement.