Fibra Danhos (DANHOS13.MX), the first Real Estate Investment Trust (FIBRA) specialized in premier quality assets in Mexico, announced the first quarter 2014 (“1Q14”) results for the period ended March 31, 2014. These results have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are stated in nominal Mexican pesos, unless otherwise specified.

Financial Highlights for the first quarter of 2014

  • Due to the robust cash flow generation of our properties during 1Q14, our AFFO per CBFI (considering only those CBFIs with economic rights) was Ps. 0.49. In this respect, on April 28, 2014, our Technical Committee determined a distribution to our CBFI holders, corresponding to January-March 2014, of Ps. 0.44 per CBFI (which represents an increase of 8.4% with respect to the distribution corresponding to our first 82 days of operation during 4Q13, on a full-quarter basis), maintaining in our cash balance the equivalent of Ps. 0.05 of our AFFO per CBFI for general corporate purposes.
  • We are a well-capitalized public entity, currently with no debt, well-positioned to obtain and utilize prudent debt financing to grow our business.
  • With respect to our projects under development, we have important work progresses of 82.5% in Torre Virreyes and of 70.0% in the retail component and the foundations and parking of the office and hotel components of Toreo. Regarding the pre-leasing process, we also have relevant progress: 44.5% in Torre Virreyes and 163.3% in the retail component of Toreo, considering executed leases, leases in the process of being executed and letters of intent. Furthermore, we advanced to February 2014 the date of the start of construction of two out of three towers of the office component, as well as of the hotel component in Toreo, and we expect them to be in operations in 3Q15. With respect to the expansion at Parque Tezontle, we also started construction in February 2014, and we are making progress in obtaining the necessary permits and licenses for the expansion at Parque Delta to start construction as soon as we obtain them.
  • Occupancy rate in our Operating Portfolio as of the end of 1Q14 was 98.3%, in line with that of the end of 4Q13 and of the end of 1Q13, both at 98.2%.
  • Fibra Danhos had total revenues, excluding revenue from Tenant Admission Payments, of Ps. 381.8 million during 1Q14, which represents an increase of 2.8% with respect to pro forma 1Q13.
  • Fibra Danhos’ Net Operating Income, excluding revenue from Tenant Admission Payments, was Ps. 281.1 million during 1Q14, which represents an increase of 2.1% with respect to pro forma 1Q13.
  • Fibra Danhos’ EBITDA, excluding revenue from Tenant Admission Payments, amounted to Ps. 238.8 million during 1Q14, which represents an increase of 1.6% with respect to pro forma 1Q13.
  • Fibra Danhos’ Net Income, FFO and AFFO amounted to Ps. 459.2 million, Ps. 341.3 million, and Ps. 400.0 million, respectively, during 1Q14.
  • We are in the process of materializing some investment opportunities in different locations in MAMC, which were approved by our Technical Committee on February 19, 2014. On the one hand, in April 2014, and subject to certain conditions, we executed various legal documents with the purpose of acquiring certain lots in the southeast of Mexico City, upon which we plan to develop a retail project. We are waiting for the fulfillment of the conditions stipulated in the legal documents to formalize the purchase and sale agreement. On the other hand, in March we executed a purchase and sale agreement with respect to a piece of land on the west part of Mexico City that we plan to eventually merge with other pieces of land to be acquired to create a land reserve for the development of an office project.
  • We continue to actively assess new development and selected acquisition opportunities that create value to our CBFI holders.

For a full version of Fibra Danhos’ fourth quarter 2013 earnings release contact Fibra Danhos at investor@fibradanhos.com.mx and you will receive a copy immediately.