Terrafina reported unaudited earnings and operating results for the second quarter ended June 30, 2015. The company reported second quarter 2015 rental revenues reached $31.7 million, a 2.9% or $0.9 million decrease compared to the second quarter of 2014. It is important to mention that as a result of the asset sale that took place in first quarter of 2015, revenues, NOI and EBITDA for the quarter decreased compared to the second quarter of 2014 figures, which included these properties. NOI was $30.3 million, a 2.9% or $0.9 million decrease compared to the second quarter of 2014. EBITDA reached $27.2 million, a decrease of 1.5% or $0.4 million compared to the second quarter of 2014. Adjusted funds for operations reached $19.6 million, a 16.0% increase compared to the second quarter of 2014.

As of June 30, 2015, the occupancy rate was 93.1%, a 200 basis point increase compared to the second quarter of 2014. Additionally, considering the signed letters of intent, occupancy for the second quarter of 2015 was 93.8%. Annualized average leasing rate per square foot at the second quarter of 2015 was $4.89, a $0.11 increase compared to the second quarter of 2014. The company reported a total of 28.3 million square feet (msf) of Gross Leasable Area (GLA) comprised of 196 properties and 204 tenants. The second quarter of 2015 leasing activity totaled 1.9 msf, of which 15.4% corresponded to new leases, 61.6% are lease renewals and 23.0% correspond to early renewals. Leasing activity was mainly concentrated in the Chihuahua, San Luis Potosi, Ciudad Juarez, Ramos Arizpe, Cuautitlan Izcalli and Toluca markets.