Fibra Uno Administracion SA de CV (MEX:FUNO11)

Q4 2024 Fibra Uno Administracion SA de CV Earnings Call Transcript

Feb 27, 2025 / 06:00 PM GMT

Release Date Price: MXN22.49 (+0.58%)

Transcript

Key Points

Positve

Fibra Uno Administracion SA de CV (FBASF) reported a 10% year-over-year revenue growth in the retail segment, with a 190 basis points increase in occupancy.
The office segment has surpassed pre-pandemic occupancy levels, reaching almost 84%, with a 7.1% increase in rents.
The industrial segment achieved a 98% occupancy rate, with a 15.1% year-over-year rent growth and a 124.3% increase in revenues.
The company successfully refinanced its 2026 bonds, with the next dollar amortization not due until 2030, improving its financial stability.
Fibra Uno Administracion SA de CV (FBASF) has a strong leasing spread performance, with significant increases in all segments, indicating robust demand and effective management.

Negative

The internalization process has faced delays, with ongoing tax and valuation implications, raising concerns about its timely completion.
Property taxes have increased significantly, impacting operating expenses, and are expected to continue rising above inflation.
The company's leverage remains relatively high, with net debt to EBITDA at 7 times, raising concerns about financial flexibility.
Occupancy rates in northern markets, such as Nuevo Leon and Tamaulipas, have shown pressure, reflecting regional market challenges.
The payout ratio for dividends was close to 85%, which may limit the company's ability to reinvest in growth or reduce debt.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

FUNO11.MX - Fibra Uno Administracion SC
Q4 2024 Fibra Uno Administracion SA de CV Earnings Call
Feb 27, 2025 / 06:00PM GMT

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Presentation
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Unidentified_1 [1]
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Yeah.

Ladies and gentlemen, thank you for standing by, and I'd like to welcome you to Fira Uno's 4th quarter 2024 results conference call on the 27th of February 2025. At this time, all participant lines are in listen-only mode. The format of the call today will be a presentation by the management team followed by a question and answer session. So without further ado, I'd like to pass the line to the CEO of Fira Uno, Mr. Ander Alman. Please go ahead, sir.

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Unidentified_2 [2]
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Thank you very much, Louis. Good morning,

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