Fibra Uno Administracion SA de CV (FBASF) Q2 2025 Earnings Call Highlights: Navigating ...
Occupancy Rate: Overall occupancy at 95%, with industrial at 97.4%, retail at 93.7%, office at 82.2%, and others at 99.3%.
Net Operating Income (NOI): Decrease of MXN71.2 million or 1.3% quarter-over-quarter.
NOI Margin: 8.2% over rental revenues and 74.3% against total revenues.
Funds from Operations (FFO): Decreased by MXN40 million or 1.7% quarter-over-quarter to MXN2.344 billion.
Adjusted FFO (AFFO): Same decrease as FFO, totaling MXN3.344 billion.
Quarterly Distribution: MXN2.169 billion or $0.57 per CBFI, with a payout of 92.5% of AFFO.
Total Debt: MXN147.4 billion, a decrease from MXN151.7 billion in the previous quarter.
Total Equity: Increased by MXN4,361 million or 2.3% compared to the previous quarter.
Leasing Spread: 18.4% increase in the Industrial segment, 7% in Retail, and stable in Office.
Retail Price per Square Meter: Increased by 5.2%, above the annual inflation rate of 4%.
Warning! GuruFocus has detected 11 Warning Signs with FBASF.
Release Date: July 25, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Fibra Uno Administracion SA de CV (FBASF) successfully launched the IPO of Fibra Next, aiming to consolidate industrial assets and become a leading industrial estate in Mexico.
The company reported double-digit growth year-over-year, showcasing resilience and strong performance across various metrics.
Fibra Uno achieved significant ESG milestones, including receiving a world-first certification for one of its companies.
The industrial segment showed strong leasing spreads, with a 18.4% increase in peso terms and 12.3% in dollar terms, driven by market dynamics and strategic portfolio positioning.
The company maintained a high occupancy rate of 95% across its portfolio, which is considered the ideal level for operations.
Negative Points
Revenue decreased by MXN99.5 million quarter-over-quarter, primarily due to seasonal factors and a decline in variable revenue.
There was a 40 basis point decline in occupied gross leasable area, with specific declines in the industrial and office segments.
The appreciation of the peso negatively impacted rents denominated in US dollars, affecting overall revenue.
Net operating income decreased by MXN71.2 million or 1.3% quarter-over-quarter, reflecting challenges in maintaining stable income levels.
Interest expenses saw a decrease, but the overall financial environment remains challenging due to ongoing negotiations to control insurance costs and other expenses.
Q & A Highlights
Q: Can you provide more details on the timing and size of the joint venture with Fibra Next? A: Andre El-Mann Arazi, CEO: The exact timing is uncertain, but it will be a short-term process. We initially planned to do everything together in November 2023, but due to tax authority approvals, we decided to proceed step-by-step. The next step depends on CNBV approval and other formalities, which could take days, weeks, or months.
Q: What are the main drivers to lower leverage and how are conversations with credit rating agencies going? A: Jorge Humberto Pigeon Solorzano, VP - Investor Relations and Capital Markets: We expect leverage metrics to improve with the joint venture with Fibra Next. Conversations with rating agencies are positive, and we have delivered on our plans, including refinancing and the IPO of Fibra Next. We aim for a stable BBB-/BAA3 credit rating.
Q: How does FX appreciation impact your FFO payout and how is the retail portfolio performing? A: Jorge Humberto Pigeon Solorzano, VP - Investor Relations and Capital Markets: We monitor FX and inflation closely. Stronger FX means FX gains, impacting fiscal results. We feel comfortable with the current payout but will adjust as needed. Retail performance is strong, with increased consumption and sales growth compared to pre-pandemic levels.
Q: What is driving the strong leasing spreads in the industrial segment? A: Andre El-Mann Arazi, CEO: The strong spreads are due to market dynamics and our portfolio's strategic location, particularly in logistics in metropolitan areas like Mexico City. High occupancy and limited space drive up rents, reflecting our portfolio's quality.
Q: Why is occupancy down across segments, especially in the office segment? A: Jorge Vargas Cuadra, Analyst: The decline is minor and due to specific tenant exits, such as a 1,500 square meter lease expiration in Torre Diamante Insurgentes. We expect these spaces to be re-leased soon, and we are not concerned about the office market's overall health.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
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