Fibra Uno (Funo), the first real estate investment trust, reported record figures in its financial results for the fourth quarter (Q4) of 2021, exceeding pre-pandemic levels in terms of income and operating funds.

Through its report, presented at the Mexican Stock Exchange (BMV), the real estate investment trust (fibra) that even though it has yet to recover the occupancy levels reported in 2019, the operating funds (FFO) rose to 2,538.9 million pesos, which represents an increase of 38.9% compared to the fourth quarter of 2020 and 2.6% compared to the same period of 2019.

Meanwhile, its total revenues reached 5,818 million pesos in the 4Q of 2021, this was 12.1% and its net operating income (NOI) totaled 4,604.4 million pesos, which represents an increase of 12% and 14.4% in the period. above referred.

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“We still need to recover the occupancy levels we had before the pandemic began, and the contribution of a large part of the income from equities to our income line is still missing. However, even with the lack of all those additional revenues, Funo has published record NOI and FFO”, commented André El-Mann CEO of Fibra Uno through his report.

The manager highlighted that between October and December they carried out a distribution of 97.9% of the Adjusted Operating Funds (AFFO), however, he announced that they will continue to limit the payment of dividends and return that capital to the holders of the real estate trust certificates. “in the form of repurchases and prepayments of debt”.

“One of the key challenges is keeping up with inflation. We are working to continue registering positive leasing spreads in dollars and pesos. However, in the environment in which we are operating, reaching high-single-digit and even double-digit lease spreads will be difficult for the most part,” added Fibra Uno's CEO.

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Roberto Solano, manager of stock market analysis at Monex, opined that "Fibra Uno's report is positive in terms of results, since the recovery of the sectors after a year of pandemic could be considered a turning point, and a better scenario for this 2022”.

Despite the fact that the office sector has marked a lower occupancy due to the effects of the pandemic with a similar environment at the beginning of the year, the specialist abounded, eventual improvements are expected during the year.

"The industrial sector would remain as a value and balance additive during 2022," he considered.

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Original note