The results were driven mainly by increases in rents, an increase in the occupancy rate of its properties, as well as the incorporation of new leasable space.

Fibra Uno (Funo), the first real estate investment trust in Latin America, reported a 9.8% growth in its total revenues, which amounted to 5,801.3 million pesos in the second quarter of this year (2Q22) compared to the same period of 2021.

When reporting its financial results, the real estate investment trust reported growth in net operating income (ION) was 7.2%, to 4,547 million pesos; while cash flow (AFFO) increased 13.5% compared to the same quarter of 2021.

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These results were driven by the increase in the occupancy of the portfolio, which reached a rate of 93.2%, 60 basis points above the previous quarter, as well as the increase in rents and the growth in the leaseable space.

The report highlighted the company's ability to recycle assets above NAV (net asset value), to maintain margins despite crises, to maintain overall occupancy above 90 in times of crisis and close to 95 in a more stable environment.

The manager explained that they have eliminated the Covid-19 reserves and have normalized their accounts receivable, dedicating more than 1,800 million pesos to support their tenants.

Funo will pay a dividend on August 9 for 0.5236 pesos per real estate trust stock certificate (CBFI), which is equivalent to a growth of 58.1% compared to that distributed among its holders in 2Q21.

In a statement, Gonzalo Robina, deputy general director of Funo, announced that the delivery of stores to its tenants in the Mitikah shopping center is in the final stage.

Likewise, they have sold, deeded and collected income in 200 apartment units of the residential tower of the Mitikah apartment complex, located south of Mexico City.

The Mitikah shopping center will be inaugurated next September, announced Gonzalo Robina, deputy general director of Funo.

“We expect Phase 1 of this world-class mixed-use property to open by September 2022, and final stabilization, including Phase 2, sometime in late 2025 or early 2026,” he said.

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He stressed that the Torre M office building is reaching a stabilized occupancy and has LEED Gold certification in design and construction. Meanwhile, they are working to certify the shopping center area, "which is not a common practice in Mexico."

The development of the Tepozpark industrial park was also completed, earlier than expected, given the strong dynamics and demand for industrial properties.

As of June, Funo reported a gross leasable area of 11,039.2 million square meters, distributed among 659 properties.

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Original note