Fibra UNO (FUNO 11) Q4 2024 earnings summary

Executive summary

• Achieved strong Q4 and FY2024 results, with management expressing optimism for future performance and a focus on total return through dividends and capital appreciation.

• Over 84 billion pesos distributed to holders over 14 years, nearly matching current market cap.

• Net consolidated income for 2024 was $10,007 million pesos, with distributions totaling $8,192 million pesos.

• Major acquisition of 100% of CKD Helios for $7 billion pesos, consolidating full ownership of the Mitikah project.

• Issued a $600 million USD International Green Bond in February 2024, maturing in 2034.

Financial highlights

• Total revenues increased by MXN 368 million (5.1%) quarter-over-quarter, reaching MXN 7.5 billion.

• Operating income for 2024 was $20,313 million pesos, up from $19,151 million pesos in 2023.

• NOI per CBFI increased over 5x since IPO, with a 12.7% CAGR; NAV per CBFI grew at a 7.8% CAGR over 14 years.

• 2024 industrial revenues up 12.3% YoY; retail revenues up 10.1% YoY; industrial rent per sqm up 15.1% YoY.

• Investment properties at fair value reached $327,173 million pesos, up from $312,271 million pesos in 2023.

Outlook and guidance

• Management expects continued positive trends in occupancy and rental growth, especially in retail and industrial segments, with nearshoring expected to drive demand.

• Office segment recovery is anticipated to persist, with rent increases likely as occupancy approaches 85%.

• Strategic objective to carve out the industrial portfolio into a pure-play FIBRA vehicle, pending market conditions.

• Deleveraging expected to continue organically and accelerate with the execution of Fibra NEXT.

• No material seasonality expected in business operations.