Organización Soriana (SORIANA) Q4 2024 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q4 2024, with high occupancy and retention rates in affordable multifamily housing markets.

• Total revenues reached $48,992 million MXN in Q4 2024 and $179,112 million MXN for the year, with a 0.8% decrease in Q4 and 1.7% annual growth year-over-year.

• Continued focus on customer service, value-add initiatives, and disciplined capital allocation supported growth.

• Maintained a resilient position in core markets, benefiting from economic diversification and job growth, especially in Alberta.

• Q4 results were impacted by a high comparison base due to extraordinary income in Q4 2023 from hurricane-related sales and insurance recovery.

Financial highlights

• Same property rental revenue increased 8.2% and same property NOI rose 11% year-over-year in Q4 2024.

• Q4 same-store sales decreased 0.5%, total store sales up 0.1%; annual same-store sales up 1.0%, total store sales up 2.0%.

• Q4 gross profit was $11,674 million MXN (23.8% margin), up 2.1% year-over-year; annual gross profit was $42,428 million MXN (23.7% margin), up 5.7%.

• Q4 EBITDA was $3,904 million MXN (8.0% margin), down 7.9% year-over-year; adjusted for extraordinary items, EBITDA would have grown 16.7%.

• Q4 net income was $1,857 million MXN (3.8% of sales), down 15% year-over-year; annual net income was $3,909 million MXN (2.2% of sales), down 22.5%.

Outlook and guidance

• 2025 guidance anticipates same property NOI growth of 4%-8% and FFO per unit of CAD 4.25–4.55.

• Monthly distribution to increase 12.5% to CAD 1.62 per unit annualized starting March.

• Plans to install over 1,000 ultra-fast EV charging stations by 2030, starting with 57 in 2025.