The gradual increase in the occupancy of its portfolio, the contribution of new projects and the increase in rental prices due to inflation, have boosted the income of Fibra Uno (FUNO) to record levels.

In its report to the Mexican Stock Exchange corresponding to the first quarter of 2023 (IT23), it reported that for the first time in its history its net operating income (NOI) exceeded 5 billion pesos in a quarter.

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FUNO reported that its total income totaled 6 thousand 301.9 million pesos from January to March, to present a growth of 6.4% compared to 4Q22 and 8.2% compared to the same period of the previous year.

In this regard, André El-Mann, CEO of FUNO commented that “we reached a consolidated occupancy rate of 93.8% during 1Q23. We are already seeing, as we anticipated, that the office segment is ~78% occupied with the trend to reach ~80% by the end of this year. We see that the commercial segment is performing strongly; With an occupancy of 90.3%, its income is growing above inflation, supported by increases in occupancies, variable rents and contract renewals above inflation, as well as the initial contribution of Mítikah, which has been a huge success that has exceeded our expectations. own expectations”.

He also highlighted that "the industrial segment continues its very solid performance with 98 percent occupancy."

El-Mann stated that "we are focused on increasing our occupancy, controlling our expenses and therefore improving our generation of net operating income, achieving this quarterly record that fills me with pride."

In financial matters, FUNO continues working to expand the maturity profile of its debt, in addition to reducing its short-term leverage.

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At the end of March, FUNO's Gross Leasable Area (GLA) stood at 10,989,900 square meters, practically the same as at the end of 2022, through 612 properties. At the end of the first quarter, its GLA under construction was barely 32,200 square meters.

In particular, its industrial portfolio maintained its occupancy level practically unchanged at levels of 97.9%, while the commercial segment advanced to 90.3% and the office segment stood at 77.7 percent.

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Original note