February, Q17 Quarterly Results Update Fideicomiso F/2157 FMTY14

Transcription

1 February, Q17 Quarterly Results Update Fideicomiso F/2157 FMTY14 1

2 1 Consistent Performance Year Guidance (per share) (1) Dividend (per share) (1) Dividend Yield (2) Portfolio Value (3) Properties States Equity (3) Issuances LTV (4) % 4, % % 7, , % % 9, , % % 8.75% (1) Figures in Pesos per share (2) On an IPO Price per share of PS (3) Figures in millions of Pesos (4) As defined on Exhibit AA: (Loans + Interest Payable)/Total Assets 2

3 1 Total Return Perfomance since IPO Mexbol: UDITRAC: CETETRC: The S&P/BMV IPC seeks to measure the performance of the largest and most liquid stocks listed on the Bolsa Mexicana de Valores. The constituents are weighted by modified market cap. seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the inflation indexed sector of the Mexican government bods market, known as "Udibonos" market, as defined by the S&P/BMV Mexico Government 1+year UDIBONOS Index seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the short term Mexico Treasury market, known as "CETES" market, as defined by the S&P/BMV Mexico Government CETES Index M10TRAC: seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the intermediate term sector of the fixed rate Mexican government bonds market, also known as "BONOS M" market, as defined by the S&P/BMV Mexico Government 5-10 year MBONOS Index FRMEX: The S&P/BMV Fibras Index is designed to measure the largest and most liquid real estate investment trusts (REITs) listed on the Bolsa Mexicana de Valores. The constituents are weighted by their value traded subject to a 25% stock capping. 3

4 2 Recently Announced Acquisitions Patria Building Highlights Multi tenant, Class A, LEED certified office building located in Guadalajara. A total of 8,050 m2 of GLA. Building is 64.7% leased with single net, pesodenominated leases and a weighted average term of 5.1 years in terms of income. Purchase price will be between Ps and Ps million to be paid as the building continues to be leased-up. In process of corporate restructuring or seller; first installment will be of Ps million, to be paid in 1H18. Occupied space is expected to generate NOI of Ps million pesos. Remaining space will be acquired at a 9.65% annual cap rate. 4

5 2 Recently Announced Acquisitions Zinc Building Highlights Zinc is a new industrial facility (build-to-suit) for the relocation of an existing tenant of Fibra Mty. The total GLA is of 18,000 m2, to be built on a 41,345 m2 site in the Santa Catarina corridor, in Monterrey. Total investment will be US $9.5 million, and it is expected to generate annual NOI of US $0.8 million Lease will be triple net (NNN), with an initial term of 10 years after substantial completion The property that is currently occupied by this tenant, part of the initial portfolio, will be contributed or sold for commercial and/or corporate use. We expect that the repositioning of this land will allow us to increase its value in at least 25% in respect to its original acquisition cost. 5

6 2 Project Zinc Repositioning Highlights CEN 333 US $350 - $450 per m2 CUPRUM US $220 per m2 New Cuprum Facility 6

7 3 State of the Portfolio CIUDAD JUAREZ, CHIH 4, Cuadrante 4,520 CUAUHTEMOC, CHIH 1, Monza #4 1,440 LOS MOCHIS, SIN 7, Casona #5 7,985 PARRAL, CHIH 5, Casona #4 5,888 Executed Undergoing GUADALAJARA, JAL 19, Redwood 11, Patria 8,050 SAN LUIS POTOSI, SLP. 89, Huasteco #1 38, Huasteco #2 15, Huasteco #3 11, Huasteco #4 5, Huasteco #5 1, Huasteco #6 3, Huasteco #7 13,999 CHIHUAHUA, CHIH 27, Casona #3 12, Monza #1 8, Monza #2 1, Monza #5 4,611 DELICIAS, CHIH 1, Monza #3 1,971 SALTILLO, COAH. 82, Providencia #1 13, Providencia #2 7, Providencia #3 11, Providencia #4 26, Providencia #5 9, Providencia #6 6, Providencia #7 5, Providencia #8 3,367 QUERETARO, QRO 21, Santiago 16, Catacha #2 5,400 HUIXQUILUCAN, MEX 15, Fortaleza 15,137 IRAPUATO, GTO 12, Casona #1 5, Casona #2 6, ,534 m2 of GLA 530,584 m2 of GLA* MONTERREY, NL 239, OEP Torre 1 13, OEP Torre 2 18, OEP Plaza Central 13, CEN 333 Neoris 20, CEN 333 Axtel 12, CEN 333 Atento 3, Danfoss 30, Cuprum 17, Catacha 5, Prometeo 8, Nico 1 43, Ciénega 25, Cuauhtémoc 10, Zinc 18,000 * Includes undergoing acquisitions of Patria (44) and Zinc (45) 7

8 Number of Properties 3 State of the Portfolio Quarterly Size Evolution 50 Size of the Portfolio (square meters of GLA) , , , , , , , , , , , , Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 * Does not include undergoing acquisitions of Patria (44) and Zinc (45) 8

9 3 State of the Portfolio Key Performance Indicators (as % of income) Asset Class Location Occupancy Currency 3.8% 9.0% 6.2% 6.2% 42.2% 54.0% 7.2% 10.2% 12.3% 55.1% 93.8% 33.9% 66.1% Office Industrial Retail NL SLP Coah Jal Chih Other Leased Available USD MXN Lease Expiration Profile 31.5% 47.5% 57.9% 84.3% 89.0% 92.1% 92.1% 95.5% 96.1% 100.0% 72.5% 72.6% 65.9% Weighted average remaining term of 5.5 years. More than 47% or income starts expiring in 2022 * 4.8% 10.7% 4.8% 5.9% 20.8% 16.0% 10.4% 8.0% 6.6% 0.1% 11.7% 4.7% 3.1% 0.0% 3.4% 0.6% 3.9% Expiration Accumulated * Percentage of income could increase to approximately 60% once certain renewals under negotiation are executed. 9

10 3 State of the Portfolio (major tenants and economic activity, as % of income) Major Tenants (43.6% of income) Economic Sectors Crisa 5.7% Industrial 22.6% Oracle 4.9% Technology 17.6% Central Star Logistics 4.8% Automotive 16.3% Axtel 4.8% Services 11.9% Cemex 4.7% Consumer Products 7.5% Famsa 4.0% Other 6.8% PWC 3.8% Financial Services 5.2% Danfoss 3.7% Communications 4.8% Epicor 3.6% Electronics 4.2% Accenture 3.6% Logistics 3.1% 10

11 4 The office markets net absorption trends 400,000 Net Absorption Trends of Major Office Markets in Mexico (last twelve months in square meters, linear trend) 350, , , , , ,000 50,000-4Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 2017 Monterrey Mexico City Guadalajara * Source: CBRE Marketview Monterrey Office, 3Q

12 5 Portfolio Performance Same-Property Thousands of Pesos 4Q Q 2017 Δ% / bps Number of Properties (1) Gross Leasable Area (GLA) sqm 488, , Occupancy Rate (GLA) 96.5% 96.5% -- Same-Property Income 213, , % Same-Property Operating Expenses (25,781) (28,163) (8.5%) Same-Property Net Operating Income (NOI) 187, , % Same-Property NOI Margin 87.9% 86.3% 160 bps Income from acquisitions/construction 9,495 4, % Operating Expenses from acquisitions/construction (97) (63) 54.0% NOI from acquisitions/construction 9,398 4, % NOI Margin from acquisitions/construction 99.0% 98.6% 40 bps Total Fibra Mty Income 222, , % Total Operating Expenses (25,878) (28,226) (8.3%) Total NOI 196, , % Total NOI Margin 88.4% 86.6% 180 bps (1) Same-Property comparison excludes Catacha 2 and Cuauhtémoc properties. 12

13 5 NOI Margins Benchmarks NOI Margins 100% 95% 90% 94.9% 95.4% 90.8% 88.4% 85% 80% 75% 83.6% 81.5% 81.2% N/A Office (1) Industrial (2) Retail (3) Overall (4) Sector Fibra Mty 1. NOI margin of the office component of diversified FIBRAS 2. Average NOI margin of industrial specialized FIBRAS and industrial component of diversified FIBRAS 3. There is no benchmark comparable to the retail component of Fibra Mty (mostly single-tenant, triple net properties) 4. Average NOI margin of all diversified FIBRAs * Source: Companies quarter reports for 3Q17 and 4Q17 13

14 7 Selected Financial Information Thousands of Pesos MXN (except figures per CBFI) 4Q17 3Q17 2Q17 1Q17 4Q16 Δ% 4Q17 vs 3Q17 Δ% 4Q17 vs 4Q16 Gross Income 222, , , , , % 18.3% Properties Expenses (net from Capex as Opex) (25,878) (28,226) (26,355) (24,386) (23,111) (8.3%) 12.0% Net Operating Income (NOI) 196, % 181, % 169, % 176, % 165, % 8.2% 19.2% G&A Expenses (19,748) (18,506) (18,262) (18,783) (17,221) 6.7% 14.7% EBITDA 177, % 163, % 151, % 157, % 147, % 8.4% 19.8% FFO 173,163 FFO per CBFI (1) , , , , % 9.7% 37.5% 3.8% AFFO 165,757 AFFO per CBFI (1) , , , , % 6.6% 33.2% 0.8% (1) Financial indicators for 3Q17 consider 515,130,292 CBFIs in July and 635,500,587 CBFIs in august and september. 14

15 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q Guidance * Organic Growth: Income: Increase in Occupancy = 2% same buildings (+17,000 m2 of GLA) Opex: Efficency and Economies of Scale = 2% same buildings (- Ps 1.6 mill) * Acquisitions: To continue achieving 20/20 vision Historical Distribution and Guidance To pursue benefits of a potential buyers market Take advantage of equity market windows * Exchange Rate: Weighted average range * Approved Distribution Range: per CBFI Quarterly Distribution Annualized Guidance Year Distribution 15

16 8 Leverage * Balance Sheet Strategy: Loan to Value: 25% - 30% ( 35%) Cash: to support operation, reducing negative carry * Market Conditions: Interest Rates in USD Short term interest rates in Pesos similar to cash on cash of buildings Positive carry of leverage due to USD denominated rents in FibraMty * Strategy: Today s Loan to Value (estimated after distributions and some expenses): 25% LTV with additional leverage and announced acquisitions: 27% Stretch Loans Durations 16