FUNO, with double-digit growth in the second quarter

Fibra Uno, the largest real estate investment fund in Mexico, presented a financial report with positive numbers obtained in the second quarter of the year. Your total income and net operating income (NOI) grew by 23.0% and 30.7%, respectively, and these results were driven by growth in total profitable area.

In the document available on the Mexican Stock Exchange (BMV), the company explained that the total income (after the support it provided to its tenants due to Covid-19) amounted to 5285.5 million pesos in April-June 2021 compared to 4,298 million pesos in the same months of 2020, NOI resulted in 4,241 million pesos compared to 3,245 million pesos in the comparison period.

Funo highlighted in its report that its net operating profit and operating cash flow (FFO) are at 996.9 million pesos. or a 30.7% increase and 1176.3 million pesos or 117.2% higher than the second quarter of 2020, respectively.

The industrial sector remains very strong, especially for the logistics sub-sector. We continue to see increased demand driven by the economic recovery, lack of third party logistics penetration, e-commerce growth, André El-Mann, chief executive of FUNO, in a letter to investors, commented on the massive fiscal stimulus in the United States and “closer” trends that benefit Mexico.

While in the commercial sector, continued the Director, a clear recovery in consumption continued to be observed and, Thus, the demand for commercial space is recovering rapidly.

There are vacancies in the office division, posting a slight decrease in staffing, although some fluctuations are expected in the short term The aphid said that because of the “large stock available in Mexico City,” where most of the space is concentrated.

The Fibra Uno report reflects the recovery after Covid-19. In terms of growth-related factors, there is a 4.2% growth in total leasable area, which has led to an increase in the industrial (4.1) and commercial (+2.15) sectors, (despite a slight adjustment in offices of -0.4%) and an occupancy rate of 91.8%, which is a level slightly lower by 200 basis points compared to the second quarter of 2020,”, said Riberto Solano, Fibras sector analyst at Monex Casa de Bolsa.

“It will be necessary to assess the progress of the epidemic now with the infection rate in the delta, as various states in the Mexican republic have adjusted traffic lights without affecting the economic aspect,” Specialist added.

FUNO closed the second quarter of the year with about 10.8 million square meters of profitable space and With 661 properties spread across the Republic of Mexico, it had an occupancy rate of 91.8 percent.