MONTERREY, Mexico--(EON: Enhanced Online News)--Deutsche Bank Mexico, S.A., Institución de Banca Múltiple, Trust Division F/1616 or Fibra Inn (BMV:FINN13) (“Fibra Inn” or “the Company”), a Mexican real estate investment trust specializing in the hotel industry serving the business traveler, today announced its Third Quarter results for the period ended September 30, 2013 (“3Q13”). These results were prepared in accordance with International Financial Reporting Standards (“IFRS”) and are stated in nominal Mexican pesos (Ps.).
Fibra Inn has made several hotel acquisitions during the quarter. The properties are considered as contributed to the Fibra upon their notarization and payment; therefore, all financial information contained in this report for the third quarter of 2013 refers to the operating period in which those hotels became part of the Fibra. As of the end of the quarter, Fibra Inn owned 17 properties.
Third Quarter 2013 Financial Highlights
- Total Revenues were Ps. 65.2 million, Ps. 55.7 million corresponded to Rental Revenues.
- Hotel Room Revenues were Ps. 139.4 million and Ps. 17.8 million, which corresponded to Revenues from Food and Beverages and Other Revenues; representing 89% and 11%, respectively, of total hotel revenues.
- NOI1 was Ps. 58.6 million and the NOI to Hotel Revenue Margin was 37.3%.
- Net Income was Ps. 72.3 million.
- FFO 2 reached Ps. 76.9 million with a Rental FFO Margin of 138.1%.
- The Cash Balance reached Ps. 636.3 million at the close of the quarter and on October 4, 2013, the Company received a VAT Refund in the amount of Ps. 278.4 million.
- Distributions to Holders were Ps. 60.4 million, equivalent to Ps. 0.2338 per CBFI3, for a dividend yield4 of 6.0%.
- As of September 30, 2013, the book value of the Property Portfolio was Ps. 3,502.5 million, comprised of 17 hotels and 2,822 rooms, with an additional 304 rooms under construction.
- Acquisitions: Holiday Inn Puebla La Noria, Camino Real Guanajuato, Marriott Puebla and Mexico Plaza Irapuato.
- Same store indicators for the 17 hotels were: Occupancy 63.4%, Average Daily Rate Ps. 982 and Revenue per Available Room (“RevPAR”) Ps.623, an increase of 6.1% compared to the RevPAR in 3Q12.
1 NOI is calculated by taking the Total Revenue (rental and others) and subtracting Operating Salary Expenses (excluding salaries for general and maintenance management), property tax and insurance.
2 FFO is calculated as the net result plus the non-monetary charges (depreciation and executive compensation).
3 Calculated by using 258,334,218 CBFIs in circulation on September 30, 2013.
4 Calculated by using the closing price of Ps.15.44 per CBFI on October 25, 2013.
For the full version of this report, please visit http://www.fibrainn.mx/en/financial-information.php.
For more information please visit http://fibrainn.mx/en/investors.php.