Q2 2024 Concentradora Fibra Danhos SA de CV Earnings Call (Spanish) Transcript
Key Points
- Total revenues increased by 6.4% year-over-year, reaching MXN1.6 billion, driven by higher fixed rent, overage, and parking revenues.
- Net Operating Income (NOI) rose by 7.1% year-on-year, achieving a 77.3% margin.
- Occupancy rates improved, with retail occupancy at 92.3% and office occupancy at 74.2%, both showing significant increases from the previous year.
- Lease spreads on renewal agreements were 5.7%, surpassing inflation rates.
- The company has a stable development pipeline, with plans to continue expanding in the industrial sector, particularly in logistics-focused markets like Mexico City.
- Total expenses increased by 4.1%, primarily due to rising operating and maintenance costs.
- The company faces pressure from rising minimum wages, impacting property expenses, particularly in shopping malls.
- The payout ratio for the quarter was 66%, indicating a significant portion of earnings is retained rather than distributed.
- There is uncertainty regarding the impact of future economic conditions and political events, such as the USMCA revision in 2026, on the company's growth trajectory.
- The office segment, while showing improvement, still has a relatively low occupancy rate of 74.2% compared to retail.
Good day, everyone, and welcome to today's Fibra Danhos' second quarter 2024 earnings conference call. (Operator Instructions) Please note, this call is being recorded, and I will be standing by should you need any assistance.
And it is now my pleasure to turn the program over to Rodrigo MartĂÂnez.
Thank you very much. Hello, everyone. I am Rodrigo MartĂÂnez, and I run Investor Relations for the company. At this time, I'd like to welcome everyone to Fibra Danhos' 2024 second quarter conference call. We issued our quarterly report yesterday and if you did not receive a copy, please do not hesitate and contact us. Please be aware that they are also available on our website and in Mexico Stock Exchange website.
Before we begin the call today, I would like to remind you that forward-looking statements made during today's call do not account for future economic circumstances, industry conditions and company performance or financial results.
These statements are
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