4q16 quarter results conference call fideicomiso f/2157...
TRANSCRIPT
1
February 21, 2017
4Q16 Quarter Results Conference CallFideicomiso F/2157 – FMTY14
2
Redwood Building Office, Guadalajara, Jal.
Net Leasable Area: 11,605 m2
Tenants: Oracle, HCL TechnologiesVectorIZA Business CenterCI BancoGiovanni Bojanini
Purchase Price: $738.3 million pesos
Estimated NOI: $61.4 million pesos
Ciénega Building Industrial, Monterrey, N.L.
Net Leasable Area: 25,223 m2
Tenant: Walmart de México y Centro América
Purchase Price: $230 million pesos
Estimated NOI: $22.7 million pesos
Disciplined Growth StrategyAcquisitions completed during 4Q 2016
3
Catacha 2 Industrial, Querétaro, Qro.
Project under construction under a Build-to-Suit structure
Net Leasable Area: 5,400 m2
Tenant: Pak2Go
Purchase Price: $58.5 million pesos
Estimated NOI: $5.3 million pesos
Disciplined Growth StrategyAcquisitions completed during 4Q 2016
4
Initial Portfolio
Executed Acquisitions
Acquisitions in Process
CUAUHTEMOC, CHIH
18. Monza #3
LOS MOCHIS, SIN
12. Casona #3
PARRAL, CHIH
11. Casona #2
CHIHUAHUA, CHIH
10. Casona #1
16. Monza #1
17. Monza #2
29. Monza #5
DELICIAS, CHIH
19. Monza #4
SAN LUIS POTOSI, SLP
21. Huasteco #1
22. Huasteco #2
23. Huasteco #3
24. Huasteco #4
25. Huasteco #5
26. Huasteco #6
27. Huasteco #7
IRAPUATO, GTO
13. Casona #4
14. Casona #5
SALTILLO, COAH.
30. Providencia #1
31. Providencia #2
32. Providencia #3
33. Providencia #4
34. Providencia #5
35. Providencia #6
36. Providencia #7
37. Providencia #8
HUIXQUILUCAN, MEX
39. Fortaleza
CIUDAD JUAREZ, CHIH
9. Cuadrante
GUADALAJARA, JAL
40. Redwood
15. Catacha
28. Nico #1
38. Prometeo
41. Ciénega
QUERETARO, QRO
20. Santiago
42. Catacha #2
MONTERREY, NL
1. OEP – Torre 1
2. OEP – Torre 2
3. OEP – Plaza Central
4. CEN | 333 – Axtel
5. CEN | 333 – Neoris / GE
6. CEN | 333 – Atento
7. Danfoss
8. Cuprum Ventanas
Disciplined Growth StrategyComposition of the total portfolio
5
60%
36%
4%
By Class of Property
Office Industrial Retail
61%12%
7%
7%
6%7%
By Location
NL Coah Chih Jal ZMVM Otros
79%
21%
By Currency
USD MXN
14%
8%
36%7%
26%
9%
By Expiration (years)
0-1 1-3 3-5 5-7 7-10 10+
95%
5%
By Occupancy
Leased Vacant
7%
6%
5%
5%4%
4%
4%
4%
4%
4%
Major Tenants
Crisa Neoris GE Axtel Oracle
PWC Danfoss Mary Kay Accenture CVG
High Quality PortfolioKey Performance Indicators as % of income
6
14.1%4.9% 3.6%
19.0% 17.0%
1.2%5.8%
10.6%
0.0%
15.0%
3.8% 0.7% 0.0% 3.6% 0.7%
14.1% 19.0% 22.6%
41.6%
58.6% 59.8%65.6%
76.2% 76.2%
91.2% 95.0% 95.7% 95.7% 99.3% 100.0%
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Expiration of lease agreements
Expiration Accumulated
21%
19%
13%13%
10%
10%
6%5%
3%
Distribution by Economic Activity
Technology
Automotive
Services
Manufacturing
Other *
Consumer Products
Communications
Electronics
Logistic 3.1%
1.8%
1.7%
1.6%
0.9%
0.5%
0.4%
Other
Construction and Development
Financial Services
Industrial Gas
Commerce
Energy
Agropecuary
* Other Economic Activities (10%)
Remaining lease term is 5.5 yearsMore than 58% of income begins to expire starting in 2021
High Quality PortfolioExpiration profile and economic sectors
7
0
50
100
150
200
250
300
350
1T
20
14
2T
20
14
3T
20
14
4T
20
14
1T
20
15
2T
20
15
3T
20
15
4T
20
15
1T
20
16
2T
20
16
3T
20
16
4T
20
16
Monterrey – Office Projects Under Construction
Projects Under Construction (000's m2)
Lineal (Projects Under Construction (000's m2))
0
5
10
15
20
25
30
35
1T
20
14
2T
20
14
3T
20
14
4T
20
14
1T
20
15
2T
20
15
3T
20
15
4T
20
15
1T
20
16
2T
20
16
3T
20
16
4T
20
16
Monterrey – Office Space Net Absorption
Office Space Net Absorption (000's m2)
Lineal (Office Space Net Absorption (000's m2))
High Quality PortfolioComment to the office market in Monterrey
8
Thousands of MXN $ 4Q16 3Q16 2Q16 1Q16 4Q15Δ% / pp
4Q16 vs 3Q16
Total Gross Revenue 188,283 157,552 134,346 118,375 101,503 19.5%
Property Related Expenses (29,182) (18,110) (16,961) (13,556) (14,463) 61.1%
CAPEX expenses registered as OPEX according to IFRS
6,071 695 1,933 -- -- 773.5%
Net Operating Income (NOI) 1 165,17287.7%
140,13788.9%
119,31888.8%
104,81988.5%
87,04085.8%
17.9%(1.2 pp )
Administrative Expenses2 (17,221) (16,346) (15,939) (16,026) (13,121) 5.3%
EBITDA147,95178.6%
123,79178.6%
103,37976.9%
88,79375.0%
73,91972.8%
19.5%
Strong and Sound PerformanceSelected financial information
1. Excludes Capex expenses registered as Opex according to IFRS.2. Net of Depreciation and Amortization.