MONTERREY, México--(BUSINESS WIRE)--Deutsche Bank Mexico, S.A., Institución de Banca Múltiple, Trust Division F/1616 or Fibra Inn (BMV:FINN13) (“Fibra Inn” or “the Company”), the Mexican real estate investment trust internally managed and specialized in the hotel industry serving the business traveler with global brands, today announced its non-audited first quarter results for the period ended March 31, 2017 (“1Q17”). These results were prepared in accordance with International Financial Reporting Standards (“IFRS”) and are stated in nominal Mexican pesos (Ps.).
1Q17 Financial Highlights:
- Fibra Inn concluded the quarter with 42 hotels under operation: 7,115 rooms, of which 222 are under construction and 180 are being renovated. Fibra Inn has an investment in 2 properties under the Strategic Hotel Acquisition Model that will add 430 rooms.
- Total Revenue: reached Ps. 480.4 million, of which 95.4% were from room revenues and 4.6% were from rental revenues, for a total increase of 16.4% compared to 1Q16.
- NOI1: Ps. 174.4 million, an increase of 10.4% compared to the Ps. 158.0 million reported in 1Q16; NOI margin was 36.3%.
- Adjusted EBITDA2: reached Ps. 152.0 million, an 11.5% increase compared to the Ps. 136.3 million in 1Q16.
- Net Income: Ps. 43.1 million, or 9.0% net margin.
- FFO3: Ps. 109.9 million, or 22.9% FFO margin.
- Distributions to Holders4: Ps. 110.0 million, a 13.1% increase compared to Ps. 97.3 million in 1Q16. Distributions per CBFI were equivalent to Ps. 0.25. This represented an annualized dividend yield of 9.2% in 1Q17, the highest ever reported in the Company’s history.
Same-Store Sales for the 41 comparable hotels:
- Room revenue: Ps. 445.8 million; up 12.5% vs. Ps. 396.4 million in 1Q16.
- Occupancy: 60.8%, 3.2 percentage points (“pp”) higher than the figure reported in 1Q16. Excluding the addition of rooms, occupancy was 61.4%.
- Average Daily Rate (“ADR”): reached Ps. 1,242.4; an increase of 6.6%, the highest average daily rate ever reported in the history of Fibra Inn.
- Revenue per Available Room (“RevPAR”): Record Ps. 755.0, or a 12.6% increase. Excluding the addition of rooms, RevPAR increased by 13.7%.
Total Revenues for the 42 hotels in operation:
- Rental revenues: Ps. 458.2 million; an increase of 17.0% vs. Ps. 391.7 million in 1Q16.
- Occupancy: 59.9%; 2.8 pp higher versus the 57.1% in 1Q16.
- Average Daily Rate: Ps. 1,254.7; an increase of 6.9%.
- Revenue per Available Room (RevPAR): Ps. 752.0, a 12.3% increase vs. Ps. 669.4 in 1Q16.
Oscar Calvillo, Chief Executive Officer of Fibra Inn, stated: “As of this year, Fibra Inn became an internalized Fibra. Undoubtedly, the benefits are great, in terms of the efficiencies that will be reflected year over year in general and administration expenses as well as in terms of corporate governance, which position us among the best Fibras in the market.
On another note, it is important to mention that we have begun the process for the strategic sale and eventual flipping of some of our hotels. As such, during the year, we expect to achieve favorable results, which will translate into an additional benefit for our investors. For 2017, we have chosen to pay an objective base quarterly dividend of Ps. 0.25 per CBFI; there will also be additional estimated dividends based on the achievement of certain strategic objectives. This is the reason that, during this quarter we reached a 9.2% dividend yield, the highest in our history. Additionally liabilities are 66% covered with the contracted interest rate swaps”.
For more information, please visit: www.fibrainn.mx
|1||NOI is the calculation of the Fibra’s revenue (rent and other revenue) minus operating expenses for administration, maintenance, lodging, utilities, fees, royalties, marketing and promotion, as well as property tax and insurance.|
|2||Adjusted EBITDA excludes acquisition and organization expenses.|
|3||FFO is calculated as the Adjusted EBITDA plus interest gain less interest expense and foreign exchange fluctuations|
|4||Calculated using 440,019,542 CBFIs outstanding on March 31, 2017. Yield is based on a Ps. 11.05 per CBFI.|
About the Company
Fibra Inn is a Mexican trust formed primarily to acquire, develop and rent a broad range of hotel properties in Mexico aimed at the business traveler. The Company has signed franchise, license and brand usage agreements with international hotel brands for the operation of global brands as well as the operation of national brands. Additionally, the Company has development agreements. These hotels enjoy some of the industry’s top loyalty programs. Fibra Inn trades its Real Estate Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios or “CBFIs”) on the Mexican Stock Exchange under the ticker symbol “FINN13”; its ADRs trade on the OTC market in the U.S. under the ticker symbol “DFBRY”.
Note on Forward-Looking Statements
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, Company performance and financial results. Also, certain reclassifications have been made to make figures comparable for the periods. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.