FIBRA Macquarie México Announces Financial and Operating Results for the Third Quarter 2015

Highlights

  • Portfolio-wide occupancy increases 190 bps to 91.9%
  • AFFO increases 39.4% to Ps.363.1 million; AFFO per certificate increases 9.0% to Ps.0.4475
  • Financial close of two acquisitions with a total value of US$134.9 million at a weighted average capitalization rate of 8.4%
  • Distribution of Ps.0.4250 per certificate declared, an increase of 20.1%

MEXICO CITY--()--FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ), owner of one of the largest portfolios of industrial and retail/office property in Mexico, announced its financial and operating results for the quarter ended September 30, 2015.

Manager Statement for the Third Quarter 2015

FIBRA Macquarie had a solid performance for the third quarter of 2015. FIBRA Macquarie reported continued growth in Adjusted Funds from Operations (AFFO) driven by integration of acquisitions, operational improvements and further strengthening of the US dollar.

FIBRA Macquarie’s internal property administration platform for the industrial portfolio remains focused on providing high-quality customer service to current tenants and attracting new tenants. As a result, FIBRA Macquarie had healthy levels of lease renewals, executed property expansions for existing tenants, and continued to sign new leases. Together, these contributed to the highest ever increase in occupancy across the industrial portfolio.

The 17 retail/office properties in FIBRA Macquarie’s current portfolio reached record occupancy levels during the quarter. Proactive management of the retail properties, including targeted new leases and focused remodeling contributed to the improved performance. FIBRA Macquarie’s retail properties provide a range of basic services and are located in high density urban areas, primarily in the Mexico City metropolitan area. Growth in retail sales in Mexico generally are being reflected in increased foot traffic at FIBRA Macquarie’s properties and in the revenues of its tenants.

During the quarter, FIBRA Macquarie reached financial close on the two acquisitions that were announced in the second quarter for a total value of approximately US$134.9 million at an average capitalization rate of 8.4%. The acquisitions added 14 stabilized industrial properties in five major markets in Northern Mexico to the portfolio, as well as two industrial build-to-suit projects and two parcels of land adjacent to existing properties, which will allow FIBRA Macquarie to serve the expansion needs of current tenants. In addition, FIBRA Macquarie is actively assessing a variety of accretive acquisition opportunities in both the industrial and retail/office markets.

FIBRA Macquarie is also laying the foundations of an active industrial property development effort which could represent a small but important component of its total portfolio.

FIBRA Macquarie is excited by its prospects for continued growth and looks forward to delivering on its commitments to all of its stakeholders.

Growing Distributions in the Third Quarter 2015

On October 27, 2015, FIBRA Macquarie declared a distribution for the quarter ended September 30, 2015, of Ps.0.4250 per certificate. The distribution is expected to be paid on November 11, 2015 to holders of record on November 10, 2015. FIBRA Macquarie certificates will commence trading ex-distribution on November 6, 2015. The distribution represents a payout of 95.0% of the AFFO generated in the third quarter and brings total distributions to 94.0% of AFFO on a year-to-date basis.

Fourth Quarter 2015 Distribution Guidance

FIBRA Macquarie expects the distribution for the fourth quarter of 2015 to be at least Ps.0.4600 per certificate, assuming no material change in the performance of our business. The increase is expected to be driven, in part, by the impact of a full quarter’s contribution from the two acquisitions closed in the third quarter. We further assume an average exchange rate of Ps.16.50 per US dollar for November and December and reiterate our expectation that we will maintain a payout ratio of between 95.0% and 100.0% of annual AFFO.

Proportionately combined results for the three months ended September 30, 2015 compared with the three months ended September 30, 2014

  • Revenue increased 31.6% to Ps.773.2 million from Ps.587.4 million.
  • Net Operating Income (NOI) increased 30.9% to Ps.660.0 million from Ps.504.0 million.
  • AFFO increased 39.4% to Ps.363.1 million from Ps.260.4 million.
  • AFFO per certificate increased 9.0% to Ps.0.4475 from Ps.0.4108, reflecting the increase in the number of certificates on issue after the follow-on offering in September 2014.

Proportionately combined results for the nine months ended September 30, 2015 compared with the nine months ended September 30, 2014

  • Revenue increased 25.7% to Ps.2,134.0 million from Ps.1,698.3 million.
  • NOI increased 24.9% to Ps.1,817.6 million from Ps.1,455.6 million.
  • AFFO increased 33.9% to Ps.1,007.4 million from Ps.752.2 million.
  • AFFO per certificate increased 4.6% to Ps.1.2416 from Ps.1.1866.

Industrial Portfolio

Occupancy levels across the FIBRA Macquarie industrial property portfolio increased to 91.4% in the third quarter, up 110 bps compared with the second quarter of 2015 and 210 bps versus the prior comparable period. The increases were primarily driven by higher retention which increased to 83.9% in the quarter from 79.0% in the same period in 2014. Retention for the nine months ended September 30, 2015 increased to 82.6% from 74.1% in the prior comparable period.

FIBRA Macquarie renewed leases for more than one million square feet of industrial property during the third quarter. The improved retention rates and lease up of previously vacant properties reflect the positive impact of the FIBRA Macquarie internal property administration platform as well as continued improvement in industrial property market fundamentals.

FIBRA Macquarie signed new leases covering more than 440,000 square feet of industrial space. Highlights include the following:

  • 84,000 square feet leased to a beverage company in Guadalajara;
  • 78,500 square feet leased to a supplier of accessories for light trucks in Reynosa;
  • 70,000 square feet in conjunction with an eight-year extension, for a total of 173,000 square feet leased to a supplier of plastic in Chihuahua;
  • 58,000 square feet in conjunction with a five-year extension, for a total of 290,000 square feet leased to a global supplier of products to the vehicle industry in Nuevo Laredo; and
  • 52,500 square feet in conjunction with a five-year extension, for a total of 111,000 square feet leased to a wholesaler and distributor of motor vehicle supplies in Mexicali.

Average monthly rental rates per square meter decreased to US$4.42 in the third quarter from US$4.48 in the third quarter of 2014 primarily as a result of the following:

(1) A reduction of US$0.04 that resulted from the acquisition of properties at an average rental rate of US$3.97, which is lower than the average of FIBRA Macquarie’s incumbent portfolio. Excluding the impact of the two most recent acquisitions, average rental rates across the industrial properties would have been US$4.46 in the third quarter; and

(2) The 440,000 square feet of new leases signed in the third quarter were rented at an average of US$3.89, which is lower than the portfolio average, resulting in a reduction of US$0.02 in overall average rental rates;

Retail/Office Portfolio

Occupancy levels across FIBRA Macquarie’s retail/office portfolio, including properties owned in a joint venture, reached a record 94.9% during the third quarter. Occupancy levels across the properties in FIBRA Macquarie’s wholly owned portfolio reached 98.1% in the third quarter of 2015, an increase of 59 bps compared with the third quarter in 2014. The occupancy level in the joint venture portion of the portfolio was 90.6% at the end of the third quarter, an increase of 134 bps compared with the third quarter in 2014.

Retail sales in Mexico have shown steady growth, as reflected in the same store sales (SSS) information published by the Association of Supermarkets and Department Stores (ANTAD) retail guild. ANTAD reported total nominal retail SSS for the nine months ended September 30, 2015 grew by 6.2% compared with an increase of only 0.9% for the full year 2014. Nominal growth in SSS for the nine months ended September 30, 2015 was 4.3% for supermarkets compared with an increase of only 0.3% for the full year 2014.

Foot traffic through properties in the wholly owned portion of the retail/office portfolio increased approximately 2.0% to more than 6.3 million visitors in the third quarter of 2015 compared with the second quarter. The increase in traffic contributed to a reported increase in revenues of movie theaters and supermarkets of 15.9% and 7.2%, respectively, for the nine months ended September 2015 compared with the same period last year.

FIBRA Macquarie also signed a significant new expansion lease of 6,770 square meters with Fábricas de Francia, a well-known department store, at its Tecamac property. The lease is expected to contribute to retail/office rental revenue starting in the second half of 2016. In addition, 220 parking spaces at City Shops del Valle have been leased to a new office building in the area. The parking lease will generate ancillary revenue and the new office building will bring more than 3,000 new office employees who could be visitors to the shopping center starting in the fourth quarter of 2015.

In FIBRA Macquarie’s joint venture portfolio, Multiplaza Lindavista in Monterrey reached an occupancy level of 83.0% in the third quarter compared with 78.0% in the third quarter of 2014. The increase was driven by a remodeling that was completed in the third quarter.

Average monthly rental rates per square meter increased to Ps.141.28 in the third quarter compared with Ps.138.77 in the prior comparable period. The increase reflects primarily inflationary adjustments to existing leases.

Acquisitions

During the third quarter, FIBRA Macquarie reached financial close on two acquisitions. The first of these, comprised of four stabilized properties, two build-to-suit projects under development and two plots of land, closed on July 23, 2015. The existing stabilized properties consist of 29,900 square meters (322,200 square feet) of industrial space, 10,800 square meters (116,300 square feet) of the two build-to-suit projects, and 25,100 square meters (270,500 square feet) in two parcels of land. The total purchase price of the properties is US$29.9 million (Ps.476.9 million), which represents a capitalization rate of 8.5% for the four stabilized properties and the two build-to-suit projects. The two build-to-suit projects are expected to be completed by the second half of 2016.

The second acquisition, comprising ten industrial properties in Monterrey, Reynosa, Tijuana, Ciudad Juarez and Saltillo, in northern Mexico, closed on August 19, 2015. The total gross leasable area (GLA) of the properties is 201,060 square meters (2.2 million square feet). FIBRA Macquarie acquired the properties for US$105.0 million (Ps.1,721.9 million), which represents a capitalization rate of 8.3%.

Disclosures Relating to Leverage

In accordance with applicable FIBRA regulations, FIBRA Macquarie complies with:

•The leverage limit of 50%, with a leverage ratio of 40.6% as of September 30, 2015; and

•The minimum debt service coverage ratio (DSCR) of 1.0x, with a DSCR of 1.8x as of September 30, 2015.

Proportionately combined financial metrics for the three and nine months ended September 30, 2015 (unaudited in millions unless otherwise stated)

Metric  

3Q 2015

Ps.

 

3Q 2014

Ps.

 

Variance Ps.

  Variance (%)  

9M ending September 2015 Ps.

 

9M ending September 2014 Ps.

 

Variance Ps.

  Variance (%)

Total revenues

773.2 587.4 185.7 31.6 % 2,134.0 1,698.3 435.7 25.7 %

Net Operating Income

660.0 504.0 155.9 30.9 % 1,817.6 1,455.6 362.1 24.9 %

EBITDA

600.3 463.2 137.1 29.6 % 1,637.4 1,310.2 327.1 25.0 %

Funds From Operations

408.4 295.9 112.5 38.0 % 1,136.8 849.7 287.1 33.8 %

Adjusted Funds From Operations

363.1 260.4 102.7 39.4 % 1,007.4 752.2 255.1 33.9 %
Metric (per certificate)   3Q 2015

Ps.

  3Q 2014

Ps.

  Variance

Ps.

  Variance (%)   9M ending September 2015 (Ps.) Total   9M ending September 2014 (Ps.) Total   Variance (Ps.)   Variance (%)

Net Operating Income

0.8134 0.7951 0.0183 2.3 % 2.2402 2.2960 (0.0558 ) (2.4 %)

EBITDA

0.7399 0.7307 0.0092 1.3 % 2.0181 2.0668 (0.0488 ) (2.4 %)

Funds From Operations

0.5034 0.4668 0.0366 7.8 % 1.4011 1.3403 0.0608 4.5 %

Adjusted Funds From Operations

0.4475 0.4108 0.0368 9.0 % 1.2416 1.1866 0.0550 4.6 %

Number of Certificates (in millions of CBFIs)

811.36 633.95 177.42 28.0 % 811.36 614.59 196.77   32.0 %

Metric (margins)

  3Q 2015 (% of revenues)   3Q 2014 (% of revenues)   Variance (bps)   9M ending September 2015 (% of revenues)   9M ending September 2014 (% of revenues)   Variance (bps)
Total revenues 773.2 587.4 n/a 2,134.0 1,698.3 n/a
Net Operating Income Margin 85.4 % 85.8 % (44.6 ) 85.2 % 85.7 % (53.3 )
EBITDA Margin 77.6 % 78.9 % (120.8 ) 76.7 % 77.1 % (42.2 )
Funds From Operations Margin 52.8 % 50.4 % 244.7 53.3 % 50.0 % 323.8
Adjusted Funds From Operations Margin 47.0 % 44.3 % 263.4   47.2 % 44.3 % 291.3  

Summary of operating metrics

 

Industrial segment

   

Retail segment

Metric As at September 30, 2015   As at September 30, 2014   Variance As at September 30, 2015   As at September 30, 2014   Variance
GLA 2.9 million 2.7 million 7.4 % 444,800 443,500 0.3 %
Occupancy rate 91.4 % 89.3 % 2.4 % 94.9 % 94.0 % 1.0 %
Average monthly rent per leased square meter US$ 4.42 US$ 4.48 (1.3 %) Ps 141.28 Ps 138.77 1.8 %
Quarterly tenant retention rate

83.9

% 79.0 %

4.9

% 94.0 % 80.0 % 17.5 %
Weighted average lease term (by annualized base rent) 3.3 years 3.2 years 3.1 %   5.2 years 5.9 years (11.9 %)

Further details

For detailed charts, tables and definitions, please refer to the Corporate Presentation located at http://www.fibramacquarie.com/investors/bolsa-mexicana-de-valores-filings.

Webcast and Conference Call

FIBRA Macquarie will host an earnings conference call and webcast presentation on Wednesday, October 28, 2015 at 7:30 a.m. CT / 9:30 a.m. ET.

The conference call, which will also be audio webcast, can be accessed online at www.fibramacquarie.com or by dialing toll free +1 (877) 304 8957. Callers from outside the United States may dial +1 (973) 638 3235. Please ask for the FIBRA Macquarie Third Quarter 2015 Earnings Call.

An audio replay will be available through October 30, 2015, by dialing +1 (855) 859 2056 or +1 (404) 537 3406 for callers outside the United States. The passcode for the replay is 46343329. A webcast archive of the conference call and a copy of FIBRA Macquarie’s financial information for the third quarter 2015 will also be available on FIBRA Macquarie’s website, www.fibramacquarie.com.

About FIBRA Macquarie

FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties. FIBRA Macquarie’s portfolio consists of 274 industrial properties and 17 retail/office properties, located in 24 cities across 19 Mexican states as of September 30, 2015. Nine of the retail/office properties are held through a 50/50 joint venture with Grupo Frisa. FIBRA Macquarie is managed by Macquarie México Real Estate Management, S.A. de C.V. which operates within the Macquarie Infrastructure and Real Assets division of Macquarie Group. For additional information about FIBRA Macquarie, please visit www.fibramacquarie.com.

Macquarie Infrastructure and Real Assets is a business within the Macquarie Asset Management division of Macquarie Group and a global alternative asset manager focused on real estate, infrastructure, agriculture and energy assets. Macquarie Infrastructure and Real Assets has significant expertise over the entire investment lifecycle, with capabilities in investment sourcing, investment management, investment realization and investor relations. Established in 1996, Macquarie Infrastructure and Real Assets has approximately US$102 billion of total assets under management as of March 31, 2015 with more than 400 employees managing 50 listed and unlisted funds worldwide.

About Macquarie Group

Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie’s main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in more than 70 office locations in 28 countries. Macquarie employs approximately 14,000 people and has assets under management of over US$370 billion (as of March 31, 2015).

Cautionary Note Regarding Forward-looking Statements

This release may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ significantly from these forward-looking statements and we undertake no obligation to update any forward-looking statements.

None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities.

THIS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES, AND SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED.

THIS ANNOUNCEMENT IS NOT FOR RELEASE IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA.

All figures in this release are subject to rounding. Any arithmetic inconsistencies are due to rounding.

FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2015 (UNAUDITED) AND DECEMBER 31, 2014
CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)
       
Sep 30, 2015 Dec 31, 2014
$’000 $’000
 
Current assets
Cash and cash equivalents 2,316,092 5,425,062
Restricted cash 8,929 31,617
Trade and other receivables, net 97,712 116,944
Value added tax receivable 287,020 199,129
Other assets 44,586 99,925
Total current assets 2,754,339 5,872,677
 
Non-current assets
Restricted cash 146,787 147,155
Other assets 123,862 58,682
Equity-accounted investees 968,190 930,415
Goodwill 931,605 931,605
Investment properties 34,880,717 27,612,778
Total non-current assets       37,051,161 29,680,635
Total assets       39,805,500 35,553,312
 
Current liabilities
Trade and other payables 295,242 248,555
Other liabilities 42,371 93,598
Tenant deposits 18,695 15,474
Total current liabilities 356,308 357,627
 
Non-current liabilities
Tenant deposits 303,074 251,025
Interest-bearing liabilities 16,160,898 14,091,738
Total non-current liabilities       16,463,972 14,342,763
Total liabilities       16,820,280 14,700,390
           
Net assets       22,985,220 20,852,922
 
Equity
Contributed equity 18,369,994 18,376,480
Retained earnings       4,615,226 2,476,442
Total equity       22,985,220 20,852,922

FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED) AND 2014
CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)
       

 

3 months ended 9 months ended
Sep 30, 2015

Sep 30,

2014

Sep 30, 2015 Sep 30,

2014

$’000 $’000 $’000 $’000
 
Property related income 720,134 542,670 1,987,149 1,608,653
Property related expenses     (103,953 ) (74,786 ) (297,150 ) (233,273 )
Net property income     616,181   467,884   1,689,999   1,375,380  
 
Management fees (50,152 ) (36,437 ) (151,504 ) (107,109 )
Transaction related expenses (2,224 ) (2,884 ) (11,077 ) (31,894 )
Professional, legal and other expenses     (9,439 ) (4,371 ) (28,572 ) (38,168 )
Total expenses     (61,815 ) (43,692 ) (191,153 ) (177,171 )
 
Finance costs (202,141 ) (163,898 ) (569,306 ) (509,485 )
Financial income 18,227 4,263 93,186 41,014
Other income - 53,980 - 53,980
Share of profits from equity-accounted investees 34,629 11,755 63,915 24,721
Foreign exchange loss (1,268,084 ) (363,411 ) (2,008,780 ) (326,541 )
Net unrealized foreign exchange gain on foreign currency denominated investment property measured at fair value 2,266,172 638,399 3,544,210 570,608
Unrealized revaluation gain on investment property measured at fair value 406,407   408,586   406,407   408,586  
Profit for the period     1,809,576   1,013,866   3,028,478   1,461,092  
 
Other comprehensive income
Other comprehensive income for the period     -   -   -   -  
Total comprehensive income for the period     1,809,576   1,013,866   3,028,478   1,461,092  
 
Earnings per CBFI*
Basic earnings per CBFI (pesos) 2.23 1.60 3.73 2.38
Diluted earnings per CBFI (pesos)     2.23   1.60   3.73   2.38  
*Real Estate Trust Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios)
FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED) AND 2014
CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)
     
Contributed Retained
equity earnings Total
$’000 $’000 $’000
Total equity at January 1, 2014 13,673,801 342,243 14,016,044
Total comprehensive income for the period - 1,461,092 1,461,092
Total comprehensive income for the period - 1,461,092 1,461,092
 
Transactions with equity holders in their capacity as equity holders:
- Issued CBFIs, net of issue cost 4,708,788 - 4,708,788
- Distributions to CBFI holders - (858,747 ) (858,747 )
Total transactions with equity holders in their capacity as equity holders 4,708,788 (858,747 ) 3,850,041
           
Total equity at September 30, 2014     18,382,589   944,588   19,327,177  
 
Total equity at January 1, 2015 18,376,480 2,476,442 20,852,922
Total comprehensive income for the period - 3,028,478 3,028,478
Total comprehensive income for the period - 3,028,478 3,028,478
 
Transactions with equity holders in their capacity as equity holders:
- Costs directly attributable to follow-on equity offering (6,486 ) - (6,486 )
- Distributions to CBFI holders - (889,694 ) (889,694 )
Total transactions with equity holders in their capacity as equity holders (6,486 ) (889,694 ) (896,180 )
           
Total equity at September 30, 2015     18,369,994   4,615,226   22,985,220  
FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (UNAUDITED) AND 2014
CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)
     
9 months ended 9 months ended
Sep 30, 2015 Sep 30, 2014
$’000 $’000
Inflows/(Outflows) Inflows/(Outflows)
Operating activities:
Profit for the period 3,028,478 1,461,092
Adjustments for:

Net unrealized foreign exchange gain on foreign currency denominated investment property measured at fair value

(3,544,210 ) (570,608 )
Unrealized revaluation gain on investment property measured at fair value (406,407 ) (408,586 )
Straight line rental income adjustment (46,748 ) (14,826 )
Tenant improvements amortization 9,111 9,036
Leasing commissions amortization 21,466 26,381
Financial income (93,186 ) (41,014 )
Provision for bad debts 29,736 7,936
Net foreign exchange loss 2,065,408 340,018
Finance costs recognized in profit for the period 569,306 509,485
Other income - (53,980 )
Share of profits from equity-accounted investees (63,915 ) (24,721 )
Movements in working capital:
(Decrease)/increase in receivables (61,488 ) 486,961
Increase/(decrease) in payables 74,000 (42,955 )
Net cash flows from operating activities 1,581,551 1,684,219
Investing activities:
Investment property - asset acquisitions (3,088,746 ) (657,995 )
Maintenance capital expenditure and other capitalized costs (222,733 )
Investment in equity-accounted investees - (691,684 )
Distributions received from equity-accounted investees 26,140 5,513
Net cash flows used in investing activities (3,285,339 ) (1,344,166 )
Financing activities:
Proceeds from interest-bearing liabilities, net of facility charges - 255,851
Payment of interest-bearing liabilities - (663,443 )
Financial income 93,186 41,014
Interest paid (541,463 ) (458,880 )
Capital raising costs (follow-on equity offering) (33,639 ) 4,708,788
Distributions to CBFI holders (889,694 ) (858,747 )
Net cash flows from financing activities (1,371,610 ) 3,024,583
Net decrease in cash and cash equivalents (3,075,398 ) 3,364,636
Cash, cash equivalents at the beginning of the period 5,603,834 2,347,932
Foreign exchange gain on cash and cash equivalents       (56,628 ) (13,477 )
Cash and cash equivalents at the end of the period*       2,471,808   5,699,092  
*Included in the cash and cash equivalent balance at the end of the period is restricted cash of $155.7 million (September 30, 2014: $148.3 million).

Contacts

Investor relations:
FIBRA Macquarie México
Toe Matsumura
Tel: +52 (55) 9178 7768
Cell: +52 1 (55) 4450 5018
Email: toe.matsumura@macquarie.com
or
For press queries:
CarralSierra PR & Strategic Communications
Jose Manuel Sierra
Tel: +52 (55) 5286 0793
Cell: +52 1 (55) 5105 5907
Email: jmsierra@carralsierra.com.mx
or
CarralSierra PR & Strategic Communications
Diego Arrazola
Tel: +52 (55) 5286 0793
Cell: +52 1 (55) 3977 2778
Email: darrazola@carralsierra.com.mx

Contacts

Investor relations:
FIBRA Macquarie México
Toe Matsumura
Tel: +52 (55) 9178 7768
Cell: +52 1 (55) 4450 5018
Email: toe.matsumura@macquarie.com
or
For press queries:
CarralSierra PR & Strategic Communications
Jose Manuel Sierra
Tel: +52 (55) 5286 0793
Cell: +52 1 (55) 5105 5907
Email: jmsierra@carralsierra.com.mx
or
CarralSierra PR & Strategic Communications
Diego Arrazola
Tel: +52 (55) 5286 0793
Cell: +52 1 (55) 3977 2778
Email: darrazola@carralsierra.com.mx