FIBRA Shop presents positive results for the fourth quarter of 2021

FIBRA Shop recently held a conference call and released a written report, sharing their impressive financial and real estate performance for the fourth quarter of 2021. The company proudly boasts an occupancy rate of 92.41% across their portfolio, which spans over 767,000 square meters of gross leasable area (GLA) and includes 17 shopping centers, one co-owned center, and another one currently under development.

Among the key financial metrics, FIBRA Shop's net operating income (NOI) exceeded 300 million pesos, while their EBITDA reached over 288 million pesos. They also reported an adjusted funds from operations (AFFO) of 141 million pesos and total revenues surpassing 387 million pesos. Moreover, they will distribute a total of 50 million pesos among the more than 457 million real estate trust certificates (CBFI) held by FIBRA Shop.

The report highlights the positive impact of the holiday season and year-end closure on FIBRA Shop's performance, with increased foot traffic within their shopping centers and notable growth in tenant sales. This favorable trend is reflected in higher returns from variable rent and increased revenue from parking facilities.

Regarding the programs implemented in response to the measures imposed during the SARS-CoV-2 pandemic, FIBRA Shop clarifies that they are discontinuing tenant support programs, suspending strategic projects, adjusting dividend distribution, and seeking liquidity to manage the adverse impacts experienced. However, programs that do not compromise business operations or property maintenance quality will be continued permanently. This approach has led to reduced operating costs and improved operational efficiencies.

FIBRA Shop takes pride in its focus on environmental, social, and governance (ESG) criteria and has received an advanced certification from the Climate Bond Standard Board. This prestigious certification enables FIBRA Shop to issue new debt instruments recognized as sustainable bonds, identified by the ticker symbol "FSHOPV."

One of FIBRA Shop's most significant properties of interest is the mixed-use development called "La Perla," which is currently in its final construction phase. The trust holds a 93% stake in this project. While no new developments or expansion initiatives for 2022 have been announced at this time, FIBRA Shop remains committed to delivering exceptional real estate projects.

Lastly, with regard to the trust's debt situation, following the conclusion of the fourth quarter of 2021, FIBRA Shop announced the approval by the National Banking and Securities Commission on February 18 of the current year to issue new debt instruments exceeding 10 billion pesos through bond certificates known as CBFI. They are also actively negotiating with various financial institutions for new lines of credit, which will be announced in the coming days, along with the associated terms, conditions, and maturity dates. Importantly, all these financing arrangements will incorporate sustainable characteristics into their structure, suggesting a potential modification in the debt metric (10 million pesos with an interest rate of 43.78%) for the first quarter report of 2022.

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