Fibra Plus announced that its revenues increased 24.1% while operating expenses decreased 23 percent
Fibra Plus (Real Estate Trust) released its financial results report for the second quarter of 2020 ( 2Q2020 ). In this, he highlighted a great dynamics in variables such as income and consolidated net income.
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In the first instance, due to the magnitude of the increase , it is worth mentioning Net Income for the quarter, which went from 11.3 million pesos (mp) in 2Q2019 to 23.1 million pesos in the reported quarter , a variation of 104 percent.
Fibra explained that this upward variation is due to increases in income, accompanied by decreases in operating expenses. Thus, income from rents grew 24.1% annually, this going from 26.2 million pesos to 32.5 million pesos.
By contrast, operating expenses were 23.0% fell between 2T2019 and 2T2020, to the passing of 19.8 million pesos to 15.3 billion pesos.
The occupancy of the Fibra Plus spaces reached a rate of 94.0% at the end of the revised quarter, although, due to a stabilization process, Torre Premier and Salina Cruz are not accounted for.
Fibra Plus expands its portfolio
At the end of the first half of the year, Fibra Plus announced that, despite the delays in the construction activity due to the sanitary measures to contain the Covid-19, in June the work rhythm was resumed in the construction of the Salina Cruz Metropolitan Plaza, same which is already in the adaptation phase for its tenants.
Heredit Acueducto , according to the Fibra forecasts, would be delivered at the end of this year and Espacio Condesa by the first half of 2021 .
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Thus, the Fibra numbers close 2Q2020 with 16 properties and a Gross Profitable Area of 280,339 square meters (m2). This number is distributed as follows:
In development: 6 projects (102,468 m2)
In planning and financing search: 4 projects (57,098 m2)
In operation: 4 projects (105,063 m2)
In stabilization: 2 projects (15,710 m2)
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