Deutsche Bank Mexico, S.A., Institución de Banca Múltiple, Trust Division F/1616 or Fibra Inn (BMV:FINN13), a Mexican real estate investment trust specializing in the hotel industry serving the business traveler, today announced its non-audited second quarter 2015 results for the period ended June 30, 2015. These results were prepared in accordance with International Financial Reporting Standards and are stated in nominal Mexican pesos (Ps.).
2Q15 Financial Highlights:
- 33 hotels under operation and 2 developments, with 5,940 rooms, of which 516 are under construction.
- Total Revenue: reached Ps. 310.1 million, comprised of room revenue of Ps. 291.4 million and rental revenue of Ps. 18.7 million.
- NOI (1): Ps. 116.5 million, an increase of 73.8% compared to the Ps. 67.0 million reported in 2Q14 and a 5.6% increase compared with Ps. 110.3 million in 1Q15. This represented a margin of 37.6% over Fibra revenues, representing an increase of 4.6 pp versus 32.9% reported in 2Q14.
- Adjusted EBITDA (2): Ps. 95.7 million, a 78.4% increase compared to the Ps. 53.6 million in 2Q14. The Adjusted EBITDA Margin was 30.9%, was 4.6 pp higher than the margin reported in 2Q14.
- Net Income: Ps. 39.5 million, 12.7% of net margin, excluding acquisition and corporate-related expenses, net income would have been Ps. 57.9 million or 18.8% of the net margin, representing a 9.6 pp increase compared to 2Q14.
- FFO (3): Ps. 101.0 million, or 32.6% of the net margin, an 8.8 pp increase compared to the 23.8% FFO margin reported in 2Q14. FFO shows a 108.1% increase over Ps. 48.5 million in 2Q14 and a 7.5% increase compared to Ps. 91.2 million in 1Q15.
- Distributions to Holders(4): Ps. 88.9 million, a 106.7% increase compared to Ps. 43.5 million in 2Q14 and a 12.5% increase compared to Ps. 78.5 million in 1Q15. Distribution is equivalent to Ps. 0.2021 per CBFI. This represents an annualized dividend yield of 5.4%.
- Room Revenues: Ps. 287.3 million; an increase of 24.5% compared to Ps. 230.9 million in 2Q14.
- Occupancy: 61.2%; an increase of 5.3 pp. Considering the 6.0% increase in the number of available rooms due to the expansions, occupancy would have been 57.7%.
- Average Daily Rate (“ADR”): Ps. 1,079.9; an increase of 13.7%.
- Revenue per Available Room (“RevPAR”): Ps. 661.0; an increase of 24.5% compared to Ps. 531.1 for 2Q14. Including the effect of the 6.0% increase in the number of available rooms following the expansion of the comparable hotel portfolio, RevPAR would be equal to Ps. 623.5.
- Four New Hotel Acquisitions: Holiday Inn Reynosa Industrial Poniente, Hampton Inn by Hilton Hermosillo, Staybridge Suites Guadalajara Expo and Arriva Express Guadalajara Plaza del Sol Expo for Ps. 553.6 million.
- Addition of Rooms: 105 additional rooms are operating at the Holiday Inn Tampico Altamira Hotel since June 1, 2015.
- Cash: Ps. 410.5 million.
- Bank Debt is Ps. 250.0 million, which represents a loan-to-value equal to 3.3 % as well as a coverage ratio for the debt service of 12.0 times.
- Equity: Ps. 7,114.5 million.
- CAPEX during the quarter was equal to Ps. 0.9 million.
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 rate.
4 Calculated using 437,019,542 CBFIs outstanding on June 30, 2015. Yield is based on a Ps. 15.13 per CBFI.
5 Of the 35 hotels of the total portfolio, 31 are comparable, excluding: Holiday Inn Reynosa Industrial Poniente, Hampton Inn by Hilton Hermosillo, as well as the 2 properties under binding agreements that are the Staybridge Suites Guadalajara Expo and Arriva Express Guadalajara Plaza del Sol Expo.
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