Fibra Educa, the first real estate investment trust in the education sector, has started a new phase of acquisitions, so it will announce a new investment in the coming weeks.
“During the first quarter of 2022 we signed a simple credit agreement, the provision of which is pending execution. We are awaiting the release of the Public Registry of Property to carry out a purchase approved by the Committee that will be carried out in the following weeks, the which we will inform the market,” said Raúl Martínez Solares Piña, general director of the real estate trust.
“The advantage is that we are acquiring a property in an area with potential growth and expansion of the educational market for the following decades, without having an impact on profitability,” he added.
In a conference call with stock market analysts, on the occasion of the discussion of the financial results for the first quarter of 2022, the manager recalled that in February Fibra Educa bought four buildings in the education sector located in Coahuila, Baja California Norte, Sonora and Sinaloa, which in total represent 16,563 square meters of profitable area.
With these purchases we restart the acquisition stage, which we hope to continue for the rest of the year”, said Martínez Solares.
In his message, Jorge Nacer Gobera, president of the Technical Committee of Fibra Educa, stated that after a prolonged period with an adverse environment due to the Covid-19 pandemic, in which income was not affected and they were able to give the expected results by the market, a relative stabilization of the educational sector is beginning to be observed.
“We have managed to resume growth, this essential vocation of Fibra Educa, with recent acquisitions and with those that we have at the door, for which we have signed a loan,” he said.
Raúl Martínez Solares spoke about the actions in environmental, social and corporate governance (ESG) matters, which will be detailed in his second report corresponding to the year 2021, which he plans to publish in the coming weeks.
“We are moving forward with financial entities, rating agencies and third-party opinions to have an audit and review by third parties that allow us to validate both our ESG and materiality performance for the following years,” he said.
Fibra Educa reported that rental income totaled 803.9 million pesos in the first quarter of the year, equivalent to an increase of 6.75% compared to the same period of 2021. Funds from operations (FFO) totaled 702.8 million pesos, an increase of 4.09% in the referred period.
He highlighted that, during the first quarter of the year, real estate trust certificates closed with a yield of 0.38%, at 56 pesos each. Cash distributions represent an implicit return of 1.2% effective in the year.