Educational Fibera real estate investment trust of the educational sector in Mexicoreported that its net operating income (NOI) grew 5.42%, to 697.4 million pesos, in the first quarter of this year (1Q22) compared to the same period of 2021, which was helped by increased rentals and new acquisitions .
When submitting your financial report for the first quarter of 2022 in the Mexican stock exchange (BMV), the real estate trust, announced that the rental income They added 803.9 million pesos, which translates into an increase of 6.75% compared to the first three months of 2021.
“Revenues from leasing in 1Q22 were higher than those of the same quarter of the previous year, due to updates in the value of rentals, of those contracts that have completed one more year of validity anniversary and due to the recognition of income from properties acquired during the first quarter of the year”, explained Fibra Educa in its report.
Meanwhile, the operating funds (FFO) amounted to 702.8 million pesos, equivalent to an increase of 4.09% compared to the same period last year. While the net profit increased 4.09%, to 702.8 million pesos, in the referred period.
Fibra Educa explained that “inflation levels in Mexico during the first quarter of 2022 prevail compared to the same quarter of the previous year, which has impacted, among others, the cost of maintenance and real estate insurance.”
It also reported that it has sufficient resources to settle the distribution in cash for 701.3 million pesos, which was approved by the Technical Committee on April 26 and corresponds to operations from January to March this year. Payment will be made on May 13.
The real estate trustchaired by Jorge Nacer, owner of the newspaper The Economistrecalled in its report that, in the first quarter of the year, it acquired four properties dedicated to the educational sector, which in total add up to a gross leasable area (GLA) of 16,563 square meters and are located in the Mexican entities Coahuila, Baja California Norte, Sonora and in Sinaloa.
With the recent acquisitions, whose properties are already leased under 15-year contracts, the profitable space of Educational Fiber grew 3.69 percent. Therefore, the trust currently manages a portfolio with 63 fully occupied properties, which are located in 20 states, such as Mexico City, State of Mexico, Hidalgo, Jalisco, San Luis Potosí, Nuevo León, Aguascalientes and Quintana Roo.
The properties of Educational Fiber correspond to 23 buildings that operate in the educational sector, 35 learning centers and five office buildings.
Regarding its environmental, social and corporate governance (ESG) actions, Educational Fiber will allocate up to 1.35% of the annual rental income to the Scholarship program during this year.
In addition, it works on the preparation and implementation of improvements to policies to reinforce governance issues, aligned with ESG criteria, in accordance with the Global Reporting Initiative (GRI) standards.