2020
integrated
annual
report

✕
  • About
    us
  • Messages from
    management
    • Message from the CEO
    • Message from the ESG Director
  • With a privileged position in
    the real-estate industry…
    • Profile
  • … a firm strategy and
    business model
  • … and solid financial and
    operating goals
    • 2020 at a glance
    • 2021 targets
    • Key financial and operating data
  • … we focus on
    our stakeholders
    • Stakeholders
    • Materiality
    • Our employees
  • … and strengthen
    sustainable growth
    • Commitment to the environment
    • Supply chain
    • Risk management
    • Social responsibility
    • Corporate governance
  • Financial
    Information
    • Analysis of results and financial summary
    • Consolidated Statements of Financial Position
    • Consolidated Statements of Profit or Loss and Other Comprehensive Income
    • Consolidated Statements of Changes in Trustors’ Capital
    • Consolidated Statements of Cash Flows
    • Consolidated Statements 2020 (PDF)
    • About this report
    • Glossary
    • GRI Content Index
    • SASB Index
    • Assurance Letter
    • Contact

MESSAGE FROM THE CHIEF EXECUTIVE OFFICER

(102-14)

Dear investors,

Although 2020 was a year of great challenges, we are looking forward to an encouraging future, mainly because of the vaccination plan that began in January, although we know that the economy will take time to reopen, and it will be a gradual process. Despite this, I am pleased to share that we have been able to renew leasing contracts with our retail partners and to market and bring in new contracts for locales left vacant by the events of the past year.

To deal with the continuing impact of the pandemic on the economy, we designed support plans for our retail tenants, offering them temporary rent discounts, in order to retain as many of these as possible and minimize vacancy levels.

Our consolidated revenues and NOI totaled $4.64 billion pesos and $3.73 million pesos, respectively, declines of 19.9% and 20.6% from the previous year. The NOI margin shrank by 72.2 basis points to 80.4%, while AFFO per certificate with economic rights was $2.07 pesos, 24.7% lower than the year before. For this period, the Technical Committee approved a distribution of $1.00 pesos per CBFI, which is 48.2% of AFFO.

Construction work on our new Parque Tepeyac retail development continued within budget and on time, and is now 58% complete. We will shortly be signing a strategic alliance with a company specializing in technology, distribution and logistics, with which we plan to connect our physical spaces with the digital world and offer an omnichannel scheme that complements our current retail offering.

Our consolidated revenues and NOI totaled $4.64 billion pesos and $3.73 million pesos, respectively.

Construction work on our new Parque Tepeyac retail development continued within budget and on time, and is now 58% complete.

We admit that the immediate future is uncertain, but we will be doing everything necessary to temper the impact of the pandemic and keep occupancy at acceptable levels, given the circumstances. Meanwhile, we will be conservative with our cash flow, preserving liquidity and prioritizing our investment and financial commitments and our job sources. We will maintain a conservative long-term vision, accompanied by a solid capital structure and operating discipline, while keeping an eye out for opportunities as they arise.

I am grateful to our work team for their commitment, and for the support of our shareholders and board members, and particularly our tenants, who have repaid our support by helping to keep our businesses active.


Salvador Daniel Kabbaz Zaga
Chief Executive Officer

Corporate office

Fibra Danhos
Monte Pelvoux 220, Lomas Virreyes,
Miguel Hidalgo, 11000,
Ciudad de México, CDMX
(52) 55 52 84 00 30

More content

  • About this report
  • Glossary
  • GRI Content Index
  • SASB Index
  • Assurance Letter
  • Contact

Our Report

Download our 2020 Integrated Annual Report in PDF (6.9MB).

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