Fibra Uno Announces rental revenues of Ps million in 2Q12

Transcription

1 Fibra Uno Announces rental revenues of Ps million in 2Q12 Mexico City, Mexico, July 23, 2012 Deutsche Bank México, S.A., Institución de Banca Múltiple, División Fiduciaria F/1401 ( Fibra Uno or Trust F/1401 ) (BMV: FUNO11), Mexico s first real estate investment trust, announced today its unaudited results for the second quarter of All figures included herein were prepared in accordance with IFRS and are stated in nominal Mexican pesos, unless otherwise noted. 2Q12 Highlights Revenues for 2Q12 were Ps million Rental revenue for 2Q12 totaled Ps million NOI 1 in 2Q12 was Ps million Operating Margin: 77.02% Operating margin from rental revenue: 84.84% Net income before distributions for 2Q12 was Ps million FFO 2 for 2Q12 was Ps million Net Fiscal Income per CBFI was Ps cents for 2Q12 As of June 30, 2012, the book value of Fibra Uno s portfolio of properties was Ps billion. 1 Net operating income is calculated by subtracting operation expenses from revenue. 2 FFO is calculated by adding depreciation and amortization expenses to net income. 3 Calculated based on the number of CBFIs in circulation as of June 30, 2012 (842,282,890). 1

2 CEO Comments The results for the second quarter of 2012 were once again, and for the sixth consecutive quarter, strong and showed the success of our business model along with the dynamism of Mexico s real estate market. We, at Fibra Uno, continue to focus on building value to our shareholders as we use the resources of our followon offer from last March, when we raised Ps. 8,876,562,500 (approximately US$682.8 million) and we closed several transactions that allow for the growth of our portfolio. The second quarter was very dynamic in terms of acquisitions; we began by announcing the acquisition of new properties: Cuemanco, a 100,200 square meter property in Xochimilco to be developed as a commercial property with a GLA of approximately 45,000 square meters using the current buildings and 1,400 parking slots. Lerma II in the State of Mexico with a GLA of 202,500 square meters, where we plan to develop industrial parks and logistics centers. Villahermosa, Tabasco, of approximately 116,000 square meters, that will be developed as a shopping mall. On May 14, 2012, we also announced to conclusion of the acquisition of the 23 properties from the MexFund portfolio as the properties were transferred to Fibra Uno in exchange for 44,618,997 CBFIs. Also in the quarter we completed the acquisition of the 219 properties from Banco Santander, which we announced during the first quarter, and are in the process of being integrated. Finally, last week we also announced a proposal to acquire the Morado portfolio, which has 16 properties and a GLA of over 534,000m2, with around 845 tenants and an annualized NOI of 927 million pesos. The portfolio is composed of office, industrial and retail in several geographic locations, bringing additional diversification to Fibra Uno and rents in both US dollars and Mexican pesos. The proposal was presented to shareholders and approved during our meeting on July 17. Following the terms of the proposal, we expect these new properties to start generating revenues as of August 1 st, 2

3 and expect the transfer off all properties before the end of the year. The acquisition represents a value of Ps. 11,600 million, bringing Fibra Uno s market cap to approximately Ps 33,000 million (US$2.5 billion). The Morado portfolio will be purchased with CBFIs; also Fibra will absorb its debt to be paid with future cash flow generation. Despite the debt outstanding and the dilution that implies in the acquisition, we expect to continue payout to our shareholders in the same amount of distributions as we have done in the past. Our portfolio today has 42 properties, while our NOI for the second quarter of the year was Ps million, while FFO was Ps million. As in previous quarters, Fibra Uno will return this value to CBFI holders via a distribution payment of Ps. 30 cents per CBFI, scheduled to be paid no later than August 9, This payment corresponds to our performance in the quarter ended June 30, For the rest of 2012, we expect to continue delivering solid financial results and continue distributing value to CBFI holders. With a solid balance sheet and wellidentified opportunities, we will grow Fibra Uno further following our successful business model, while seizing the opportunities offered by the real estate market in Mexico. André ElMann, Chief Executive Officer, Fibra Uno 3

4 Property Portfolio Portfolio at end of 2Q12 On June 30, 2012, Fibra Uno had a portfolio of 42 prime properties, located in central and southern Mexico. These properties encompass office, retail, industrial, and mixeduse units. Fibra Uno s business model focuses on having a diversified property portfolio in different geographic locations, where there is strong economic activity. Fibra Uno will seek to continue developing its portfolio with a mix of properties, while scouting for new investment opportunities across Mexico. On May 8, Fibra Uno acquired Cuemanco, a 100,200 square meter property in Mexico, City to be developed as a commercial property with a GLA of approximately 45,000 square meters redeveloping the current buildings and 1,400 parking slots. On May 8, Fibra Uno announced the agreement to purchase Lerma II in the State of Mexico with a GLA of 202,500 square meters, where we plan to develop an industrial park and logistics center. Also following the terms and conditions of the acquisition of the MexFund portfolio, on May 14, 2012, we announced to conclusion of the acquisition of the 23 properties, as the properties were transferred to Fibra Uno in exchange for 44,618,997 CFIBs. On June 11, we disclosed the acquisition of a property in the city of Villahermosa, Tabasco, of approximately 116,000 square meters, that will be developed as a shopping mall. Fibra Uno plans to invest about Ps. 520 million, with an annual return on capital of 11.5%. The 219 properties acquired from Banco Santander in the first quarter of the year were completed and the portfolio is in the process of being integrated to Fibra Uno. These properties started contributing their income to Fibra Uno as of May 1,

5 Gross Leasable Area (GLA) at end of 2Q12 As of June 30, 2012, Fibra Uno s total GLA under management was approximately 872,560 square meters. The breakdown of the GLA by property type is below. SECTOR Industrial Retail MixedUse Office Total GLA 345, , , , , % of TOTAL GLA 39.62% 31.50% 26.35% 2.53% % Book Value at end of 2Q12 These 42 properties had a book value of Ps billion as of June 30, Additionally, Fibra Uno has anticipated a total of Villahermosa and the Santander portfolio. Ps billion for the acquisition of Occupancy Levels The table below shows the location and occupancy rates of each of the properties in our portfolioo by property type. The Cuemanco property is not considered since it is under development. 5

6 Properties Region First Year of % of Total % Occupancy Occupancy Rate Occupancy GLA m2 Operations GLA Rate Jun 2012 Dec 2011 Rate Jun 2011 Industrial 1Guadalajara Tlaquepaque, Jalisco , % 97% 97% 92% 2 Diamante Cuautitlan Izcalli, Edo. Mexico , % 100% 100% 100% 3La Joya Cuautitlan, Edo. Mexico , % 100% 100% 100% 4 Maravillas Toluca, Edo. Mexico , % 100% 100% 100% 5 Tlalnepantla Tlalnepantla, Edo. Mexico , % 100% N/A N/A 6 Hermosillo Hermosillo, Sonora , % 100% 100% 100% Subtotal 345, % Retail 7 Celaya Celaya, Guanajuato , % 99% 100% 99% 8Taxco Taxco, Guerrero , % 62% 62% 62% 9 Tuxtla Tuxtla Gutierrez, Chiapas , % 94% 94% 97% 10 Tuxtla II Tuxtla Gutierrez, Chiapas , % 100% 100% 100% 11 Chetumal Othon P Blanco, Q. Roo , % 98% 99% 98% 12 Plaza Central Iztapalapa, D.F , % 97% 99% 97% 13 Toluca Toluca, Edo. Mexico , % 100% 99% 100% 14 Avenida Central Gustavo A. Madero, Distrito Federal , % 100% 100% 100% 15 Aguascalientes Aguascalientes, Aguascalientes , % 100% 100% 100% 16 Zapopan Zapopan, Jalisco , % 100% 100% 100% 17 Monterrey Monterrey, Nuevo León % 100% 100% 100% 18 Acapulco Acapulco, Guerrero , % 100% 100% 100% 19 Cofre de Perote Miguel Hidalgo, Distrito Federal % 100% 100% 100% 20 Edison Insurgentes Cuahutémoc, Distrito Federal % 100% 100% 100% 21 Arboledas Atizapan, Edo. de México % 100% 100% 100% 22 Naucalpan Naucalpan, Edo. de México , % 100% 100% 100% 23 Pitic City Center Hermosillo, Sonora , % 93% 93% 93% 24 Mexicali Mexicali, Baja California Sur % 100% 100% 100% 25 Miguel Angel Coyoacán, Distrito Federal % 100% 100% 100% 26 Olivar de los Padres Álvaro Obregón, Distrito Federal , % 100% 100% 100% 27 Tijuana Tijuana, Baja California Sur % 100% 100% 100% 28 Terraza Pedregal Álvaro Obregón, Distrito Federal , % 100% 100% 100% 29 Del Valle Benito Juárez, Distrito Federal % 100% 100% 100% 30 Tláhuac Iztapalapa, Distrito Federal % 100% 100% 100% 31 Santa Fe Álvaro Obregón, Distrito Federal % 100% 100% 100% Subtotal 274, % Office 32 Reforma Cuahutémoc, Distrito Federal , % 100% 100% 100% 33 Reforma 222 Cuahutémoc, Distrito Federal , % 100% 100% 100% 34 Yucatán 23 Cuahutémoc, Distrito Federal , % 100% 100% 100% Subtotal 22, % Mixed Use 35 Via Morelos Ecatepec, Edo. Mexico , % 89% 89% 79% 36 Lerma Lerma, Edo. Mexico , % 99% 99% 100% 37 Rentimex Benito Juarez, D.F , % 100% 100% 100% 38 Vallejo 2000 Gustavo A. Madero, D.F , % 100% 100% 100% 39 Malecon Benito Juárez, Q. Roo , % 75% 69% 84% 40 Leones Álvaro Obregón, Distrito Federal , % 92% 92% 92% 41 Alameda Iztapalapa, Distrito Federal , % 83% 83% 83% Subtotal 229,932 26% Total 872, % 97.0% 96.9% 96.9% 6

7 The occupancy rate for Fibra Uno s 42property portfolio as of June 30, 2012 was 97% compared to 96.9% at the end of 2Q11, demonstrating the strong demand for rental space in Fibra Uno s properties. The average occupancy rate in our portfolio of 42 properties was 97.7% at the end of the second quarter of 2012, compared with 96.9% at the end of 2Q11. The average occupancy rate in our portfolio of retail properties was 97.72% at the end of the second quarter of 2012, compared with 97.86% at the end of 2Q11. The average occupancy rate in our industrial properties was 99.44% at the end of the second quarter of 2012, compared with 98.4% at the end of 2Q11. The average occupancy rate in our mixeduse properties was 91.17%, at the end of the second quarter of 2012, compared with 91.19% at the end of 2Q11. The average occupancy rate in our office property was 100%, at the end of the second quarter of 2012, compared with 100% at the end of 2Q11. Fibra Uno s Portfolio Properties by Location Fibra Uno acquires buildings in regions of Mexico with a strong economic performance, real estate market and potential for growth. These factors are all crucial for the performance of properties and their capacity to deliver returns to CBFI holders in the longterm. The table below shows the breakdown of our property portfolio by location, it excludes the recently acquired 219 properties from Santander and Villahermosa as the properties will be incorporated to the Trust during the following months. 7

8 Region Number of Properties Percentage of Portfolio GLA Retail Properties as Percentage of GLA Industrial Properties as a Percentage of GLA Office Properties as a Percentage of GLA Mixed Use Properties as a Percentage of GLA Annualized Base Rent (Ps. In 000s) Percentage of Total Annualized Base Rent CHIAPAS 2 3% 100% $ 51,329 6% GUANAJUATO 1 2% 100% $ 45,159 5% JALISCO 2 25% 34% 66% $ 136,148 16% MEXICO STATE 9 38% 5% 56% 39% $ 186,364 22% MEXICO CITY 18 13% 61% 20% 19% $ 223,379 26% GUERRERO 2 2% 100% $ 13,662 2% QUINTANA ROO 2 13% 32% 68% $ 173,963 20% AGUASCALIENTES 1 0% 100% $ 1,738 0% NUEVO LEÓN 1 0% 100% $ 596 0% SONORA 2 3% 32% 68% $ 17,722 2% BAJA CALIFORNIA 2 0% 100% $ 1,777 0% % $ 851, % (1) Annualized base rent is the fixed monthly rent to June 30, 2012 multiplied by 12 Tenants and lease contracts The table shown below includes relevant information on the number and average term of lease contracts according to the weighted average basis in square meters. 8

9 Properties No of Contracts Average Initial Term (yrs) Average Remaining Term (yrs) Industrial 1 Guadalajara Diamante La Joya Maravillas Tlalnepantla Hermosillo Subtotal 37 Commercial 7 Celaya Taxco Tuxtla Tuxtla II Chetumal Plaza Central Toluca Avenida Central Aguascalientes Zapopan Monterrey Acapulco Cofre de Perote Edison Insurgentes Arboledas Naucalpan Pitic City Center Mexicali Miguel Angel Olivar de los Padres Tijuana Terraza Pedregal Del Valle Tláhuac Santa Fe Subtotal 578 Office 32 Reforma Reforma Yucatán Subtotal 3 Mixed Use 35 Via Morelos Lerma Rentimex Vallejo Malecon Leones Alameda Subtotal 208 Total 826 9

10 Less than 2% of the lease contracts of Fibra Uno are in the process of renewing or will expire within the next 6 months. 2Q12 Rental Revenue Fibra Uno s rental revenue based on the 42property portfolio for 2Q12 was Ps million. The rental revenue breakdown corresponds to: In 2Q12, revenue from our industrial portfolio totaled Ps million, or 9.61% of the total. In 2Q12, revenue from our retail portfolio totaled Ps million, or 71.03% of the total. In 2Q12, revenue from our office portfolio totaled Ps million, or 2.91% of the total. In 2Q12, revenue from our mixeduse portfolio totaled Ps million, or 16.45% of the total. SECTOR Industrial Retail Office Mixed Use Total 2Q12 Rental Revenue (Ps. million) 35,051, ,179,750 10,603,121 60,028, ,862,734 % of Rental Revenue 9.61% 71.03% 2.91% 16.45% % 10

11 Revenue from Financial Products Fibra Uno recorded revenue from financial products of Ps million in the second quarter of This revenue is income from investment in low risk fixedincome products, mostly Mexican government securities. 2Q12 Net Operating Income (NOI) Fibra Uno s NOI for 2Q12 was Ps million. Pro Forma Comparisons 2Q12 vs. 2Q11 It is worth noting that Fibra Uno s Initial Portfolio formed in March 18, 2011 had 16 properties. Since then Fibra Uno has acquired 26 properties, including 23 properties from the MexFund. To allow for comparisons, we prepared proforma income statements for 1Q12 and 1Q11. The following table shows pro forma results for Fibra Uno s portfolio for 2Q12 and 2Q11. 11

12 Fibra Uno Condensed Pro Forma Statement for 2Q12 and 2Q11 (Figures in thousand pesos) Non Audited 2Q12 2Q11 Revenues % % Rental Revenues 169, % 142, % Tenant reimbursements 27, % 15, % Other Income 0.00% 0.00% Total Revenues 196, % 158, % Expenses Real Estate Taxes 2, % 1, % Maintenance and Operating expenses 34, % 28, % Insurance 4, % 4, % Total Expenses 41, % 35, % NOI 154, % 122, % 12

13 Pro Forma Revenue Our total pro forma revenue in 2Q12 based on 16 properties amounted to Ps million compared with Ps million in 1Q11. Rental revenues for the period amounted to Ps million, compared with Ps million pro forma rental revenue in 2Q11. This change mainly stems from new leases and increase in the inflation. Pro Forma Net Operating Income Fibra Uno s pro forma Net Operating Income (NOI) for 2Q12, based on 16 properties, amounted to Ps million, compared with pro forma NOI of Ps million in 2Q11. Additional Corporate Information Calculation of Taxable Income Taxable income is calculated on a fiscal basis, and therefore may differ from calculations made on an accounting basis. Particularly, there are two items that need to be considered: a) Depreciation. For tax purposes, depreciation is calculated for 20 years, so every year the constructions are depreciated 5% of the original cost. b) Real portion of interest payments. Taxable income deducts only the real portion of interest payments. Distribution Corresponding to 2Q12 As part of Fibra Uno s commitment to deliver value to its CBFI holders, the Technical Committee approved the proposal to pay a distribution in advance. This distribution amounts to Ps million corresponding to the period between April 1, 2012 and June 30, The distribution payment equals Ps per CBFI. 13

14 Of this distribution, Ps correspond to return of capital, while Ps corresponds to taxable income. Under Mexican law, Fibra Uno must pay out at least 95% of its annual net taxable income to CBFI holders at least once a year. The distribution for this second quarter will be paid no later than August 9, Santander Acquisition On April 27, Fibra Uno acquired a portfolio of 219 properties from Banco Santander, which included a Sale and Lease Back operation. The transaction was valued at approximately of Ps. 3,330 million, producing an annual income of approximately Ps. 275 million with the commitment of Fibra Uno to invest Ps. 100 million on improvements. Cuemanco and Lerma II Acquisitions On May 8, Fibra Uno announced the acquisition of Cuemanco, a property of 100,200 square meters next to Periferico Sur in Xochimilco. The property is located in the neighborhood of Granjas Coapa, and is one of the few pieces of land that size in an area with a high population concentration close to one of the main roads in Mexico City. Fibra Uno will develop a commercial property with a GLA of approximately 45,000 square meters using the current buildings and 1,400 parking slots. Fibra Uno expects this property to generate an annual income of approximately Ps million once it is developed and stabilized. On the same date, Fibra Uno s Technical Committee approved the purchase of a property located on Boulevard Aeropuerto (Miguel Aleman) in Lerma, in the State of Mexico, with a GLA of 202,500 square meters. This transaction will be closed in the following days. Given its exceptional location and demand for quality industrial properties in the region, Fibra Uno plans to develop industrial parks and logistics centers in this new property, with a GLA of about 130,000 square meters. Fibra Uno expects this property to generate an annual income of approximately Ps. 84 million once it is developed and stabilized. 14

15 Fibra Uno Completes MexFundTransfer On May 14, 2012, the 23 properties from the MexFund portfolio were transferred to Fibra Uno in exchange for 44,618,997 CBFIs. Fibra Uno Acquires Villahermosa Property On June 6, 2012, the Trust acquired a property in the city of Villahermosa, Tabasco, of approximately 116,000 square meters that will be developed as a shopping mall. The estimated investment amounts to Ps. 520 million, with an annual return on capital of 11.5%. The development will have approximately 37,000 leasable square meters. The purchase agreement with the seller includes a covenant to generate an income of Ps. 60 million annually. This shopping mall will have a supermarket, department stores, retail stores, as well as cinemas. Fibra Uno s acquisitions after the second primary offering of March 22, 2012, will generate additional revenues of Ps. 515 million, including the Villahermosa property. Morado Portfolio Acquisition On July 10, Fibra Uno called for a Shareholders Meeting to be hosted on July 17 to vote on a proposal for the acquisition of the Morado Portfolio comprised of 7 shopping malls, 5 office buildings, 3 industrial and the concession to operate and exploit commercially a maritime terminal and port building, where a commercial center is built for leasing purposes. The transaction value is of Ps. 11,600,000,000, including an outstanding debt of Ps. 8,400,000,000 with General Electric Real Estate (GEREM), which will be transferred to Fibra Uno and its balance will paid with future cash flow coming from the properties. The estimated net operating income (NOI) to be generated by the new portfolio is of approximately Ps. 927,777,000 in The properties are located in the states of: Quintana Roo, Jalisco, Nuevo Leon, Nayarit, Distrito Federal and the State of Mexico. The proposal was unanimously approved the shareholders during the meeting, granting Fibra Uno the possibility to receive the rental revenue of the 16 properties starting August 1st, from which the debt payments will be deducted. The transfer of the assets is expected to be concluded before December 31, The transaction is still subject to the approval of the National Banking and Securities Commission (CNBV) to issue CBFIs to pay for the portfolio, the resolution of the 15

16 Federal Competition Commission (COFECO) and the auditing process, all of which may affect the outcome of the transaction. Note on ForwardLooking Statements This report may contain certain forwardlooking statements and information relating to the Trust that reflect the current views and/or expectations of the Trust and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like believe, anticipate, expect, envisages, will likely result, or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation and in oral statements made by authorized officers of the Trust. Readers are cautioned not to place undue reliance on these forwardlooking statements, which speak only as of their dates. The Trust undertakes no obligation to update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise. 16

17 FINANCIAL TABLES INCOME STATEMENT FIBRA UNO Trust F/1401 Deustche Bank Mexico SA Institucion de Banca Multiple NonConsolidated (Condensed) Income Statement from April, 2012 to June 30, 2012 and April 1, 2011 to June 2011 (Figures in pesos) Revenues Rental Revenues $ 364,862,734 $ 124,925,295 Tenant Reimbursements $ 36,605,962 $ 8,675,776 Other Income $ 467,564 Total Revenues $ 401,936,260 $ 133,601,071 Administrative Expenses $ 92,380,129 $ 21,759,383 Operating Income $ 309,556,131 $ 111,841,688 Financial Products $ 51,800,567 $ 30,326,524 Paid Commissions $ 56,517,133 $ 6,455 Comprehensive Financial Cost $ 4,716,566 $ 30,320,069 Net Income prior distribution $ 304,839,565 $ 142,161,757 Distribution to holders $ 86,505,950 $ 14,477,738 Net Income $ 218,333, $ 127,684,019 17

18 BALANCE SHEET FIBRA UNO Trust F/1401 Deustche Bank México SA Institución de Banca Múltiple NonConsolidated (Consolidated) Balance Sheet as of June 30, 2012 and December 31, 2012 (Figures in pesos) ASSETS Current Assets Cash and Cash Equivalents $ 4,176,626,568 $ 257,071,126 Accounts Receivable $ 83,056,321 $ 68,881,771 Advanced Payments $ 319,514 $ 1,814,794 Refundable tax $ 855,928,856 $ 471,634,954 Property taxes $ 3,545,737 Prepaid insurance $ 2,596,028 $ 5,391,520 Current Assets $ 5,122,073,024 $ 804,794,165 Contribution Portfolio $ 13,252,432,736 $ 11,090,134,111 Subsidiaries $ 1,000,000 $ 1,000,000 Advanced Payments for Contribution Portfolio $ 3,250,000,000 $ Fees on loans $ 19,915,195 $ 11,481,451 Reserve fund of bank loan $ 39,376,247 $ TOTAL ASSETS $ 21,684,797,202 $ 11,907,409,727 LIABILITIES Short term liabilities: Suppliers $ 73,639,777 $ 54,334,082 Creditors $ 75,366,667 $ 170,548,252 Short term debt $ 21,143,232 $ 20,789,806 $ 170,149,676 $ 245,672,140 Long term liabilities: Long term debt $ 823,789,990 $ 829,210,194 Deposits in guarantee $ 46,309,505 $ 38,306,098 Subsidiaries $ 1,000,000 $ 1,000,000 $ 871,099,495 $ 868,516,292 TOTAL LIABILITIES $ 1,041,249,171 $ 1,114,188,432 Shareholdersʹ equity Initial shareholdersʹ equity $ 1,000 $ 1,000 Issued shareholdersʹ equity $ 17,252,285,619 $ 7,875,937,973 Other reserves $ 2,824,014,645 $ 2,624,416,064 Retained earnings $ 567,246,767 $ 292,866,258 Total shareholders equity $ 20,643,548,031 $ 10,793,221,295 TOTAL LIABILITIES AND SHAREHOLDERSʹ EQUITY $ 21,684,797,202 $ 11,907,409,727 18

19 CASH FLOW Fibra Uno Trust F/1401 de Deutsche Bank México, S. A. Institución de Banca Múltiple NonConsolidated (Condensed) Cash flow Statement from January 1 to June 30, 2012, and March 18 to december 31, 2011 (Figures in pesos) Operations: Result for the period $ 274,380,509 $ 127,684,020 Amortization for the period $ 3,100,536 $ 277,481,045 $ 127,684,020 (Increase) decrease in: Accounts receivable and payable net $ 5,131,145 $ (7,786,798) Refundable taxes $ (384,293,902) $ (1,018,963,334) Advanced Payments $ 1,495,280 $ (2,969,405) Deposits in guarantee $ 8,003,407 $ 37,103,340 Net cash flow from operations $ (92,183,025) $ (864,932,177) Investment activities: Expenses associated with bank liabilities $ (8,738,788) Property taxes $ (3,545,737) Advance for future investment $ (3,250,000,000) Contribution portfolio $ (1,962,700,044) $ (8,196,793,994) Net cash flow from investments $ (5,224,984,569) $ (8,196,793,994) Financing activities: Initial shareholdersʹ equity and CBFIs issuance $ 9,376,347,646 $ 7,992,693,037 Creditors for property acquisitions $ (95,181,585) $ 1,565,470,413 Mortgage creditors $ (5,066,778) Reserve fund of bank loan $ (39,376,247) Net cash for from financing activities $ 9,236,723,036 $ 9,558,163,450 Net increase cash $ 3,919,555,442 $ 496,437,279 Cash flow at start of the year $ 257,071,126 Net cash flow balance $ 4,176,626,568 $ 496,437,279 19

20 About Fibra Uno Fibra Uno is a Mexican trust formed primarily to acquire, own, develop and operate a broad range of commercial real estate in Mexico, including industrial, retail, office, mixeduse and other properties. Our objective is to return value to the holders of our CBFIs through distribution of our net taxable income. We intend to selectively assemble a diversified portfolio of highquality, welllocated, incomeproducing commercial properties in Mexico. The Trust began trading on the Mexican stock exchange on March 18, Currently, it has 42 properties in central and southern Mexico, with an approximate GLA of 872,560 square meters. Longterm, Fibra Uno has a growing model in which it plans to buy and develop properties and lease them as a source of recurring, reliable income. Under Mexican law, at least 70% of a Fibra s assets must be invested in or derived from real estate, among other requirements. In addition, a Fibra must also distribute at least 95% of its net taxable income to investors at least once a year. This, combined with the attractive fundamentals of Mexico s realestate market and a seasoned management team, make Fibra Uno a unique and compelling investment story. Fibra Uno is an internally managed by F1 Management, S.C. and externally advised by Fibra Uno Administracion S.A. de C.V., a Mexican real estate operator with a management with more than 30 years of experience in the Mexican real estate market. Fibra Uno s IPO was a major step forward for Mexico s real estate industry, offering investors new sources of returns while providing developers with a rich source of financing. Fibra Uno seeks to increase its portfolio, return income and create value for its investors and contribute to the development of this key sector. 20

21 Conference Call Details Fibra Uno will host a conference call to discuss 2Q12 and give an update on the business. Date: Tuesday July 24 at 1:00 pm NYTime/ 12:00pm Mexico Time Time: 1 pm ET/ 12 pm Mexico City Speakers: André ElMann, CEO, Fibra Uno Javier Elizalde, CFO, Fibra Uno Isidoro Attié, Executive Vice President, Fibra Uno Dialin (U.S.): Dialin (Mexico): Investor Relations Contacts In Mexico City: In New York: Javier Elizalde Lucia Domville Tel: +52(55) Tel: +1 (646) jelizalde@fibrauno.mx fibrauno@grayling.com 21