To our stakeholders,
2019 was a year of challenges, marked by macroeconomic stability and fiscal discipline but without economic growth. Geopolitical and global tensions around the world, combined with a variety of internal factors, fostered uncertainty, affecting investment levels and causing a slowdown in consumption.
In this climate, we decided to act prudently, seeking to improve our operating efficiency, profitability and growth. We paid off the Danhos 16-2 bond for $ 1 billion pesos at maturity, further strengthening our cash flow generation and financial structure.
For the year 2019, we reported consolidated revenues and NOI of $ 5.79 billion and $4.70 billion pesos, respectively, 12.4% and 13.2% higher than the previous year.
NOI excluding TAP was $ 4.29 billion, a 13.2% year-over-year growth. For this period, the Technical Committee approved a distribution of $ 2.47 pesos per Real-Estate Trust Certificate (CBFI), as a result of an AFFO per certificate with economic rights of 2.7558. Accrued revenues totaled $ 5.79 billion, a 12.5% year-over-year growth. The NOI margin was 81.1%, growing 56pb over 2018, attributed to economies of scale and strict control over operating expenses.
Our operating retail portfolio was remarkably resilient last year: we were able to renew expiring contacts on 63,494 m2, representing approximately 7.0% of our leasable commercial area, and achieved an average lease spread of 7.6%. At Parque Puebla, we successfully opened the Michin Aquarium, enriching this center’s entertainment offering and increasing visitor traffic. In our developments, work continued on Parque Tepeyac, which is now 21.6% complete overall and sell-in is proceeding very successfully.
For 2020, we will stay the course, strategically speaking, making responsible decisions to achieve the goals we have set, committed not only to growing the assets that make up our portfolio but also to the development of this country and the advancement of our employees. Our social commitment is unshaken, and we will continue to focus on maintaining a solid business model, with internal programs that strengthen us as a team and connect the needs of the business with those of society.
We are working to become a benchmark in environmental management of our buildings, addressing the needs of our various stakeholders. Based on issues identified as material in the areas of environment, society and corporate governance, we will reinforce our existing achievements and address areas of opportunities identified in this study.
We will also seek to be included in sustainability indexes that speak to our efforts. This year we obtained Green Star recognition from the Global Real Estate Sustainability Benchmark (GRESB), as well as the rating of institutional investors in sustainability issues, in the S&P Robeco Sam index.
I am grateful for the invaluable contributions of our Technical Committee, to our management team for their vision and dedication, which have been fundamental for this group’s success; to our employees, for their hard work and commitment to achieving the goals we set; and to our shareholders, for the trust they have placed in us. We are, and we will continue to be, an intelligent, safe investment, seeking out and seizing new opportunities in Mexico, to contribute to the development of our country and shaping the urban skyline of Mexico City.
consolidated NOI
