1
2-22
Once again, I am pleased to share with you the successful results of our company.
At the close of 2024, our operational portfolio showed solid operating and financial results, with double-digit revenue growth and controlled expenses, which translated into improved operating margins (NOI). Occupancy levels continued to rise in both, shopping centers and office buildings, attracting an increasing flow of visitors and staff to our properties and thus bringing more economic activity to the areas surrounding our properties.
For just over a year, we have been working hard on developing new projects in industries with outstanding economic vigor, marking a new stage of growth for Fibra Danhos. These projects are aligned with national development plans aimed at linking of value chains and channeling investment to domestic production.
In the industrial sector, we successfully completed the construction and marketing of phase 1 at the Danhos Cuautitlán I Industrial Park, a high-specification warehouse with more than 100,000 square meters of leasable area, operated by a multinational e-commerce logistics and distribution company. We are currently working on phase 2, with similar dimensions and specifications, which has been leased on a long-term basis and is scheduled for delivery shortly.
Also, in the fourth quarter, we finalized the acquisition of a new property in the logistics corridor of Mexico State and signed a contract to develop the first stage of a high-specification distribution center for a well-known supermarket chain. In the retail industry, we identified and signed an agreement to develop a shopping center in Oaxaca, a city of considerable interest to our business partners.
For our portfolio of properties now in operation, we outlined a work plan focused on conservation and maintenance, applying the same quality and efficiency standards we have always been known for. In addition, by year-end, we had completed the installation and commissioning of solar power systems which already supply nearly 20% of our portfolio's electricity consumption, a significant advance in our sustainability strategy.
Consolidated revenues and NOI were MXN6.78 billion and MXN5.27 billion, respectively, rising 9.5% and 10.4% over the previous year, mainly due to increases in base rent, overage and parking revenues. AFFO in 2024 reached MXN4.22 billion, a growth of 6.5% compared to the previous year. As recommended by our Technical Committee, the quarterly distribution will remain at MXN0.45 per CBFI, an AFFO payout ratio of 60%, allowing us to allocate the undistributed cash flow to the development of strategic projects.
I reiterate our confidence in Mexico and our commitment to long-term sustainable growth. We will continue to analyze opportunities to expand our portfolio and generate value while maintaining our customary financial discipline. I would like to take this opportunity to thank our team of employees, board members, and investors for their trust and their contributions to these results.
Salvador Daniel Kabbaz Zaga
CEO & President of Fibra Danhos
Consolidated revenues and NOI were MXN6.78 billion and MXN5.27 billion, respectively, rising 9.5% and 10.4% over the previous year.