The following is a summary of the Fibra UNO (FBASF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Fibra UNO reported Q1 revenues of MXN6.8 billion, an increase of 0.6% quarter-over-quarter and 7% year-over-year, driven mainly by an increase in rental contracts and renewals.

• Net operating income (NOI) increased by 1.5% from the previous quarter, reaching nearly MXN5.2 billion.

• Funds from operations decreased by 3.3% compared to the previous quarter, reaching MXN2.23 billion.

• The company distributed MXN1.5 billion in the first quarter, which is equivalent to 68% of funds from operations.

• Rental price per square meter in constant properties increased by 2.8% compared to the previous quarter's weighted average inflation.

• Total annual rent per square foot increased by almost 1% compared to the previous quarter.

Business Progress:

• With an occupancy rate of 98.4% in the industrial sector, they aim to reach 95% across all segments.

• They are planning to segregate industrial portfolio into a publicly listed vehicle, options including an initial public offering or a joint venture with Fibra Terrafina.

• Fibra UNO expects to complete its internalization process by Q2 2024, with the order of operations between internalization and carve-out, still unclear.

• Owing to FX volatility, high rates and increasing inflation, the company will stick to fiscal results for dividends and adjust this number at the year-end, with the final adjustment expected in the fourth quarter.

• Fibra UNO plans to acquire a 38% stake in Mitikah at a slight premium over the book value and continues to have a pipeline of asset sales available.

• The company sees potential in having light manufacturing tenants in their logistics parks in Mexico City to cater to local and U.S. export demands.

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.