Fibra Inn · BIVA:FINN/13
Fibra Inn — Q3 2014 Earnings Presentation
25 slides from Fibra Inn's earnings presentation, Oct 23, 2014
Slide 1: Third Quarter 2014 Results
Third Quarter 2014 Results October 23, 2014
Slide 2: Agenda
Agenda • Quarterly Distribution and Dividend Yield • Relevant Events • Acquisitions, Developments and Addition of Rooms • Future Pipeline • Operational and Financial Highlights • Closing Remarks • Q&A Session 2
Slide 3: Quarterly Distribution and Dividend Yield
Quarterly Distribution and Dividend Yield 3
Slide 4: Distributions and Dividend Yield
Distributions and Dividend Yield Period Ps./CBFI Dividend Yield Analysis 1Q13 0.0278 2014: 1Q14 2Q14 3Q14 2Q13 0.2063 Dividend (Ps./ CBFI) 0.2283 0.1683 0.2323 Closing Price (Ps.) 17.56 18.26 17.53 3Q13 0.2338 Dividend Yield 5.2% 3.7% 5.3% 4Q13 0.2388 3Q14 - Trailing Twelve Months 2013 0.7067 Total
Slide 5: Relevant Events
S eg . 4 Fibra inn. a Relevant Events
Slide 6: Relevant Events
Relevant Events July 18, 2014: General Shareholders’ Meeting ü Approval of bank loan for Ps. 2.3 billion. ü The purpose of the loan is for hotel acquisitions and to reach our goal of at least 30 properties by end of 2014. ü Loan negotiation for a 4.5-year scheme at a rate equal to TIIE+2.5 bps. ü
Slide 7: Relevant Events: Approval of a CBFI Issuance
Relevant Events Approval of a CBFI Issuance • Issuance up to 258,334,218 CBFI’s which will be offered exclusively to the current shareholders on a pro rata basis. • At a subscription price of Ps. 15.85 per CBFI applying a discount of approximately 9.38% authorized by the Technical Committee, based o
Slide 8: Changes of Fibra Inn's Fee Structure
Relevant Events Changes of Fibra Inn’s Fee Structure • The new structure approved, effective October 17, 2014, is as follows: o The Advisory Fee will be 0.75 % of gross real estate assets value, adjusted by inflation. o The Acquisition Fee was eliminated. Tangible Advantages Intangible Advantages •
Slide 9: 3Q14 Acquisitions, Developments and Addition of Rooms
3Q14 Acquisitions, Developments and Addition of Rooms 9
Slide 10: 3Q14 - Hotel Acquisitions
3Q14 - Hotel Acquisitions September 3, 2014 Key facts: Casa Grande Chihuahua(1) Casa Grande Delicias Investment: Ps. 97.0 million Ps. 79.8 million Projected Cap Rate: 10.0% 11.2% Number of Rooms: 115 89 Segment: Full Service Full Service (1) To be converted to Wyndham Garden 10
Slide 11: 3Q14 - Hotel Acquisitions
3Q14 - Hotel Acquisitions Date Hotel Plaza Segment Investment Rooms Cap Rate (Ps. millions) 3 Sep 14 Microtel Inn & Suites by Wyndham Chihuahua Limited Service 73 108 10.9% 3 Sep 14 Microtel Inn & Suites by Wyndham Culiacán Limited Service 55 113 10.9% 3 Sep 14 Microtel Inn & Suites by Wyndham Toluc
Slide 12: 3Q14 - Hotel Acquisitions
3Q14 - Hotel Acquisitions September 5, 2014 – Crowne Plaza Monterrey Aeropuerto Key facts: Investment: Ps. 351 million Projected Cap Rate: 10.0% Number of Rooms: 219 Segment: Full Service 12
Slide 13: 3Q14 - Addition of Rooms
3Q14 – Addition of Rooms Camino Real Guanajuato Marriott Puebla Key Facts: Key Facts: Investment Amount: Ps. 48.7 million Investment Amount: Ps. 94.5 million Rooms Added: 50 Rooms Added: 104 Fully Operational Date: August 27, 2014 Fully Operational Date: September 29, 2014 Hotel Purchase Date: Augus
Slide 14: Current Standing
Current Standing 3Q14 3Q13 Variation Hotels 30 17 +13 Rooms(1) 5,532 3,340 +83.5% Developments 3 0 +3 Segments 3 2 +1 States 14 10 +4 Global Brands 12 4 +8 Local Brands 2 1 +1 (1) Includes rooms under development 14
Slide 15: Future Pipeline
S eg . 4 Fibra inn. a Future Pipeline
Slide 16: Future Pipeline
Future Pipeline Fibra Inn has a pipeline valued at Ps. 8.6 billion comprising 27 hotels for acquisition and 16 properties for development in 18 states representing a total of 6,918 rooms. Footprint Acquisitions: 27 Acquisitions 16 Developments Developments: Acquisitions Development Segment Nº of hot
Slide 17: Future Pipeline
Future Pipeline Acquisitions Developments Total Por)olio(1) Hotels 27 Hotels 16 Rooms 4,243 Rooms 2,675 Investment (2) $ 5,763 Investment (2) $ 2,880.5 Acquisi9ons 38.7% Cap. Rates > 10% Cap. Rates > 11% Developments 61.3% Acquisitions Developments Total (2) (2) Segment Hotels Rooms Investment Hotel
Slide 18: Operational and Financial Review
Operational and Financial Review 18
Slide 19: Operational Review
Operational Review Same Store Sales # 3Q14 3Q13 Var % Room Revenues 203.0 191.5 6.0% Occupancy 59.1% 61.7% -2.6 p.p Average Daily Rate (ADR) (Ps.)# 1,002.2 949.2 5.6%# RevPAR (Ps.)# 592.2 585.7 1.1%# # # # # ANTAD Same Store Sales # # +0.8%# * ANTAD is the Na9onal Associa9on for Supermarkets and Dep
Slide 20: Financial Review
Financial Review Financial Indicators (Ps. millions) 3Q14 % 3Q13 % Room Revenue # 210.3# 93.7%# -# -# Rental Revenue 14.1# 6.3%# 55.7# 85.4%# Other Revenue 9.5# 14.6%# Total Revenue for Fibra 224.4# 100.0%# 65.2# 100.0%# Fibra Revenue by Segment (Ps. millions) 3Q14 % 3Q13 % Limited Service 23.1# 10.
Slide 21: Financial Review
Financial Review Financial Indicators (Ps. millions) 3Q14 % 3Q13 % Total Fibra Revenue 224.4# 100.0% 65.2# 100.0% Operating Expenses 137.7# 61.3% 6.6# 10.2%# Net Operating Income (NOI) 86.7# 38.7% 58.6# 89.8%# EBITDA 74.8# 33.3% 50.1# 76.8%# Net Income 33.5# 14.9% 54.9# 84.1%# FFO 65.0# 29.0%# 76.9#
Slide 22: Financial Review
Financial Review Balance Sheet (Ps. millions) 3Q14 2Q14 Var % Cash & equivalents 277.5# 339.1# -18.2%# Total Assets 5,563.6# 5,555.5# 0.1%# Short Term Liabilities 1,049.0# 1,034.4# 1.4%# Long Term Debt 2.3# 2.3# 0%# Total Liabilities 1,051.3# 1,036.7# 1.4%# Equity 4,512.3# 4,518.8# -0.1%# 22
Slide 23: Closing Remarks
S eg . 4 Fibra inn. a Closing Remarks
Slide 24: Question and Answer Session
Question and Answer Session 24
Slide 25: Contact and Note on Forward Looking Statements
Note on forward looking statements This document may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, Company performance and financial re