Fibra Danhos (DANHOS13) Earnings Call Transcript
October 23, 2026
Earnings Call Speaker Segments
Good day, everyone, and welcome to the Fibra Danhos Third Quarter 2026 Conference Call.
Hello, everyone. I am Rodrigo Martinez, and I on Investor Relations for the company. At this time, I welcome everyone to Friberadano's third quarter conference call. We issued our content reports yesterday. If you did not receive a copy, please do not hesitate in contact us. Please be aware that they are also available on their website and in Mexico Stock Exchange website. Before we begin the call today, I would like to remind you that forward-looking statements made during today's call do not account for future economic circumstances, industry conditions and company performance or financial results. These statements are subject to a number of risks and uncertainties. All figures included herein are prepared in accordance to our IFRS standards and are stated in Mexican number of pesos unless otherwise noted. Joining today from Fibra Danhos in Mexico City is Mr. Salvador Daniel, CEO of Fibra Danhos; Mr. Jorge Serrano, CFO of Fibra Danhos, and Mr. Elias Mizrahi. Now I will return the call over to Jorge Serrano for opening remarks and financial and operating indicators. Jorge, please go ahead.
Good morning. Thank you for joining us today. Let me share some initial remarks on the third quarter that reflects similar steady trends so far this year for Fibra Danhos. Total revenues of MXN 2 billion were 8.6 6% higher against last year and reflect increases of 8% on rent and 16% in parking revenues. NOI remained steady at EUR 1.6 billion an increase of 7.1% year-over-year with a 78% margin. AFFO reached MXN 1.2 billion that accounted for EUR 0.73 per CBFI. Distribution per CBFI with economic rides remained at $0.45. Our dividend is equivalent to 1.7x taxable income and represents a payout ratio relative to AFFO of 62%. Retained cash flow will be used to partially fund our CapEx needs, which are complemented with additional debt. We keep a sound financial structure and a prudent level of leverage of 14.1%. Overall occupancy reached 90% and on a comparable basis, it reached 93% with retail occupancy at almost 95%, while office portfolio occupancy keeps increasing and reached above 82%. Industrial occupancy stood explained by the conclusion and delivery of Building 2 at Eloxx, which increased G&A and it is fully leased. Lease spread on our operating portfolio calculated of 35,000 square meters renewal agreements stood at 8.4%, mainly explained by a strong performance on our retail portfolio. On our CapEx pipeline, Danhos's Industrial Eronextress building 2 has been completed and delivered. Also, additional space is scheduled to be delivered at Paloma and express on the coming weeks. Wohaka reports progress in its construction phase and also significant progress on potential leases with LOIs flowing in for available space. We need to see a structure advances on clin budget. Thank you, and we're ready to address any questions you may have.
So I just want to talk about the retail segment here. So leasing spreads, we're looking at sort of historical data. It's been the highest leasing spread over the past 6 years or so. Just want to get a sense of what's going on in the retail space because there's just disconnect within the consumer side of the equity space, it's been very depressed. I just want to get more sense on what you guys are seeing, what happened this quarter? What's been sort of the trends there.
On the leasing spreads we reported were around 8% for our retail portfolio. So we think it's actually a pretty good number, which is roughly twice the inflation. From a consumer standpoint, this was, I would say, a year with -- obviously, with the World Cup, it was a different year when this event is only held in the summer. And the consumer was certainly, I would say, is lower than usual in the first 6 months of the year. What we have seen in the third quarter -- and that's the fourth as we speak with our tenants that the consumer is getting stronger and getting back. So we feel comfortable with those leasing spreads, and we've always targeted twice inflation rate. So that's where we should be.
And a quick follow-up here. So if you could pinpoint certain types of tenants or is this broad-based across every single type -- what can you give us on that?
I would say, in general, for the World Cup, obviously, the sports franchises such as Adidas, Nike, oats. So the sports companies did very well and the rest of the companies were slower than usual because most of the buying was geared towards those items and now it's getting normalized. But for the rest of the segment, it was, I would say, pretty general next.
A quick question here on structural one. Just trying to understand how you're seeing the relevance of the shop portfolio patterns. How are you thinking on expanding industrial assets for other regions in Mexico and how are you seeing the demand or the development pipeline right now?
Yes, we've actually soon announced new projects in terms of industrial projects, we've basically done the project we've announced and we're in finishing touches of this. And soon, you will hear about new projects we've been able to almost assemble. So in the future, we will announce a couple of big projects, which I think will keep us on the right track in the industrial side.
Just a quick question on timetable for the hotel and the retail project in Wahaca, when do you expect to deliver? And when will the properties begin generating rents.
Yes, as you know, both projects are might to be done by 2028, I believe, second quarter 2028 Wohaka and third quarter hotel. We're on the right track. Actually, we are a little bit ahead of the timing. So we're going to see if we're able to actually decrease those eggs. But as of tonight, we still -- today, we'll still on the same track as we have announced in the past.
Just a question regarding the office segment that we have seen a recovery and can you share with us the drivers for this recovery, particularly in Toreo and reform buildings -- and what do you expect for the coming months?
Francisco Hari, this is Elias. So we were able to lease close to 8,000 square meters during the quarter, especially in proforma and in Toreo. The market is steadily getting back. We have close to a 75% occupancy and that was driven up to 82%. So the market, I would say, is getting back.
Yes. I think the market of the office spaces they're coming back, especially because there's no product in the bucket. People stopped doing office spaces in the past 5 years. And we've seen office spaces that become more attractively to some sector. So we believe this will still be strong next year, and we expect to be fully leased in the next [indiscernible] investors.
There are no more questions. So thank you, everyone, for joining us today. Please do not hesitate to contact us if there's any further questions, we are always available. We will see you in our next conference call. Thank you very much.
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