Investor Presentaiton
Capital Management: FY17 - FY20 YTD Overview
Capital sources
Retained AFFO
Retained AFFO-FY17-FY19
Retained AFFO-1H20
Retained AFFO - total
Asset sales
FY17-FY19
1H20
Asset sales total
Surplus cash
Capital sources - total
Ps.m equiv.
US$m equiv.
1,895.9
99.0
333.6
15.4
2,229.5
114.5
MACQUARIE
Highlights
• Quarterly AFFO per CBFI YOY remained flat
• Distribution/CBFI for 2Q20 of Ps.0.4750/CBFI, up 6.7% YoY, FY20 Distribution of 1.90/CBFI up +6.7%
Distribution 1.3x covered
⚫AFFO ~83% USD-linked, 2Q20 AFFO margin of 44%
⚫ LTD sale value of US$117.5m exceeds book value by aggregate 2.2%
1,803.5
242.2
94.7
• Deferred sale proceeds of US$9.8m to be received in 2H20/FY21
11.2
2,045.7
105.9
60.2
4,335.3
4.1
224.5
Capital allocations
Expansions and developments
Projects completed in FY17-FY19 (100% of project cost)
700.3
36.7
Projects completed and under development as of June 30, 2020
270.6
12.5
Expansions and developments - total
970.9
49.2
Remodeling
FY19 completed remodeling
1H20 remodeling
Remodeling Total
Certificates re-purchased for cancellation
85.0
4.4
36.2
121.2
1.7
6.1
FY17-FY19
974.5
50.8
1H20
83.0
3.7
Certificates re-purchased for cancellation total
1,057.5
54.5
Debt net repayment
FY17-1H20
Debt net repayment - total
Other
FY17-1H20
Other - total
Capital allocations - total
Potential of committed capital deployment opportunities as at June 30, 2020
Progress payments remaining in FY20, for committed WIP projects
Uncommitted - LOI and pipeline
Expansions and developments - total
Retail center remodeling remaining payments
Buyback program - Remaining 2020-2021 program size
Potential capital deployment opportunities - 2020
1,940.8
1,940.8
102.0
102.0
245.0
12.7
245.0
12.7
4,335.3
224.5
31.6
1.4
77.0
3.5
108.6
4.9
92.4
4.2
1,000.0
1,201.1
45.5
54.6
⚫ LTD ~US$80m invested/committed in expansions and developments
•Additional 1.7m sq. feet of GLA with projected NOI yield of ~12%
Completed and leased 100% first phase development in Ciudad Juárez of 209k sqft, second building
being delivered in 3Q20 (217k sqft GLA)
•Remodeling in Multiplaza Arboledas concluded, remodeling at Coacalco Power Center is scheduled to be
completed in 2020 and remodeling at City Shops Valle Dorado underway
⚫Ps. 1.0bn program authorized through to June 2021
• All re-purchased certificates cancelled or in process of being cancelled
Regulatory LTV at 40.0%
5.4 years remaining tenor
• Other includes income-generating Above-Standard Tenant Improvements of US$1.2m in 2017, US$1.0m
in 2018. FY19 represents debt refinancing costs of US$5.7m
Pipeline of uncommitted projects totaling US$3.7m, 49k sqft of additional GLA and +10% projected NOI
yield
Pursuing development opportunities on a selected basis in growth sectors including E-commerce-based
logistics and medical devices manufacturing. Wholly-owned land reserves of 135k sqm and 67k sqm in
50% JV portfolio
• Includes the remaining remodeling works of Power Center Coacalco
1. Using average FX for the period Ps. 18.93, Ps. 19.24, Ps. 19.26 and Ps. 21.62 for 2017, 2018, 2019 and 1H2020, respectively. Analysis excludes US$180.0m revolver drawdown on March 24, 2020 used for cash at
bank. During June 2020, US$90m of the revolver were repaid and as of 2Q20 EOP revolver drawn balance is US$90m.
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