MEXICO CITY-Macquarie Mexican REIT had total revenues of $32 (Ps.414.1M) for the second quarter, and stable performance with occupancy reaching nearly 90%.

“Our results for the second quarter reflect progress across all elements of our business plan and the continued strengthening of Mexico's manufacturing sector,” said Jaime Lara, CEO of MM REIT. “We remain encouraged by the levels of activity we are seeing, particularly in northern states, and our tenant base remains optimistic as evidenced by increased leasing activity.”

The MM REIT reported that base rental revenues totaled $31 million (Ps.394m) million, including one-time lease termination revenue of $ $766,000 (Ps.9.7m) for the period. MMREIT had 567,166,126 real estate trust certificates (Certificados Bursátiles Fiduciarios Inmobiliarios or CBFIs) outstanding as of June 30.

Other Highlights:

  • Stable portfolio performance; portfolio occupancy rate increased to 89.9%

  • 923,629 square feet (85,808 square meters) of new and renewed leases in 2Q13, including 403,831 square feet (37,517 square meters) of the 502,159 square feet (46,652 square meters) vacated in 4Q12 due to an early termination in Ciudad Juarez

  • Continued occupancy and pricing stabilization in northern markets

  • Second quarter distribution of Ps.0.50 per CBFI

  • Active acquisition pipeline

  • Announced Ps.3.9 billion (approximately US$307.0 million1) of acquisitions since the end of second quarter

 

 

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.