Fundamentals

Have a look at our financial highlights


Income statement (thousands of Mexican pesos) 2023 2022 2021 2020
Revenue 2,152,230 1,501,193 1,311,622 1,346,962
Gross income 2,152,230 1,501,193 1,311,424 1,346,962
Net operating income (NOI) 1,947,452 1,325,424 1,180,286 1,227,884
EBITDA 1,785,661 1,192,952 1,057,694 1,119,209
Funds from operations (FFO) 1,627,600 1,110,074 917,765 1,052,517
Adjusted funds from operations (AFFO) 1,586,223 1,119,828 868,320 1,012,677
Financial position (thousands of Mexican pesos) 2023 2022 2021 2020
Total assets 28,991,675 22,215,849 18,808,265 16,181,141
Cash & equivalents 1,038,859 4,277,140 1,059,608 707,798
Gross debt 7,597,339 5,158,977 5,470,088 4,154,136
Total liabilities 8,213,643 5,767,479 6,235,641 4,579,216
Stockholders’ equity 20,778,032 16,448,370 12,572,624 11,601,925
Profitability (%) 2023 2022 2021 2020
NOI margin 90.49% 88.29% 89.99% 91.16%
EBITDA margin 82.97% 79.47% 80.64% 83.09%
FFO margin 75.62% 73.95% 69.97% 78.14%
AFFO margin 73.70% 74.60% 66.20% 75.18%
Financial ratios (Times) 2023 2022 2021 2020
Current assets / Current liabilities 2.6 9.5 2.32 9.21
Current assets / Total liabilities 0.18 0.77 0.21 0.53
Total liabilities / Stockholders’ equity 0.40 0.35 0.50 0.39
Financial Leverage(1) 26.6% 23.7% 29.7% 25.7%

(1) Defined by the National Banking and Securities Commission as Gross Debt and interest payable divided by Total Assets.

Operating indicators 2023 2022 2021 2020
Number of properties 106 60 60 59
Gross Leasable Area (GLA) m2 1,652,673 818,864 818,864 713,925
Occupancy 96.30% 90.90% 92.20% 94.40%
Average rent / Corporate offices m2 (USD$) 20.8 20.3 19.2 18.5
Average rent / Back offices m2 (USD$) 16.0 15.1 11.8 13.5
Average rent / Industrial offices m2(USD$) 5.5 5.0 4.7 4.6
Average rent / Retail offices m2 (USD$) 8.9 7.3 7.6 7.4
CapEx (thousands of Mexican pesos) 57,600 41,993 65,623 58,117