Fibra Shop
FSHOP13.MX
Mexican Stock Exchange11.96
MXN
-0.04
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Fibra Shop
FSHOP13.MX
(Mexican Stock Exchange)
Recent
price
11.96
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
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in mil. unless spec.- Similar Companies
- Business
- Fibra Shop (BMV: FSHOP13), an infrastructure and real estate investment trust (FIBRA) under Mexican law, acquires, develops, owns, manages and operates a diversified portfolio of shopping centers targeting middle and upper-middle class consumers across Mexico. The company, founded in 2013 and headquartered in Mexico City at Prolongación Paseo de la Reforma 1196, Piso 16, Lomas de Santa Fe, specializes exclusively in retail real estate with 19 owned properties spanning 11 states including Guanajuato, Querétaro, Baja California Sur, Jalisco, Sonora, Morelos, Chiapas, State of Mexico, Chihuahua, Michoacán and Puebla; its portfolio comprises over 787,500 square meters of gross leasable area (GLA) in multiple formats such as fashion malls (e.g., Plaza Cibeles in Irapuato with 79,857 m2 GLA, Puerta La Victoria in Querétaro with 59,699 m2 GLA, La Perla in Zapopan with 87,751 m2 GLA), community centers (e.g., UC Jurica and UC Juriquilla in Querétaro), power centers and urban centers under its innovative "Centros de Vida" or Life Centers business model launched in 2022, which emphasizes ESG pillars through sustainable environments promoting cultural, artistic and sports activities for community engagement. Core revenue streams derive from base rents (67-73% of total), maintenance fees, variable rents tied to tenant sales (27-33%), parking and other services from high-quality national and international tenants including anchors like Liverpool, Sears, Soriana, Cinemex, Cinépolis, H&M and Forever 21, as well as sectors such as clothing/shoes (18% of revenues), department stores (17%), entertainment (16%), supermarkets (15%) and food (11%); the portfolio maintains a weighted stabilized occupancy of 94% with 1,847 contracts averaging a 5-year remaining term and no single tenant exceeding 11% of GLA or 5-6% of revenues for robust diversification. Fibra Shop operates through external advisor FibraShop Portafolios Inmobiliarios S.C. with a team led by CEO Salvador Cayón Ceballos, focusing on urban/touristic destinations, population growth zones and high-traffic areas while pursuing portfolio revitalization, accretive acquisitions and ESG initiatives like EDGE certifications (e.g., Puerta La Victoria in 2024, La Perla as Latin America's largest certified mall). Recent developments include the 2024 acquisitions of Sentura Tlalnepantla (full ownership after prior 35% stake), Sentura Zamora and Galerías San Juan del Río (totaling approximately Ps. 1,767 million at 10% average cap rates, paid via CBFIs and cash), consolidation of a 63/37 partnership with Grupo Frel in Vía Paraíso and Puerto Paraíso, refinancing of La Perla debt with improved costs (e.g., payoff to Banco Sabadell and new facilities), closure of Kukulcán Plaza sale proceeds allocation for debt reduction and CBFI repurchases, a Ps. 1.8 billion revolving credit line closure, addition of strategic banking partners (Multiva, ICBC, Santander alongside BBVA), sustainable financing framework updates with second-party opinions, 25% renewable energy usage milestone and HR Ratings' AA reaffirmation with positive outlook shift; these moves support balance sheet strengthening, NOI growth to Ps. 430 million (up 4% YoY in Q1 2024) and stable distributions yielding 16-17% annualized FFO returns.