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Consolidated Third Quarter Results 2017

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Consolidated Third Quarter Results 2017 CONSOLIDATED THIRD QUARTER RESULTS 2017 FIBRASHOP ANNOUNCES CONSOLIDATED RESULTS FOR THE THIRD QUARTER OF 2017 FibraShop, in comparison with the market trends, recorded an increase in all of its operating and financial indicators, which translated into a NOI growth of 12.43%, a revenue increase of 9.93% and an annualized dividend distribution rate of 10.82%. Dividend grew 16.30% from the previous quarter, rising from 0.22625 per CBFI to 0.3053, and up 25.23% year-over-year, with the distribution rate increasing from 8.64% to 10.82%. Total operating revenues for the quarter (rent and maintenance) amounted to Ps. 277.15 million. This amount represents a 9.93% increase from the same quarter last year, and a 2.03% increase from 2Q17. Net operating income (NOI) for the quarter was Ps. 202.26 million, up 12.43% year-over-year, and 2.41% higher from 2Q17. Same-store sales (excluding acquisitions) rose 9.93%, or Ps. 25.03 million from the same quarter last year. This increment is above the rate announced by ANTAD for same-store sales during the same period of 4.53%. NOI margin over total operating revenues was 72.98%, representing an increase of 163 basis points when compared with the same quarter last year, and an increase of 28 basis points when compared to the previous quarter. It is worth noting that the NOI margin at the property level rose to 81.73%. EBITDA for the quarter amounted to Ps.185.78 million, an increase of 12.57% when compared to the same quarter last year, and 2.40% from the previous quarter. EBITDA margin was 67.03%, representing an increase of 157 basis points compared to the same quarter last year, and an increase of 24 basis points when compared to the prior quarter. The occupancy of the gross leasable area ("GLA") of the shopping centers at the close of September 30, 2017 was 95.2%, up 0.40 basis points above the previous quarter. Net income for the quarter reached Ps. 142.35 million, 8.47% higher than the same quarter last year, and up 18% from 2Q17. 2 Net income per CBFI was Ps. 0.3053 cents, representing an annual distribution rate of 10.32% using the average CBFI price during the quarter, and a rate of 10.82% considering the closing price of October 20, 2017. 3 Financial Metrics The table below shows the key financial metrics for the quarter and its comparison with the same previous year period: 3rd Quarter 3rd Quarter Accumulated Accumulated Increase % Increase % 2016 2017 2016 2017 Revenues 252.12 277.15 9.93% 734.16 809.67 10.29% NOI 179.90 202.26 12.43% 527.54 587.77 11.42% EBITDA 166.03 185.78 12.57% 483.95 539.95 11.57% Net income (excluding 131.24 142.35 8.47% 401.65 368.89 -8.16% the asset revaluation) NOI Margin 71.35% 72.98% 2.28% 71.86% 72.59% 1.03% EBITDA Margin 66.46% 67.03% 2.40% 66.92% 66.69% 1.17% Net income per CBFI 0.2750 0.3053 11.02% 0.8416 0.7912 -5.99% Outstanding CBFIs (M)* 477.25 466.24 -2.31% 477.25 466.24 -2.31% Total Assets 12,074 14,991 24.16% 12,074 14,991 24.16% Total Liabilities 3,000 6,000 100.00% 3,000 6,000 100.00% Shareholders’ Equity 8,789 8,857 0.77% 8,789 8,857 0.77% LTV 24.85% 40.02% 61.08% 24.85% 40.02% 61.08% P/E ratio** 14.60 10.89 -25.38% 14.60 10.89 -25.38% EV/EBITDA*** 15.55 14.48 -6.88% 15.55 14.48 -6.88% Implied CAP Rate **** 7.23% 7.34% 1.58% 7.23% 7.34% 1.58% * Weighted annual average. **P/E ratio – calculated as the average closing price, divided by the net income in the 12-month period and the weighted outstanding CBFIs in the period. *** EV/EBITDA – calculated as the capitalization plus liabilities minus cash and cash equivalent divided by the EBITDA of the past 12 months. *** Implied CAP Rate – calculated as NOI in the period annualized (multiplied by four) divided by the capitalization (calculated as the weighted average price of CBFI's outstanding in the quarter) plus net debt at the close of the quarter. 4 Mexico City, October 23, 2017 - FibraShop (FSHOP) (BMV: FSHOP13). CI Banco, S.A. Institución de Banca Múltiple, Irrevocable Trust F/00854, the first real estate trust specialized in shopping centers, announced today its results for the third quarter ending September 30, 2017. The results were prepared following the International Financial Reporting Standards (IFRS) and are stated in nominal pesos. CEO COMMENTS Salvador Cayon Ceballos, FibraShop’s Chief Executive Officer, commented: “Dear FibraShop shareholders, I am excited to share with you that our value-generation strategies implemented over the years have continued to bear fruits during the third quarter of 2017, reflecting the potential and positive results of our shopping centers. Additionally, FibraAShop has a good asset portfolio and a great operations team. We have seen the strengthening of the Mexican economy, in addition to having the correct format of shopping centers which are located in the highest growth cities and regions in the country. It is worth mentioning that the Mexico’s “e-commerce” is not a problem but a tool for companies to growth their sales; and does not hurt the people traffic that go to our shopping centers on a daily basis. We will be attentive of the changes in the market to adapt ourselves to the new circumstances, depending of the city and type of shopping center; but today, and in the years to come, we don’t see a decrease in the flow of people or consumption at our properties but the opposite, we see a lot of potential growth. The quarterly distribution amounted to Ps. 30.53 cents per CBFI, which in annualized terms is of close to 11% using the current CBFI price, which represents a 16.30% increase from 2Q17 as the distribution grew from Ps. 26.25 cents to Ps. 30.53 cents, and a rate of return of 25.23%. This dividend is the second largest distributed in the history of FibraShop, despite the fact currently there are 101.6 million more CBFIs outstanding compared to when the other largest distribution was granted. This shows our commitment of implementing the correct growth strategy so dividends per CBFI continue to increase and benefit all shareholders. The quarterly NOI amounted to Ps. 202.26 million, a 12.43% increase from the same year ago period, and a 2.41% increase from 2Q17, and we expect a growth of 10% for the rest of the year. NOI margin over total operating revenues amounted to 72.98%, a 163 basis points increase from the same year ago quarter and 28 basis points from 2Q17. It is worth noting that the NOI margin at the property level rose to 81.73%. This shows the potential and quality of our shopping centers. 5 EBITDA margin was 67.03%, a 157 basis points increase from the same year ago quarter and a 24 basis points increase from the immediate prior quarter. On the other hand, the occupancy rate reached 95.2%, above the global occupancy standards in the industry of 95%; it is worth highlighting that the average in Mexico is approximately 91%. The indicators detailed above show our commitment of being the best shopping center operator in the country with a high-quality asset portfolio operating under the best international standards. In terms of growth, we will be announcing in the following days the completion of Puerta la Victoria acquisition in the city of Queretaro, which, as we have stated, will become the best shopping center in the city given its unbeatable location, quality and retail offering. In terms of the expansion works at Galerias Mall Sonora, Sentura Tlanepantla, La Perla Guadalajara and the renovation at Kukulcan, they are all making progress according to the construction calendar. These will increase FibraShop’s NOI in the following three years above 50%, excluding inflation and the organic growth of the company. We have good opportunities ahead to continue growing, such as the paid parking business in some of the shopping centers where we are not yet charging, the rent increase to recover the depreciation of the past 18 months, the growth in new investments in two or three shopping centers, the rental of vacant stores and other advertising businessed that will contribute to a stronger growth in the immediate future. We reiterate our commitment to transparency, good corporate governance and value- generation from our shareholders”. 6 RELEVANT EVENTS 1. BOND PLACEMENT On July 21, 2017, FibraShop closed its offering of unsecured bonds amounting to Ps. 3,000 million in two tranches, in a communicating vessels format. The first tranche with a 5-year maturity has an adjustable rate FSHOP 17 (linked to TIIE) and the second tranche with a 10-year maturity FSHOP 17-2 (linked to the Mexican Federal Government 10-year bond). Both bonds settled on July 25, 2017. The total demand for the bonds amounted to approximately Ps. 4,700 million from Afores, private banks, investment funds, asset managers, among others. The table below shows the results from the placement: Bond Amount Reference Add. Rate FSHOP 17 Ps. 1,400 million TIIE 1.25 percentage points FSHOP 17-2 Ps. 1,600 million 10-yera M Bond 2.30 percentage points The proceeds from the placement will be used to refinance FibraShop’s revolving credit lines (described in greater detail in this report), to fund announced acquisitions and co-investments, as well as other general corporate needs.
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