MONTERREY, Mexico--(BUSINESS WIRE)--Deutsche Bank Mexico, S.A., Banking institution, Trust Division F/1616 or Fibra Inn (BMV:FINN13) (“Fibra Inn” or “the Company”), a Mexican real estate investment trust specializing in the hotel industry serving the business traveler, announced that, as per Clause 12.9 of the trust contract F/1616, as well as the corresponding Prospectus and Supplements, the Company will execute a cash distribution from the trust’s taxable income for the period of October 1 to December 31, 2013 through a cash payment on Wednesday, March 12, 2014 for Ps. 0.026775589519465100 per Certificado Bursátiles Fiduciarios Inmobiliario (“CBFI”), for each of the 258,334,218 CBFIs outstanding, for a total payment of Ps. 6’917,050.98 (Six million nine hundred and seventeen thousand and fifty 98/100 Mexican pesos).
Additionally, a capital reimbursement for the period from October 1 to December 31, 2013 will take place via a cash payment that will take place on Wednesday, March 12, 2014, for Ps. 0.211987593838614000 per CBFI, for each of the 258,334,218 CBFIs outstanding, for a total payment of Ps. 54’763,649.28 (Fifty four million seven hundred and sixty three thousand six hundred and forty nine 28/100 Mexican pesos).
It is important to note that the capital reimbursement does not imply the repurchase of the CBFIs, without expression of nominal value.
The following are the important dates for this distribution:
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-- Ex-dividend date |
March 7, 2014 |
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-- Record date |
March 11, 2014 |
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-- Payment date |
March 12, 2014 |
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Further detail regarding the distribution per CBFI is the following:
| Trust taxable income | |||
| Total amount to be distributed, in Pesos | Ps. 6’917,050.98 | ||
| Number of CBFIs: | 258,334,218 | ||
| Total amount to be distributed per CBFI, in Pesos | Ps. 0.026775589519465100 | ||
| Capital reimbursement from the depreciation of assets | |||
| Total amount to be distributed, in Pesos | Ps. 54’763,649.28 | ||
| Number of CBFIs: | 258,334,218 | ||
| Total amount to be distributed per CBFI, in Pesos | Ps. 0.211987593838614000 | ||
| Total distribution, in Pesos: | Ps. 61’680,700.26 | ||
| Total amount to be distributed per CBFI, in Pesos | Ps. 0.23876318335807900 | ||
Additionally, the implied value of the Company is Ps. 17.7851472908246000 per CBFI.
The following is the detail behind the calculation of the implied value, based on the Company’s financial results for the third quarter of 2013:
| (+) | Contributions by trustees | 4,435,785,043 | |||
| (+) | Results for the period | 158,727,074.04 | |||
| (=) | Total Equity | 4,594,512,117.39 | |||
| (/) | Number of CBFIs outstanding | 258,334,218 | |||
| (=) | Implied value | 17.785147290824600 | |||
Fibra Inn is obligated to pay a minimum of 95% of its taxable income to CBFI holders once a year. However, Fibra Inn’s policy is to distribute additionally the amount of the non-monetary taxable deductions as a capital reimbursement, including 80% of the fiscal depreciation as capital gains, which does not generate tax withholding for Fibra Inn’s investors.
About the Company
Fibra Inn is a Mexican trust formed primarily to acquire, own, develop, operate and rent a broad range of hotel properties in Mexico. Headquartered in Monterrey, Fibra Inn has a portfolio of high-quality hotels and geographically-diverse located in twelve states throughout Mexico, comprising approximately 4,118 rooms, which 664 are under construction. The Company has signed Franchise Agreements with IHG to operate its global brands Holiday Inn, Holiday Inn Express, and Holiday Inn Express & Suites; with Hilton to operate its brand Hampton Inn by Hilton; and is in the process with Starwood Hotels & Resorts Worldwide to operate the brand Aloft. Additionally, Fibra Inn has agreements with IHG, Marriott International and Wyndham Hotel Group. These hotels enjoy some of the industry’s top loyalty programs and, offer attractive hotel options for businesses travelers. Fibra Inn recently listed its Real Estate Trust Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios or “CBFIs”) on the Mexican Stock Exchange and trades under the ticker symbol “FINN13”.
For more information, please visit our corporate site and investor relations section at: http://www.fibrainn.mx
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Note on Forward-Looking Statements |
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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, Company performance and financial results. Also, certain reclassifications have been made to make figures comparable for the periods. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. |
For more information please visit http://fibrainn.mx/en/investors.php
