MONTERREY, México--(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 capital reinbursement for the period of April 1 to June 30, 2014 through a cash payment on Monday, August 11, 2014 for Ps. 0.1683135697494010 per Certificado Bursátil Fiduciario Inmobiliario (“CBFI”), for each of the 258,334,218 CBFIs outstanding, for a total payment of Ps. 43’481,154.42 (Forty three million four hundred and eighty one thousand one hundred and fifty four 42/100 Mexican pesos).
According to the tax laws applicable to Fibra Inn, the fiduciary is obligated to distribute at least 95% of its taxable income generated in the prior period to CBFI holders by the Trust’s assets, at least one time a year and by March 15 of the consequent period.
Fibra Inn’s policy is to distribute to holders, when applicable, cash in excess obtained from the difference between the taxable income and net adjusted income. To this effect, net adjusted income is equivalent to net income excluding non-monetary charges and CAPEX reserves.
In accordance to current tax laws applicable to Fibra Inn, when the fiduciary delivers CBFI holders an amount greater than the taxable income for the period, the difference shall be considered capital reimbursement and will decrease the proven acquisition cost of the certificates held by those receiving it. The capital reimbursement will not generate a tax withholding for the CBFI holder of Fibra Inn.
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 |
August 6, 2014 |
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• Record date |
August 8, 2014 |
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• Payment date |
August 11, 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. 0.0 | |||
| Number of CBFIs: | 258,334,218 | |||
| Total amount to be distributed per CBFI, in Pesos | Ps. 0.0 | |||
| Capital reimbursement from the depreciation of assets | ||||
| Total amount to be distributed, in Pesos | Ps. 43’481,154.42 | |||
| Number of CBFIs: | 258,334,218 | |||
| Total amount to be distributed per CBFI, in Pesos | Ps. 0.1683135697494010 | |||
| Total distribution, in Pesos: | Ps. 43’481,154.42 | |||
| Total amount to be distributed per CBFI, in Pesos | Ps. 0.1683135697494010 | |||
Additionally, the implied value of the Company is Ps. 17.4921078553650 per CBFI.
The following is the detail behind the calculation of the implied value, based on the Company’s financial results for the first quarter of 2014:
| (=) | Total Equity | 4,518,810,003.98 | ||||||
| (/) | Number of CBFIs outstanding | 258,334,218 | ||||||
| (=) | Implied value | 17.4921078553650 | ||||||
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 13 states throughout Mexico, with 23 hotels and three developments. 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 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: www.fibrainn.mx
Note on Forward-Looking Statements
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.
