FIBRA SOMA's debut year

FIBRA SOMA, a leading Mexican real estate investment trust (REIT), has announced its outstanding real estate and financial results for the fourth quarter of 2021, boasting an impressive occupancy rate of 96%. The company has made significant acquisitions in the Los Cabos market and continues to expand its commercial portfolio, positioning itself for a promising future.

With a total gross leasable area (GLA) of 506,332 square meters, FIBRA SOMA concludes its first year with exceptional performance and high expectations for the future. In terms of financials, the company reports total revenues of 570 million pesos, operating net income (NOI) of 381 million pesos, funds from operations (FFO) of 156 million pesos, and adjusted funds from operations (AFFO) of 148 million pesos. Furthermore, its debt metric (LTV) stands at 23.5%.

Notably, FIBRA SOMA plans to distribute 600 million pesos (83 cents per CBFI) among its 722,905,676 certificates, including the contribution of PHMC to the trust's portfolio, totaling 8,668,728 CBFIs. However, it's important to mention that the distributions will not be consistent at this time.

Regarding notable developments in the quarter, FIBRA SOMA acknowledges ongoing financial challenges due to the impact of the SARS-CoV-2 pandemic, particularly in business segments facing operational restrictions.

In addition, the acquisition of "Retail Los Cabos" has been approved, which will include a commercial space development of 18,600 square meters within the Cabo del Sol complex in the Los Cabos market. This property will feature renowned luxury, fashion, wellness, and food and beverage brands. The project will be executed under a dollarized contract, with construction set to commence in the second half of this year and completion expected in the first half of 2024.

Regarding future projects, FIBRA SOMA has exciting plans in the Mexico City market. The PHMC mixed-use development, covering 40,000 square meters, will be delivered in 2024. The expansion of Antara, encompassing corporate, commercial, and hotel sectors, with a GLA of 90,000 square meters, is scheduled for completion in 2025. Lastly, the Reforma complex, with the same composition and area, will be delivered in 2026.

Another significant transaction involves the integration of Soho House and Beach Club in the Los Cabos market, with a 12,000 square meter expansion under a 20-year dollarized contract. The completion of this project is expected in 2024.

Lastly, by the end of this year, FIBRA SOMA aims to reach a 27.4% completion milestone for the Artz Pedregal development, located in the southern part of Mexico City, to consider it fully integrated within the portfolio. Additionally, the trust plans to have an acquisition strategy for the mixed-use Antara complex in Mexico City.

For further details on FIBRA SOMA and other trusts participating in the Mexican real estate market, explore FIBRA Analytics, a cutting-edge tool developed by SiiLA.