More Paper, Less Cash: FIBRA SOMA and the Cost of Not Paying

FIBRAs (or REITs) are designed to generate and distribute profits to investors, but at FIBRA SOMA, those profits have not been reflected in dividends since 2022.

Between that year and 2025, the vehicle increased its operating cash flow—measured as AFFO—at a compound annual rate of 16% and—except in 2024—reported positive net income between 2 and 6 billion pesos ($140 to $370 million). However, the law requires distributing at least 95% of taxable income, not cash flow or accounting earnings, meaning that the result can be reduced or even nil. In that context, a FIBRA can generate cash without being required to distribute it, and when that gap persists over time, the instrument's logic becomes strained.

In the case of FIBRA SOMA, according to its reports, capital is allocated to growth, debt reduction, and strengthening its financial structure, while cash distributions have remained at zero. However, not all value is delivered in cash. In 2025, for example, rights to acquire additional certificates were offered, and debt instruments convertible into new titles were issued as part of capital raises totaling nearly 11 billion pesos.

The core issue is that, without cash distributions, returns depend on the certificate's (or share's) price.

Since 2021, that price has remained around 50 pesos per unit, meaning the vehicle's growth has not translated into returns for investors. At the same time, the number of outstanding certificates has increased by 37% since 2021, reducing the relative ownership per unit. In this regard, data from SiiLA and the vehicle itself show that between 2021 and 2025, while AFFO per certificate grew at a compound annual rate of 13%, NAV per CBFI increased only 2% over the same period—that is, cash flow per certificate is growing, but its value is not.

FIBRA SOMA thus exhibits a financial model that prioritizes growth of the vehicle—through issuances, reinvestment, and control—over direct distributions to investors. The result is a divergence between operating performance and returns.

This is also reflected in decisions regarding the certificate itself. In April 2026, the trust launched an offer to repurchase up to 4.98% of the outstanding certificates at 50 pesos per unit, in line with its historical level and without a premium for holders.

Beyond the specific case, this mismatch coincides with caution among some participants. Recent reports indicate that Cadillac Fairview, the real estate arm of the Ontario Teachers' Pension Plan, has sought to reduce its exposure, citing concerns about governance and returns. In that context, the instrument trades at a discount of around 15% to its net asset value, suggesting the market does not fully recognize its performance.

At this point, the question is how far the FIBRA model can be stretched without breaking its formal rules. Because, as the gap between value creation and return delivery widens, the adjustment will not come from the structure but from the market, through prices, the cost of capital, and access to financing. And when that happens, the cost is no longer borne only by current investors, but by the vehicle itself, which faces greater limits to growth.

How is that balance adjusting across the rest of the market? Analyze it with SiiLA FIBRA Analytics or contact us at contacto@siila.com.mx.