Fibra Soma reported that its net operating income (NOI) at the beginning of the third quarter of 2022 (3Q22) is 438 million pesos, which meant a growth of 21.6% for the trust, compared to what was reported in 3Q21.

In addition, its revenues amounted to 621 million pesos, a figure that represents an increase of 22% in the comparison period. EBITDA reached 393 million pesos, increasing 23% compared to 3Q21. While operating funds (FFO) increased 62.5%, to 174 million pesos in the period.

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The firm pointed out that its average occupancy closed at 97.3% levels in September, accounting for a total of 1,461 tenants. while the contract renewal rate in 3Q2022 remained above 95%, with a lease spread of 7 and 8% on average. In this regard, the Fibra reported that its results are higher than expected for the last quarter of the year.

The trust portfolio grew by approximately 23 thousand square meters (m2) due to the integration of its new retail in Los Cabos. Likewise, at the end of the quarter, the total profitable area was greater than 795 thousand m2. Of these, 465 thousand m2 make up the properties in operation and 330 thousand m2 those of development.

Fibra Soma's management commented that it made capital investments (CapEx) for 11 billion pesos in CapEx at the end of 3Q22 and expects to invest around 13.6 billion additional pesos until 2026.

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Fibra Soma has seven projects in different stages of development. Six of them are located in Mexico City and the seventh in Baja California Sur (BCS). In the capital, Abraham González 45 and Park Hyatt Ciudad stand out, ready in 2024, and Expansión Antara, whose construction will end in 2025.

For its part, Soho House Los Cabos is another hotel project in BCS, which comprises 12,000 m2 and incorporates a beach club.

In Solili you can consult available offices in Polanco, Reforma and Insurgentes

Original note