Anton Mortenkota

Anton Mortenkotter from GBM noted the strong commercial performance in Puerto Rico and Colombia, particularly in local currencies, and asked about the specific initiatives driving this non-aeronautical revenue growth and if this trend is expected to continue.

Answer

Adolfo Castro Rivas, CEO of ASUR, attributed the strong performance to the appreciation of the Mexican peso and detailed specific initiatives. In Puerto Rico, efforts included a new strategy for convenience stores and operational adjustments for duty-free. For Colombia, he highlighted the establishment of new commercial units as a key driver.

Anton Mortenkotter from GBM asked about the strong commercial performance in Puerto Rico and Colombia, specifically inquiring about the initiatives driving non-aeronautical revenue growth in local currencies and whether this growth is expected to continue.

Answer

Adolfo Castro Rivas, CEO of ASUR, explained that while the Mexican peso's appreciation impacted reported results, Puerto Rico's strong performance was due to a new strategy for convenience stores and duty-free adjustments. In Colombia, the growth was supported by the establishment of new commercial units.

Anton Mortenkota asked if Vesta is observing a trend of private developers acquiring stabilized assets due to softer demand, and whether this environment benefits Vesta by allowing it to preserve liquidity for more favorable demand dynamics.

Answer

CEO Lorenzo Dominique Berho acknowledged the market's liquidity and private players acquiring stabilized assets. He emphasized Vesta's continued focus on development due to higher returns (10% vs. 6-7% cap rates for acquisitions). He also mentioned asset sales and the buyback program as strategies to create shareholder value given market discounts.

Anton Mortenkota asked if Vesta is observing a trend where private developers are buying stabilized assets instead of undertaking new spec projects due to softer demand, and if this environment benefits Vesta by allowing it to preserve liquidity and deploy capital when demand improves.

Answer

CEO Lorenzo Dominique Berho confirmed the presence of ample liquidity in the market, with private players acquiring stabilized assets, as evidenced by Vesta's recent asset sale. He stated that Vesta's primary focus remains on development due to the significant spread between development yields (around 10%) and acquisition cap rates (6%-7%), which offers higher returns. He highlighted that liquidity benefits all, setting valuation standards, and noted Vesta's buyback program as a tool to create shareholder value when trading at a discount to net asset value.