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    Armando Rodriguez

    Research Analyst at Signum Research

    Armando Rodríguez is the Director General at Signum Research, specializing in financial analysis and strategic research for public companies in Mexico and Latin America. Over his tenure, he has closely covered major firms including América Móvil, Grupo Bimbo, and Cemex, contributing to reports and investment recommendations noted for their analytical depth. Rodríguez joined Signum Research in 2015, progressing from Senior Finance Analyst to his current leadership position, after prior experience in the Mexican financial sector. He is recognized for his industry insights and executive leadership, and holds advanced credentials in finance, though details on specific securities licenses or FINRA registration are not publicly listed.

    Armando Rodriguez's questions to Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) leadership

    Armando Rodriguez's questions to Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) leadership • Q2 2025

    Question

    Armando Rodriguez of Signum Research asked for clarification on how much of the year-over-year adjustment in net income was attributable to the exchange rate.

    Answer

    CFO Juan Felipe Sottil Achutegui explained that the decrease in net income was not primarily due to the exchange rate. Instead, the main driver was a lower non-cash gain on the valuation of investment properties compared to the prior year. He emphasized that this is why the company encourages focusing on Funds From Operations (FFO), which excludes such volatile, non-cash items and provides a clearer picture of operational performance.

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    Armando Rodriguez's questions to Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) leadership • Q2 2025

    Question

    Armando Rodriguez of Signum Research asked for clarification on how much of the year-over-year change in net income could be attributed to the exchange rate.

    Answer

    CFO Juan Felipe Sottil Achutegui explained that the main driver for the decrease in net income was not the exchange rate, but rather a non-cash loss on the revaluation of investment properties. He advised focusing on pretax FFO, which excludes such volatile, non-cash items and offers a clearer view of the company's core operational performance.

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    Armando Rodriguez's questions to Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) leadership • Q1 2025

    Question

    Armando Rodriguez from Signum Research inquired about the purpose of the recent $100 million drawdown from Vesta's credit line, asking if it was for land reserves, acquisitions, or general financial management.

    Answer

    CEO Lorenzo Dominique Berho Carranza explained that the credit line will be used as cash is needed for various corporate purposes, including land acquisitions, share buybacks, or general working capital. He reiterated the goal of keeping leverage low and drawing down funds only when necessary.

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    Armando Rodriguez's questions to Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) leadership • Q1 2025

    Question

    Armando Rodriguez asked about the purpose of the recent $100 million credit line drawdown, questioning if it was for land acquisitions, other opportunities, or general balance sheet management.

    Answer

    CEO Lorenzo Dominique Berho Carranza clarified that the credit line will be drawn upon as needed for various capital requirements, including land acquisitions, share buybacks, or working capital, while maintaining a low leverage profile on the balance sheet.

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    Armando Rodriguez's questions to Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) leadership • Q4 2024

    Question

    Armando Rodriguez of Signum Research asked about the automotive sector, referencing news about automakers potentially moving production to the U.S. to avoid tariffs and questioning if key clients like Nissan were considering such a move.

    Answer

    CEO Lorenzo Dominique Berho Carranza addressed the concerns by noting that Nissan recently reaffirmed its commitment to Mexico and Aguascalientes. He believes it's too early to determine the impact of potential tariffs, as most companies in Mexico are highly profitable and integrated into the North American supply chain. He stated that near-shoring has been a long-term trend since NAFTA and expects companies with major, profitable investments to maintain and even expand their operations in Mexico once trade rules are clarified.

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