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    Gordon Lee • BTG Pactual

    Gordon Lee's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership

    Gordon Lee's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership • Q2 2025

    Question

    Gordon Lee of BTG Pactual asked about Vesta's lease renewal schedule for the next 18 months, specifically the gross leasable area (GLA) expiring in 2026 and the estimated gap between in-place and market rents.

    Answer

    CEO Lorenzo Dominique Berho Carranza estimated that about 3% of total GLA expires in the second half of 2025, with less than 4 million square feet up for renewal in 2026. He expressed high confidence in renewing these leases at significantly higher rates, similar to the 20-30% spreads achieved this quarter, which will continue to unlock value by closing the gap on legacy rents.

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    Gordon Lee's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership • Q1 2025

    Question

    Gordon Lee from Banco BTG Pactual S.A. asked if the current market uncertainty is creating a buyer's market for land acquisitions and inquired about the target size for Vesta's land bank by year-end.

    Answer

    CEO Lorenzo Dominique Berho Carranza responded that Vesta's credibility and patience allow them to find and close on good opportunities despite some high seller expectations. He emphasized that Vesta will continue to acquire land prudently and opportunistically, without giving a specific target number, to position the company for long-term growth.

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    Gordon Lee's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership • Q4 2024

    Question

    Gordon Lee of BTG Pactual asked if the cautious outlook embedded in the Route 2030 plan from November is still considered sufficient given current uncertainties. He also questioned whether the market environment is creating more opportunistic terms for land bank replenishment.

    Answer

    CEO Lorenzo Dominique Berho Carranza affirmed that the Route 2030 plan had already incorporated the expected uncertainty for 2025, so the current environment is not a surprise. He stated that Vesta is using this period to better position the company for the next economic cycle. In response to the second question, he confirmed that Vesta is actively analyzing sites and will take advantage of the current climate to acquire prime land in its key markets, positioning the company for its long-term plan.

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    Gordon Lee's questions to Cemex SAB de CV (CX) leadership

    Gordon Lee's questions to Cemex SAB de CV (CX) leadership • Q2 2025

    Question

    Gordon Lee of BTG Pactual asked for clarification on the meaning of 'building a shareholder return platform' and sought confirmation on the company's geographic strategy, specifically whether the U.S., Mexico, and Europe remain core, with the SCAC region being a candidate for divestiture.

    Answer

    CEO Jaime Muguiro stated that the shareholder return platform centers on a disciplined capital allocation strategy, including progressive dividend increases and potential opportunistic share buybacks starting next year. He confirmed that the U.S., Mexico, and Europe are core, while the SCAC (South, Central America and the Caribbean) portfolio is considered 'core-ish' and will see further divestitures.

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    Gordon Lee's questions to Cemex SAB de CV (CX) leadership • Q1 2025

    Question

    Gordon Lee from BTG Pactual asked about the new CEO's capital allocation priorities, specifically the ranking of share buybacks and whether the company would be more aggressive on that front.

    Answer

    CEO Jaime Dominguez outlined three capital allocation priorities: continued deleveraging, enhancing shareholder returns via dividends and opportunistic share buybacks, and pursuing small to medium-sized accretive acquisitions in the U.S. While confirming a $500 million buyback program is available, he stressed the importance of preserving cash and reducing debt in the current uncertain macroeconomic environment, signaling a shift away from large strategic CapEx.

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    Gordon Lee's questions to Cemex SAB de CV (CX) leadership • Q4 2024

    Question

    Gordon Lee from BTG Pactual asked a housekeeping question regarding the Spanish tax fine, seeking to confirm if payments would extend into 2025, if they were included in cash tax guidance, and the status of the related provision.

    Answer

    CFO Maher Al-Haffar confirmed that the 2025 cash tax guidance of $450 million includes the expected payment for the Spanish tax fine for the year. He clarified that while a portion was paid in 2024, a $200 million provision remains on the books for payments expected over the next four years, which will be reversed on the income statement as they are paid.

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