Helena Ruiz

Helena Ruiz inquired about the sustainability of Vesta's double-digit leasing spreads into Q4 and next year. She also asked for clarification on why the same-store portfolio occupancy in Tijuana dropped from 97% in Q2 to 85.6%.

Answer

CEO Lorenzo Dominique Berho confirmed expectations for sustained double-digit leasing spreads due to steady market rents and renewals above inflation. He explained the same-store occupancy drop was due to the addition of new, currently vacant buildings (including large ones in Tijuana and Ciudad Juárez) to the same-store portfolio, with recovery anticipated.

Helena Ruiz asked if Vesta expects to sustain double-digit leasing spread increases into Q4 and next year, given a small quarter-over-quarter decline but still strong performance compared to 2024. She also inquired about the reason for the drop in same-store occupancy in Tijuana from 97% in Q2 to 85.6%.

Answer

CEO Lorenzo Dominique Berho attributed the slight drop in same-store occupancy to the addition of new, currently vacant buildings in the marketing stage, specifically two large buildings in Tijuana and one in Ciudad Juárez, expressing confidence in their eventual recovery. He affirmed Vesta's expectation to sustain double-digit leasing spread growth, citing steady market rents and successful capture of value from renewals, which are significantly above inflation.