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    Jorel Guilloty

    Vice President and Senior Analyst specializing in Real Estate Equity Research (LATAM) at Goldman Sachs

    Jorel Guilloty is a Vice President and Senior Analyst specializing in Real Estate Equity Research (LATAM) at Goldman Sachs do Brasil CTVM SA. He primarily covers companies such as Corporación Inmobiliaria Vesta and focuses on the real estate development sector, having issued several ratings and recommendations on these Latin American firms. With a success rate of around 60% according to TipRanks and 1.82-star analyst ranking, his recent average return stands at approximately -29%, and he is ranked 4,390 out of 4,775 stock analysts on StockAnalysis. Guilloty joined Goldman Sachs in 2021 and previously worked as an equity analyst; he is noted for his expertise in the region, though there is no public record of securities licenses or FINRA registration at this time.

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

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

    Question

    Jorel Guilloty of Goldman Sachs asked about expectations for leasing spreads going forward and the framework for initiating new development starts, as none were added this quarter.

    Answer

    CEO Lorenzo Dominique Berho Carranza stated that the strong renewal rent spreads of 20-30% are expected to continue as legacy leases are marked to market, unlocking significant value. Regarding development, he explained that Vesta will be disciplined, starting new projects only after leasing up existing inventory in a given market. An exception is a market like Guadalajara, where Vesta is fully leased and has a strong pipeline, justifying new starts on recently acquired land.

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

    Question

    Jorel Guilloty from Goldman Sachs asked about expectations for leasing spreads going forward and the strategic framework for initiating new developments, particularly what would trigger new starts.

    Answer

    CEO Lorenzo Dominique Berho Carranza responded that the strong renewal rent spreads of 20-30% are expected to persist as legacy leases are marked to market, supported by a high tenant retention rate. On development, he outlined a disciplined approach: new projects will start in fully leased markets with strong demand, like Guadalajara, while in other areas, the focus is on leasing up existing new properties before launching further construction.

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

    Question

    Asked two questions: one about the outlook for leasing spreads following a recent acceleration, and another about the company's framework and triggers for initiating new development starts.

    Answer

    The company expects the trend of strong leasing spreads, with renewal rent increases of 20-30%, to continue. Regarding development, new starts will be initiated in fully leased markets with strong demand, like Guadalajara. In other markets with existing inventory, they will prudently wait to lease up current buildings before starting new ones, maintaining their disciplined approach.

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    Jorel Guilloty's questions to CEMEX SAB DE CV (CX) leadership

    Jorel Guilloty's questions to CEMEX SAB DE CV (CX) leadership • Q2 2025

    Question

    Jorel Guilloty of Goldman Sachs asked for an update on the pricing outlook for the remainder of the year in Mexico and the U.S., specifically for cement, ready-mix, and aggregates, noting that year-to-date hikes were below initial expectations.

    Answer

    CEO Jaime Muguiro stated that a July price increase in Mexico is expected to yield an 8-10% gain. For the U.S., he does not expect further cement price increases this year, with ready-mix prices likely flat and aggregates holding a 5-6% sequential gain. He added that the pricing strategy remains focused on offsetting input cost inflation.

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