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    Piero Trotta

    Research Analyst at Citigroup

    Piero Trotta is an Assistant Vice President in Equity Research at Citigroup, specializing in providing in-depth equity analysis. His work centers on delivering sector-specific insights, though precise companies under his coverage and measurable performance metrics are not publicly disclosed. Trotta began his professional journey at Citigroup, where he currently holds his AVP role, with no information available indicating prior positions at other firms. Professional credentials are not publicly listed, and no notable achievements or industry recognitions have been cited in available records.

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

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

    Question

    Piero Trotta of Citigroup questioned the outlook for yield on cost, which stood at 10.8%, and asked for an update on the construction cost scenario in Mexico.

    Answer

    CEO Lorenzo Dominique Berho Carranza confirmed that Vesta's yield on cost remains attractive at over 10%, representing a significant spread compared to stabilized asset cap rates. He noted that while construction costs have seen minor adjustments, the development approach continues to generate substantial value. The primary focus now, he added, is managing lease-up periods to ensure these returns are met, rather than just the cost of construction.

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

    Question

    Piero Trotta of Citigroup asked about the outlook for Vesta's yield on cost for projects under construction, which stood at 10.8%, and inquired about the current construction cost scenario in Mexico.

    Answer

    CEO Lorenzo Dominique Berho Carranza affirmed that Vesta maintains attractive double-digit yield on costs, creating a significant spread compared to stabilized asset cap rates. He noted that while construction costs have seen minor adjustments, the development strategy remains highly value-accretive. The primary focus is on managing lease-up periods to ensure return targets are met.

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