Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) Company Report

Analyst Coverage

Research analysts who have asked questions during Vesta Real Estate Corporation, S.A.B. de C.V. earnings calls.

Wilfredo Jorel Guilloty

Goldman Sachs

9 questions for VTMX

Also covers: CX

Alan Macias

Bank of America

7 questions for VTMX

Also covers: ASR, OMAB, PAC

Francisco Suarez

Scotiabank

6 questions for VTMX

Also covers: CX

Gordon Lee

BTG Pactual

6 questions for VTMX

Also covers: CX

Alejandra Obregon

Morgan Stanley

5 questions for VTMX

Also covers: CX

Alejandra Obregón Martínez

Morgan Stanley

5 questions for VTMX

Also covers: CX

Armando Rodriguez

Signum Research

5 questions for VTMX

Adrian Huerta

JPMorgan Chase & Co.

4 questions for VTMX

Also covers: AMRZ, CX, VMC

Pablo Ricalde

Itaú Corretora de Valores S.A.

4 questions for VTMX

Also covers: ASR, OMAB, PAC +1 more

Rodolfo Ramos

Bradesco BBI

4 questions for VTMX

Also covers: ASR, OMAB, PAC

Pablo Monsivais

Barclays

3 questions for VTMX

Also covers: ASR, LTM, PAC +1 more

Abraham Fuentes Salinas

Santander

2 questions for VTMX

Also covers: OMAB, PAC, VLRS

André Mazini

Citigroup Inc.

2 questions for VTMX

Also covers: ERJ, IOCJY, LPA

Antonio Hernández Vélez

Actinver

2 questions for VTMX

Also covers: FMX, KOF

Anton Mortenkota

GBM

2 questions for VTMX

Bernardo Malpita

Santander

2 questions for VTMX

Helena Ruiz

Actinver

2 questions for VTMX

Juan Achutegui

Bradesco BBI

2 questions for VTMX

Juan Ponce

Bradesco BBI

2 questions for VTMX

Also covers: ASR, OMAB, PAC

Octavio Arias

Signum Research

2 questions for VTMX

Pablo Ricalde Martinez

Santander

2 questions for VTMX

Also covers: ASR, PAC

Piero Trotta

Citigroup

2 questions for VTMX

Valentina MacKillan

GBM

2 questions for VTMX

David Soto

Scotiabank

1 question for VTMX

Also covers: OMAB

Enrique Sojo

Fundamenta Investments

1 question for VTMX

Also covers: ASR, PAC

Francisco Chávez Martínez

BBVA

1 question for VTMX

Hugo Grassi B. Soares

Citi

1 question for VTMX

Jorge Vargas

GBM

1 question for VTMX

Also covers: PAC

Kiepher Kennedy

Citibank

1 question for VTMX

Luis from Signum Research

Signum Research

1 question for VTMX

Latest news

Recent press releases and 8-K filings for VTMX.

Vesta Announces Three New Lease Agreements

VTMX

New Projects/Investments

Revenue Acceleration/Inflection

Corporación Inmobiliaria Vesta, S.A.B. de C.V. (Vesta) announced three new lease agreements totaling over 550 thousand square feet on December 4, 2025.
These agreements include two buildings in Tijuana's Vesta Park Mega Region covering 473,601 square feet for an electronics sector tenant, which has resulted in the park being fully leased and stabilized.
Vesta also executed a lease for an 81,600 square feet build-to-suit facility in Queretaro with an internationally recognized aerospace company.
The new leases underscore continued progress on the Company’s Route 2030 strategic growth plan and reflect sustained demand in the Mexican industrial real estate market.

Dec 4, 2025, 9:09 PM

6-K

Vesta Reports Strong Q3 2025 Financial and Operational Results, Strategic Debt Refinancing, and Land Acquisition

VTMX

Earnings

Debt Issuance

New Projects/Investments

Vesta delivered strong financial results for Q3 2025, with total income increasing 13.7% year-over-year to $72.4 million and Adjusted EBITDA rising 15% to $59.7 million. FFO, including current tax, also increased 16.5% year-over-year to $47.4 million.
Operationally, the company reported 1.7 million square feet in total leasing activity and a total portfolio occupancy of 89.7% for Q3 2025. Vesta maintained a high retention rate and saw rents on rollovers trend upward, with a trailing last 12 months' weighted average spread of 12.4%.
Strategically, Vesta strengthened its balance sheet by completing a $500 million senior unsecured notes issuance at a 5.5% interest rate due in 2033, using the proceeds to prepay existing debt. The company also acquired 330 acres of land in Monterrey and sold an 80,000 square foot building in Ciudad Juárez at a 10% premium to appraised value.
The company observed encouraging signs of market improvement, with leasing momentum returning and tenant demand intensifying across most markets, particularly in Monterrey, Ciudad Juárez, Guadalajara, and Mexico City.

Oct 24, 2025, 3:00 PM

Transcript

Vesta Reports Strong Q3 2025 Financial Results and Advances Route 2030 Strategy

VTMX

Earnings

Debt Issuance

New Projects/Investments

Vesta reported strong Q3 2025 financial results, with total income increasing 13.7% year-over-year to $72.4 million and adjusted EBITDA growing 15% to $59.7 million.
The company achieved robust margins, with an adjusted NOI margin of 94.4% and an adjusted EBITDA margin of 85.3% for the quarter.
Operational performance included 1.7 million sq ft in total leasing activity and a total portfolio occupancy of 89.7%, with renewals showing a trailing last 12 months' weighted average spread of 12.4%.
Vesta strengthened its capital structure by completing a $500 million senior unsecured notes issuance at a 5.5% interest rate, using the proceeds to prepay existing debt, and reported $587 million in cash and cash equivalents.
The company is advancing its Route 2030 growth strategy, having acquired 330 acres of land in Monterrey and now holding approximately 90% of the land required for the strategy.

Oct 24, 2025, 3:00 PM

Transcript

Vesta Announces Strong Q3 2025 Results and Revised Full-Year Guidance

VTMX

Earnings

Guidance Update

Debt Issuance

Vesta reported Q3 2025 total income of $72,400,000, marking a 13.7% year-over-year increase, with an adjusted NOI margin of 94.4% and an adjusted EBITDA margin of 85.3%.
The company revised its full year 2025 guidance, now expecting an EBITDA margin of 84.5% (up from 83.5%) and revenue growth between 10-11%.
Total leasing activity for Q3 2025 reached 1,700,000 square feet, contributing to a total portfolio occupancy of 89.7%.
Vesta successfully completed a €500,000,000 senior unsecured notes offering at a 5.5% interest rate due in February 2033, which enhanced its liquidity and extended its maturity profile.
The company acquired 330 acres of land in Monterrey and sold an 80,604 square feet building in Ciudad Juarez for MXN 5,500,000, at approximately a 10% premium to appraised value, as part of its asset recycling strategy.

Oct 24, 2025, 3:00 PM

Transcript

Vesta Reports Strong Q3 2025 Results and Raises Full-Year Guidance

VTMX

Earnings

Guidance Update

New Projects/Investments

Vesta reported strong financial results for Q3 2025, with total income increasing 13.7% year-over-year to $72.4 million and adjusted EBITDA growing 15% to $59.7 million.
The company revised its full-year 2025 guidance upwards, now expecting an EBITDA margin of 84.5% (up from 83.5%) and revenue growth between 10% and 11%.
Operational highlights include 1.7 million sq ft in total leasing activity and a total portfolio occupancy of 89.7% in Q3 2025, with a 12.4% weighted average spread on renewals.
Vesta strengthened its capital structure by completing a $500 million senior unsecured notes offering at a 5.5% interest rate and subsequently repaying $176.6 million in existing debt after the quarter's end.
Strategic land acquisitions, including 330 acres in Monterrey, position Vesta well for future growth, with approximately 90% of the land required for its Route 2030 strategy already secured.

Oct 24, 2025, 3:00 PM

Transcript

Vesta Closes US$500 Million Bond Transaction

VTMX

Debt Issuance

New Projects/Investments

On September 30, 2025, Corporación Inmobiliaria Vesta, S.A.B. de C.V. (Vesta) successfully closed a US$500 million bond transaction.
The issuance consists of 5.500% senior unsecured notes due 2033.
The notes received a credit rating of BBB-/Positive from both S&P Global Ratings and Fitch Ratings.
Net proceeds from this issuance will be used to prepay existing debt, extend the Company's maturity profile, and for capital expenditures related to Vesta's Route 2030 Strategy.

Sep 30, 2025, 9:03 PM

6-K

Vesta Prices US$500 Million Senior Notes Offering

VTMX

Debt Issuance

New Projects/Investments

Corporación Inmobiliaria Vesta, S.A.B. de C.V. (Vesta) announced on September 25, 2025, the pricing of a US$500.00 million offering of 5.500% senior unsecured notes.
The notes are due on January 30, 2033.
Vesta intends to use the net proceeds from this offering to repay certain indebtedness and for capital expenditure and other general corporate purposes.

Sep 25, 2025, 12:19 PM

6-K

Vesta Announces Proposed Senior Notes Offering and Reports Q2 2025 Financials

VTMX

Debt Issuance

Earnings

New Projects/Investments

Vesta announced a proposed offering of senior unsecured notes in a private placement, with proceeds intended for debt repayment and capital expenditure and other general corporate purposes.
For the six-month period ended June 30, 2025, profit decreased significantly to US$42.6 million from US$234.2 million in the prior year, primarily due to an US$8.2 million loss on revaluation of investment property compared to a US$207.4 million gain in the same period of 2024.
Total revenues for the six-month period ended June 30, 2025, increased 8.7% to US$134.3 million.
As of June 30, 2025, cash, cash equivalents, and restricted cash stood at US$65.2 million, down from US$184.1 million at December 31, 2024, while total long-term debt increased to US$895.4 million from US$797.2 million.
The company's portfolio as of June 30, 2025, included 231 properties with a total GLA of 41.7 million square feet and a 95.5% stabilized occupancy rate.