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Corporación Inmobiliaria Vesta (VESTA) investor relations material
Corporación Inmobiliaria Vesta Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 total income rose 13.7% year-over-year to $72.4 million, driven by strong leasing momentum, tenant demand, and operational execution, with rental revenue growth from new buildings and high retention rates.
Adjusted NOI and EBITDA margins reached 94.4% and 85.3%, respectively, reflecting improved profitability.
Portfolio occupancy was 89.7%, with stabilized and same-store occupancy at 94.3% and 94.8%; slight dip in overall occupancy due to new building deliveries.
$500 million senior unsecured notes issued at 5.5% due 2033, rated BBB- positive, supporting financial flexibility and used to prepay existing debt.
Strategic land acquisitions, especially 330 acres in Monterrey, position the company for long-term growth and nearshoring opportunities.
Financial highlights
Total revenues increased 13.7% year-over-year to $72.4 million, mainly from new leases and inflation adjustments.
Adjusted NOI rose 14.7% to $66.1 million, with a margin of 94.4%.
Adjusted EBITDA grew 15% to $59.7 million, margin expanded to 85.3%.
FFO including current tax increased 16.5% to $47.4 million; FFO per share up 20.1%.
Total comprehensive income was $27.6 million, down from $43.4 million year-over-year due to lower revaluation gains and higher taxes.
Outlook and guidance
Full-year 2025 EBITDA margin guidance raised to 84.5% (from 83.5%), with expected revenue growth of 10–11% and adjusted NOI margin around 94.5%.
New development starts planned for late 2025 and early 2026, focusing on markets with visible tenant demand.
Conservative capital allocation and asset recycling to support growth and maintain flexibility.
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