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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, with adjusted NOI and EBITDA margins of 94.4% and 85.3%, respectively, driven by strong leasing momentum, high retention, and new rent-generating buildings.
Portfolio comprised 235 Class A properties totaling 43.0 million sf GLA, with total occupancy at 89.7% and stabilized occupancy at 94.3% as of September 30, 2025.
Route 2030 growth plan targets 63.0 million sf GLA and aims to double rental revenue by 2030, leveraging Mexico's nearshoring and export growth.
Strategic land acquisitions, especially in Monterrey, and investments in renewable energy support long-term growth and nearshoring opportunities.
Focus on shareholder returns through disciplined development, asset recycling, share buybacks, and dividends.
Financial highlights
Q3 2025 total revenues were $72.4 million (+13.7% YoY), with adjusted NOI of $66.1 million (+14.7% YoY) and adjusted EBITDA of $59.7 million (+15.0% YoY); margins at 94.4% and 85.3%, respectively.
Vesta FFO for Q3 2025 was $47.4 million (+16.5% YoY); FFO per share up 20.1%.
Net asset value increased to $3,088 million, up 2.5% year-over-year.
Dividend yield for 2025 at 3.8%; Q3 dividend paid was $0.38 per share.
Capex for Q3: $56.7 million, mainly for new buildings and land; nine-month capex: $226.5 million.
Outlook and guidance
Full-year 2025 EBITDA margin guidance raised to 84.5%, with expected revenue growth of 10–11% and adjusted NOI margin around 94.5%.
Route 2030 plan projects rental revenue to grow from $251 million to $489 million by 2030.
$1.7 billion CAPEX program for 2025–2030 to be funded through equity, capital recycling, cash flow, and debt.
New development starts planned for late 2025 and early 2026 in markets with visible tenant demand.
Conservative capital allocation and asset recycling to support growth and maintain flexibility.
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