Corporación Inmobiliaria Vesta (VESTA) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 10.7% YoY to $67.1m; Adjusted NOI and Adjusted EBITDA reached $62.1m and $55.3m, while Vesta FFO increased 11.4% to $45.0m.

• Leasing totaled 1.4m sf, with 92.8% portfolio occupancy and 95.3% stabilized occupancy; 2025 guidance was reaffirmed.

Financial highlights

• Revenue excluding energy rose 8.6% to $64.9m; Adjusted NOI grew 8.5% and Adjusted EBITDA 9.3%.

• Adjusted NOI margin was 95.7%, down 10 bps YoY; Adjusted EBITDA margin was 85.2%, up 50 bps.

• Net income was $14.9m versus $124.9m; property revaluation recorded a $16.0m loss versus a $107.3m gain in Q1 2024.

• After-tax Vesta FFO was $36.1m, up 8.2%, or $0.0416 per share.

Outlook and guidance

• 2025 guidance reaffirmed: revenue growth of 10.0%–11.0%, Adjusted NOI margin of 94.5% and Adjusted EBITDA margin of 83.5%.

• Construction in progress totaled 1.9m sf, with estimated investment of $142.6m and projected yield on cost of 10.6%.

• Leasing activity for new tenants is expected to pick up as uncertainty dissipates; management remains conservative on new development but ready to accelerate as market indicators improve.