Corporación Inmobiliaria Vesta (VESTA) Q2 2026 earnings summary

Executive summary

• Q2 2026 rental revenue reached $78.5M, up 16.7% year-over-year; Adjusted NOI margin was 94.0%.

• Leasing totaled 2.4M sf, including 0.9M sf of new leases and 1.5M sf of renewals; occupancy rose to 91.7%.

• A dual-listed global equity offering raised ~$270M to support Route 2030 and development.

• Portfolio comprised 232 Class A properties and 43.3M sf of GLA as of June 30, 2026.

Financial highlights

• Rental revenue was $78.5M (+16.7% YoY); Adjusted NOI was $71.5M (+15.6%) and Adjusted EBITDA was $63.6M (+15.7%).

• Vesta FFO was $46.1M (+6.8% YoY); Vesta FFO after tax was $30.3M (-19.7%).

• Total comprehensive income rose 211% YoY to $97.7M, driven by property revaluation gains and favorable tax impact.

• Investment property portfolio value was $4.3B, up 5.3% since December 2025.

Outlook and guidance

• Route 2030 targets doubling rental revenue, 63.0M sf of GLA, and $6.8B in investment property value by 2030.

• Growth plan CAPEX of $1.7B for 2025–2030 to be funded through equity, capital recycling, operating cash flow, and debt.

• Priorities include maximizing occupancy, advancing value-creating developments, and prudent capital allocation.