Corporación Inmobiliaria Vesta (VESTA) Q3 2026 earnings summary

Executive summary

• Q3 total rental revenue rose 9.9% YoY to $79.6M; revenue excluding energy increased 10.8% to $77.5M, while Adjusted NOI and Adjusted EBITDA grew 10.4% and 9.2%, respectively.

• Record Q3 leasing of 2.3M sf and a 220-bp sequential occupancy gain lifted portfolio occupancy to 93.9%; full-year 2026 revenue and margin guidance was raised.

• Q3 profit reached $110.6M versus $25.0M a year earlier, largely reflecting a $60.2M investment-property revaluation gain and a $6.7M income-tax benefit.

Financial highlights

• Q3 rental income was $74.0M, up 12.1% YoY; total revenue was $79.6M, up 9.9%, and revenue excluding energy was $77.5M, up 10.8%.

• Q3 Adjusted NOI rose 10.4% to $72.9M; Adjusted EBITDA increased 9.2% to $65.2M. Adjusted margins were 94.1% and 84.1%, down 33 bps and 123 bps YoY.

• Q3 net profit was $110.6M versus $25.0M; total comprehensive income was $112.6M versus $27.6M, primarily reflecting investment-property revaluation and tax effects.

• Q3 Vesta FFO was $47.1M, down 0.7% YoY; FFO after tax fell 19.0% to $33.6M, with after-tax FFO per share down 26.0% to $0.0358.

• 9M revenue rose 13.6% to $234.8M, Adjusted EBITDA increased 12.3% to $190.9M, and net profit reached $313.5M versus $67.6M.

Outlook and guidance

• FY 2026 revenue growth guidance increased to 11.5%–12.5% from 10%–11%, reflecting higher-than-expected rental income from new leases commencing during the year.

• FY 2026 Adjusted NOI margin guidance rose to 94.0% from 93.5%, and Adjusted EBITDA margin guidance to 84.0% from 83.0%, reflecting expense discipline.

• Development prioritizes high-potential markets, including Monterrey, Mexico City and Guadalajara; investment decisions remain disciplined as market recovery may vary.