Corporación Inmobiliaria Vesta (VESTA) Q4 2024 earnings summary

Executive summary

• FY24 revenue reached $252.3M, up 17.7% and above revised guidance; FFO rose 25.2% to $160.1M.

• Route 2030 launched, emphasizing balanced growth, profitability, energy access and ESG, building on the 2019–2024 Level 3 Strategy.

• Portfolio expanded to 43.1M sq ft across 225 operating buildings, with 11 under development.

• FY leasing totaled 7.7M sq ft: 3.5M new leases and 4.2M renewals; 89% of FY revenue was dollar-denominated.

Financial highlights

• Q4 revenue rose 16.5% to $65.2M; FY rental income increased 15.5% to $231.2M.

• Q4 adjusted NOI was $59.1M, up 11.7%; adjusted EBITDA was $52.3M, up 18.5%, at an 82.7% margin. FY adjusted NOI reached $231.5M and adjusted EBITDA $204.4M.

• Q4 FFO increased 28% to $41.7M; FY FFO rose 25.2% to $160.1M.

• Q4 net loss was $62.6M versus $113.8M profit a year earlier, including $143.8M income tax expense; FY profit was $223.3M.

• FY adjusted NOI and EBITDA margins were 94.6% and 83.5%; Q4 margins were 93.5% and 82.7%, respectively.

Outlook and guidance

• FY25 revenue growth guidance is 10.0–11.0%, using a revised methodology that excludes energy revenue and focuses on rent and reimbursable building services; adjusted NOI and EBITDA margin targets are 94.5% and 83.5%.

• 2025 outlook is cautious amid industry uncertainty; development will prioritize high-quality, well-located projects and profitability over volume.

• Lease spreads are expected to remain near 8%, above inflation, with continued focus on dollar-denominated contracts.