Corporación Inmobiliaria Vesta (VESTA) Q4 2025 earnings summary

Executive summary

• Achieved disciplined execution and strategic positioning in 2025, advancing Route 2030 ahead of schedule and strengthening presence in key Mexican markets.

• Achieved strong full-year 2025 results with total rental income of $283.2M and rental revenues of $273.6M, up 11.8% year-over-year, surpassing guidance.

• Leasing activity accelerated in the second half, with 1.4 million sq ft in new leases, and full-year leasing activity totaled 6.9M sf, including 1.9M sf in new leases and 5.0M sf in renewals, the highest renewal level in three years.

• Portfolio reinforced by dual demand engines: logistics/e-commerce and a resurgence in advanced manufacturing, especially electronics, aerospace, and automotive.

• Portfolio occupancy at year-end was 89.7%, with stabilized and same-store occupancy at 93.6% and 95.0%, respectively.

Financial highlights

• Rental revenues rose 11.8% year-over-year to $273.6 million, exceeding guidance.

• Adjusted NOI margin reached 94.8%, and adjusted EBITDA margin was 84.4%, both exceeding or meeting revised guidance.

• FFO totaled $174.9 million, up 9.2% from 2024.

• Q4 revenues increased 17.2% year-over-year to $76.4 million, with 89.9% of rental revenues in USD.

• Q4 adjusted EBITDA grew 18.2% to $61.1 million, with margin expansion to 83.3%.

Outlook and guidance

• 2026 rental revenue expected to grow 10%-11% year-over-year.

• Targeting 93.5% adjusted NOI margin and 83% adjusted EBITDA margin for 2026.

• Development pace in 2026 to remain prudent, calibrated to market demand.

• Optimism for continued leasing momentum and rent increases, with disciplined capital deployment.