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 occupancy at year-end was 89.7%, with stabilized and same-store occupancy at 93.6% and 95%, respectively.

• Major land acquisitions, especially in Monterrey, support long-term growth and Route 2030 execution.

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% for the year.

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

• Fourth quarter revenues increased 17.2% year-over-year to $76.4 million, with adjusted NOI of $69.4 million and adjusted EBITDA of $61.1 million.

• Ended the year with $337 million in cash, $1.28 billion in total debt, net debt/EBITDA of 4.4x, and loan-to-value of 28.1%.

Outlook and guidance

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

• Projected 2026 adjusted NOI margin of 93.5% and adjusted EBITDA margin of 83%.

• Development pace in 2026 will be calibrated to market demand, with continued prudent capital deployment.

• Optimism for continued leasing momentum and rent increases, especially in high-demand markets.