VTMX · Corporación Inmobiliaria Vesta, S.A.B. de C.V.

Vesta's Q1 2026 results demonstrated resilient performance amid geopolitical volatility, with total revenues growing 14.4% year-over-year to US$76.7 million, driven by US$8.1 million from new revenue-generating contracts, US$2.0 million inflationary impact, and increased reimbursable services. Rental income specifically rose 12.6% to US$68.2 million, supported by leasing previously vacant space, though partially offset by lease expirations. Adjusted NOI expanded 13.4% to US$70.4 million at a 95.1% margin, reflecting a slight compression from higher operating costs, while Adjusted EBITDA grew 12.4% to US$62.1 million with an 83.9% margin impacted by elevated administrative expenses and interest costs. Vesta FFO dipped 4.1% to US$43.1 million due to higher interest expense, but after-tax FFO per share improved 6.0% to US$0.0441 from favorable deferred tax effects. Total comprehensive income surged to US$107.6 million, propelled by a US$53.4 million gain on investment property revaluation. Leasing momentum strengthened with 1.6 million sf activity, including 1.0 million sf new leases in logistics, electronics, and aerospace, pushing total occupancy to 89.7% and same-store to 95.0%. Development resumed on three inventory buildings (1.6 million sf in progress, 50% pre-leased at 10.1% yield), aligning with the Vesta 2030 strategy. Balance sheet fortification included prepaying the US$118 million MetLife III facility, eliminating secured debt. Shareholders approved a 7.5% higher 2026 dividend of US$74.8 million. CEO Berho highlighted portfolio quality, disciplined growth via a secured land bank, and Mexico's structural advantages as nearshoring hub, positioning Vesta for sustained execution.