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

Vesta reported strong Q1 2026 results, with profit surging to $101.0 million from $14.9 million in the prior-year period, primarily due to a $53.4 million gain on revaluation of investment property (vs. a $16.0 million loss in Q1 2025). Rental income increased 14.4% to $76.7 million, driven by new leases ($8.1 million), inflation adjustments ($2.0 million), and higher energy income and expense reimbursements, partially offset by $3.5 million from expired leases. Property operating costs rose 38.8% to $6.2 million for income-generating properties, reflecting a larger portfolio and higher energy costs. General and administrative expenses increased 9.5% to $9.8 million, mainly due to higher employee benefits. Finance costs nearly doubled to $19.0 million due to higher average debt and prepayment fees. The company's stabilized occupancy rate declined to 93.4% from 95.3% a year ago, while same-store NOI grew 16.6% to $75.1 million. Adjusted EBITDA increased 12.3% to $62.1 million. Net debt to Adjusted EBITDA remained at 4.1x. Total debt decreased to $1,190.0 million from $1,290.6 million at year-end 2025, following the repayment of the $100.6 million MetLife loan in February 2026. Cash and equivalents stood at $206.1 million. The company's development pipeline includes 6 buildings under development with 1.6 million sq ft of GLA. Vesta's ISO 9001:2015 certification was renewed in 2023 and is valid until 2026, with preparations underway for extension.