- Corporación Inmobiliaria Vesta (VESTA) reported a 10.7% increase in total income for Q1 2025, reaching $67.1 million.
- Vesta's Adjusted NOI margin was 95.7%, with an Adjusted EBITDA margin of 85.2%.
- The company completed significant land acquisitions in Mexico City and Monterrey in Q1 2025.
Corporación Inmobiliaria Vesta S.A.B. de C.V. (VESTA; VTMX), a prominent industrial real estate entity based in Mexico, reported significant growth for the first quarter of 2025. The company announced a total income of $67.1 million, marking a 10.7% increase from $60.6 million in the same period last year. Excluding energy, the income stood at $64.9 million, reflecting an 8.6% rise from $59.7 million in Q1 2024.
Vesta achieved an impressive Adjusted Net Operating Income (Adjusted NOI) of $62.1 million, reflecting an 8.5% growth year over year. The Adjusted NOI margin was 95.7%, slightly down by 10 basis points from the previous year's margin. Additionally, the Adjusted EBITDA rose by 9.3% to $55.3 million, with an EBITDA margin of 85.2%, benefiting from lower administrative expenses.
The firm's Funds from Operations (FFO) saw a notable increase, reaching $45.0 million, up 11.4% compared to $40.4 million in Q1 2024. Post-tax, the FFO was $36.1 million, resulting in a per-share gain of $0.0416.
A significant development in Vesta's growth strategy was the acquisition of 18.7 acres of land in Mexico City and an additional 20.2 acres in Monterrey. These acquisitions, intended to bolster Vesta's last-mile logistics and e-commerce capabilities, align with the company's Route 2030 strategic plan. The first quarter also saw leasing activity hitting 1.4 million square feet.
During its General Shareholders' Meeting in March 2025, Vesta's shareholders approved a $150 million share buyback plan and a $69.5 million dividend for 2025, marking a 7.5% increase from the previous year.
As of March 31, 2025, Vesta's investment property portfolio was valued at $3.7 billion, slightly higher than at the end of December 31, 2024.
The company will host a conference call to discuss its quarterly results further on April 24, 2025. Investors and stakeholders are invited to join via the webcast or by dialing the provided international numbers.
