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Name | Symbol | Market | Type |
---|---|---|---|
Corporacin Inmobiliaria Vesta SAB de CV | NYSE:VTMX | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.18 | 0 | 01:00:00 |
Corporación Inmobiliaria Vesta S.A.B. de C.V., (“Vesta”, or the “Company”) (BMV: VESTA; NYSE: VTMX), a leading industrial real estate company in Mexico, today announced results for the third quarter ended September 30, 2023. All figures included herein were prepared in accordance with International Financial Reporting Standards (IFRS), which differs in certain significant respects from U.S. GAAP. This information should be read in conjunction with, and is qualified in its entirety by reference to, our financial statements, including the notes thereto. Vesta’s financial results are stated in US dollars unless otherwise noted.
Q3 2023 Highlights
9 months
Financial Indicators (million)
Q3 2023
Q3 2022
Chg. %
2023
2022
Chg. %
Rental Income
56.4
45.5
23.9
158.52
130.60
21.4
Adjusted NOI
52.0
43.2
20.4
148.20
124.48
19.1
Adjusted NOI Margin %
92.1%
94.9%
93.5%
95.3%
Adjusted EBITDA
45.3
38.7
17.1
130.10
110.52
17.7
Adjusted EBITDA Margin %
80.3%
85.0%
82.1%
84.6%
EBITDA Per Share
0.0543
0.0559
(2.8)
0.1754
0.1590
10.3
Total Comprehensive Income
79.0
62.3
na
212.24
167.95
na
Vesta FFO
33.9
26.9
26.0
95.35
76.41
24.8
Vesta FFO Per Share
0.0407
0.0389
4.6
0.1285
0.1099
16.9
FFO attributable to common share
2.3
20.4
(88.6)
21.56
48.37
(55.4)
FFO attributable to common share Per Share
0.0028
0.0294
(90.5)
0.0291
0.0696
(58.2)
EPS
0.0947
0.0900
na
0.2861
0.2416
na
Shares (average)
833.7
691.9
20.5
741.92
695.06
6.7
For a full version of Corporación Inmobiliaria Vesta Third Quarter 2023 Earnings Release, please visit: https://ir.vesta.com.mx/financial-results
1 These amounts are estimates and are based on current management expectations. Amounts are subject to change and Vesta undertakes no responsibility to update this outlook. The Company is unable to present a quantitative reconciliation of expected NOI margin and expected Adjusted EBITDA margin which are forward-looking non-IFRS measures, because the Company cannot reliably predict certain of their necessary components, such as gain on revaluation of investment property, exchange gain (loss) – net, or gain on sale of investment property, among others.
CONFERENCE CALL INFORMATION
Vesta will host a conference call on Friday, October 20, 2023, to discuss these results at 11:00 a.m. Eastern Time / 9:00 a.m. Mexico City Time. To participate in the conference call, please connect via webcast or by dialing:
U.S. Toll-Free: +1 (888) 350-3870 International Toll: +1 (646) 960-0308 International Dial-In: https://events.q4irportal.com/custom/access/2324/ Participant Code: 1849111 Webcast: https://events.q4inc.com/attendee/220220872
A telephonic replay will be available for one week following the conference call and can be accessed two hours subsequent to call’s completion via Vesta’s IR website, along with the company's earnings press release, financial tables, and slide presentation. The call can also be accessed via +1-800-770-2030, Participant Code: 1849111
About Vesta
Vesta is a real estate owner, developer and asset manager of industrial buildings and distribution centers in Mexico. As of September 30, 2023, Vesta owned 214 properties located in modern industrial parks in 16 states of Mexico totaling a GLA of 36.9 million sf (3.43 million m2). Vesta has several world-class clients participating in a variety of industries such as automotive, aerospace, high-tech, pharmaceuticals, electronics, food and beverage and packaging. For additional information visit: www.vesta.com.mx.
Note on Forward-Looking Statements
This report may contain certain forward-looking statements and information relating to the Company and its expected future performance that reflects the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “believe,” “anticipate,” “expect,” “envisages,” “will likely result,” or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, regional and local economic and political climates; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties; (v) tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain; (vii) environmental uncertainties, including risks of natural disasters; (viii) risks related to any potential health crisis and the measures that governments, agencies, law enforcement and/or health authorities implement to address such crisis; and (ix) those additional factors discussed in reports filed with the Bolsa Mexicana de Valores and in the U.S. Securities and Exchange Commission. We caution you that these important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to update or revise any forward-looking statements, including any financial guidance, whether as a result of new information, future events or otherwise except as may be required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231019997411/en/
Juan Sottil, CFO +52 55 5950-0070 ext. 133 jsottil@vesta.com.mx
Fernanda Bettinger, IRO +52 55 5950-0070 ext. 163 mfbettinger@vesta.com.mx investor.relations@vesta.com.mx
Barbara Cano, InspIR Group +1 646 452-2334 barbara@inspirgroup.com
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