In 2023 and 2024, Corporación Inmobiliaria Vesta (Vesta) made significant strides within Latin America’s real estate market, particularly in the logistics and industrial domains. Vesta’s strategic expansion has been fuelled by high demand from e-commerce, manufacturing and logistics industries, leading the company to focus on industrial parks across Mexico in high-demand regions. By maintaining occupancy rates in stabilized properties at nearly 98%, Vesta has achieved robust leasing success that underscores its strong market positioning.
Financially, throughout 2024, Vesta reported consistent revenue and income growth, with rental income increasing 14.4% year-over-year. This growth, bolstered by high occupancy rates and a balanced mix of new leases and renewals, contributed to significant rises in Vesta’s adjusted net operating income and EBITDA, boasting margins of 94.2% and 84.5%, respectively.
In addition, Vesta demonstrated remarkable growth in its funds from operations, surging from $2.0 million in Q3 2023 to an impressive $34.9 million in Q3 2024. This increase reflects effective cost management, strong leasing operations and strategic capital allocation.